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 Overview:
West Nile Virus is a vector-borne disease mainly spread through mosquitoes. Vaccines play a key role in prevention of the viral infection through active immunization which provides antibodies to fight against WNV.
Market key trends:
One of the major trends in the West Nile Virus market is the development of next-generation vaccines. Researchers are conducting clinical trials for newer vaccines with improved efficacy and long lasting immunity. For instance, researchers from Texas Biomedical Research institute developed a recombinant subunit vaccine that induced protective antibodies in animal models. Such ongoing R&D for advanced vaccines is expected to drive the market growth during the forecast period.
SWOT Analysis
Strength: Existing drugs such as supportive care and interferon provide treatment options.
Weakness: No specific antiviral treatment or vaccine currently available against the disease. Early symptoms are similar to other conditions posing diagnostic challenge.
Opportunity: High unmet need provides scope for development and approval of new preventive vaccines and treatment drugs. Increasing research focusing on developing low cost and effective options.
Threats: Emergence of drug resistance poses risk. Ongoing climate change may contribute to geographical expansion and increased incidence of cases.
Key Takeaways
The Global West Nile Virus Market Size is expected to witness high growth, exhibiting CAGR of 7.6% over the forecast period, due to increasing investment in research and development of effective vaccines and therapeutics.
Regional analysis: North America currently dominates the market due to supportive government policies and initiatives for prevention and control of vector-borne diseases. However, Asia Pacific is expected to experience highest growth over the coming years.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
