West Nile virus is a mosquito-borne flavivirus that causes West Nile fever, a disease with mild and sometimes severe symptoms. Some of the common symptoms of West Nile virus infection include fever, headache, tiredness and body aches. While most cases are mild, serious symptoms can occur in some infected people such as headache, high fever, neck stiffness, stupor, disorientation, coma, tremors, convulsions, muscle weakness, and paralysis. The virus is transmitted through bites from infected mosquitoes that mostly feed on the blood of birds and sometimes bite humans and animals. With increasing global warming and climate change, mosquito habitats are expanding and their population is rising, resulting in growing prevalence of vector-borne diseases like West Nile fever.
The global West Nile Virus Market is estimated to be valued at US$ 634.8 Mn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the West Nile virus market is the development of newer treatment options. Currently, no vaccine is available for human use and treatment involves supportive care. However, companies are engaged in developing effective vaccine candidates. For instance, in 2021, Sanofi reported positive interim Phase II data for its VLA1553 vaccine candidate against West Nile virus. The candidate demonstrated strong immune responses and favorable safety profile. Furthermore, companies are conducting research on developing monoclonal antibodies and small molecule therapies to treat severe infections. Such novel treatment offerings in the pipeline are expected to drive the market growth over the forecast period.
Threat of new entrants: Low. Significant capital requirements and expertise are needed to conduct research and development in this market.
Bargaining power of buyers: Moderate. The market includes healthcare providers and government agencies that purchase treatments.
Bargaining power of suppliers: Moderate. Production of drugs requires specialized ingredients and production facilities.
Threat of new substitutes: Low. There are currently no effective vaccine substitutes for West Nile Virus.
Competitive rivalry: High. Major pharmaceutical companies actively compete to develop new drugs and treatment approaches.
Global West Nile Virus Market Size is expected to witness high growth over the forecast period with increasing prevalence of the virus globally. North America currently dominates the market due to rising cases in the United States.
Regional analysis: North America is the largest and fastest growing regional market for West Nile Virus treatment. The United States accounts for the majority of the regional market share due to increasing incidence rates and government support for research. Europe is the second largest market driven by availability of advanced healthcare facilities. Asia Pacific is expected to witness fastest growth over the forecast period.
Key players: Key players operating in the West Nile Virus market are Sanofi, Pfizer, GlaxoSmithKline, Merck, AstraZeneca, Johnson & Johnson, F. Hoffmann-La Roche, Novartis, Cipla, Gilead Sciences. Major players are focusing on advancing the research and development of new vaccines and therapeutics to expand their product portfolios.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it