Virology is the study of viruses and virus-like agents, their disease-producing properties, taxonomy, structure, classification, evolution, cultivation, and genetics. The virology market is considered as a backbone of the healthcare sector in terms of prevention against a myriad of diseases. Increasing R&D activities and rising adoption of virology in umpteen therapies and diagnostic processes drives the market growth.
The virology market was valued at USD 1,904.16 million in 2019 and is expected to grow with a CAGR of 6.2% during the forecast period.
Increasing Prevalence of Viral Infection to Prompt the Need for Effective Diagnostic Tools
Globally, the prevalence of viral infection is increasing at an alarming rate; in the U.S., about 280,000 parasitic and infectious diseases were recorded in 2017. Currently, around 3.5 million Americans are suffering from undiagnosed hepatitis C. Additionally, the rapid spreading of the coronavirus prompts the dire need for diagnostic tools to control the outbreak.
Recently, on May 9, 2020, Abbott announced that the U.S. FDA issued Emergency Use Authorization for the company's SARS-CoV-2 IgG lab-based serology blood test. The company plans to ship nearly 30 million antibody tests globally in May. The company developed a new system, AlinityTMi, with the capacity to test over 60 million coronavirus cases. The system also received FDA approval and more than 10 million ARCHITECT antibody tests have been shipped to hospitals and labs around the world. Similarly, in September 2019, the FDA approved the OraQuick Ebola Rapid Antigen Test for Ebola in the U.S.
Technological Advancements in Virology
Viral infections are responsible for over a million deaths across the globe due to rising drug resistance, further driving the development of novel treatments. The use of nanotechnology has revolutionized the diagnostic and therapeutic applications by offering rapid diagnosis and treatment. For instance, the Verigene system from Nanosphere and the T2MR system from T2 Biosystems are extensively used in hospitals for early diagnosis of diseases.Notable developments in nanotechnology have emerged as promising platforms for the real-time and responsive detection of multiple bioanalytesbased on nanostructure electrical sensors.
The integration of nanotechnology is likely to transform the antiviral therapy segment. The scientists use Nanopore-based Resistive-Pulse Sensing Techniques to determine both the dimensions and the number of viruses. So, this offers valuable complementary information and detects all particles relevant to viruses. For instance, recently, researchers at the EcolePolytechniqueFederale de Lausanne (EPFL) produced a type of gold nanoparticle that may destroy HIV and Ebola.
Virology Market: Segmentation
Advancement in Diagnosis to Drive the Diagnostic Test Segment
The diagnostic test segment holds the largest share in the virology market on account of the rising outbreak of viral infections and recent advances in diagnosis. For instance, MeMed developed the ImmunoXpert test for viral and bacterial infections. Diagnostic tests for COVID-19 have emerged as an essential tool to track the spread of the disease. Laboratories across the globe have customized their PCR tests for SARS-CoV-2, using different primers, targeting different sections of the virus’s genetic sequence. In February 2020, the U.S. Food and Drug Administration issued a new policy for certain clinical laboratories seeking to develop diagnostic tests for coronavirus in the U.S.
Rising Prevalence of Respiratory Tract Infections to Prompt the Demand for Effective Solutions
Globally, the respiratory tract infection is increasing at a concerning rate on account of rising pollution levels and changing climatic conditions. Increasing prevalence of hospital-acquired infections, ventilator acquired infections, and community-acquired infections are prime contributors to a myriad of respiratory disorders. Similarly, the prevalence of respiratory syncytial virus (RSV) is increasing at an alarming rate. As per the National Institute of Allergy and Infectious Disease, in the U.S. alone, around 75,000–125,000 children are affected by RSV and is responsible for about 160,000 deaths annually.
North America to Lead the Virology Market
North America leads the virology market on account of technological progression. Currently,in the U.S., about 1.4 million people have the coronavirus, of which about 83,000 died of the virus. The U.S. is also witnessing a significant surge in the prevalence of STIs. As per the CDC, in the U.S., about 20 million people aged 15 to 24 suffer from STI every year. Since 2017, the prevalence of congenital syphilis has surged by 40%, and around 11 people suffer from HIV. However, modern-day medications such as ART (Antiretroviral Therapy) have controlled the progression of HIV.
Asia-Pacific: Home to the Largest Population Suffering from HIV
Asia-Pacific houses the largest geriatric population, susceptible to umpteen viral infections. The coronavirus cases are increasing at an exponential rate, compelling the government to impose a lockdown. The region also houses about six million affected by HIV. The governments in the region are organizing various prevention programs to control the rising prevalence of HIV. Apart from this, the Japanese encephalitis, a viral brain infection, is highly prevalent among the rural population. As per the World Health Organization (WHO), globally, about 68,000 people suffer from Japanese encephalitis annually.
In emerging countries, huge unmet needs in clinical diagnostics provide an impetus to the market growth. The prominent players are heavily investing in India, China, and Southeast Asia as these countries are characterized by increasing prevalence of viral infections and infectious diseases such as COVID-19, Ebola, and HIV, prompting the need for sophisticated and accurate diagnostic procedures.
Virology Market Segmentation
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