NEW DELHI, Aug. 12, 2021 /PRNewswire/ -- As per the report "Global Respiratory Syncytial Virus Market – Industry Dynamics, Market Size, and Opportunity Forecast to 2027" published by Astute Analytica, the Global Respiratory Syncytial Market is forecast to clock CAGR of 14.9% during the period 2021-2027.
The market is lacking with availability of drugs for the treatment of RSV, very few drugs are approved by the FDA for the disease. Among the available drug type segment, Virazole, an FDA approved drug is expected to grow at the highest CAGR of about 15.9% due to its characteristic of broad spectrum of antiviral activity in vitro, where it inhibits the replication of RSV.
The research study analyzes the impact of some of the key market drivers such as high prevalence of RSV and other related respiratory tract infections in the world and emergence of targeted therapy. As per the research analysis, the annual RSV burden worldwide was 33.1 million in 2015, resulting in 3.2 million hospitalizations and 59,600 fatalities in children. According to the Centers for Disease Control and Prevention (CDC), one to two out of every hundred children under the age of six months with RSV may require hospitalization. Some of them may need oxygen, intubation, or mechanical ventilation, but the majority of them will improve with supportive treatment. Antiviral medications are the frequent targeted therapy, and they work by inhibiting one or more processes of virus replication. In 2018, researchers tested recombinant Ab from Palivizumab and Motavizumab with the IgA isotype as a targeted treatment against RSV. These ongoing researches and emerging drug pipeline also contribute to the growth of market. However, high cost required for advanced therapies and inaccessibility of diagnostic facilities seems to obstruct the market growth.
Rising government funding for treatment and proactive government initiatives generates profitable opportunities
The government has shown a willingness to work with the industry to support industrial growth. The federal government of the United States has played a critical role in the early development of numerous sectors, not only via research and development, but also through financial support for nascent businesses and government procurement. In 2019, almost 80 new research projects were funded, representing a 44 percent increase in the number of funded infectious proposals as compared to 2018. Moreover, the government agencies included in the list of pre-clinical vaccine developers along with pharmaceutical companies. Therefore, such funding and support from the government are expected to create a lucrative opportunities for the market growth.
North America Respiratory Syncytial (RSV) Market: Top-tier region in the global market
In 2020, the North America Respiratory Syncytial (RSV) Market is projected to have the largest hold, with a share of around 38 per cent in the global RSV market due to an increased rate of infection in the region. RSV infection is responsible for around 2.1 million annual outpatient visits among children under the age of five in the United States, according to the Centers for Disease Control and Prevention (CDC). Increased access to disease treatment is also expected to raise the demand for respiratory syncytial virus treatments in the region.
There is a high penetration of respiratory syncytial virus drugs in the established healthcare facilities in countries, such as Japan and Australia which greatly contributed to the growth of the APAC RSV market in at the fastest CAGR of 17.0% during the forecast period.
Get Full Research Summary on "Global Respiratory Syncytial Virus Market"
AstraZeneca, AbbVie, Inc., Bausch Health Companies, Inc., Pfizer, Inc., SOBI, GlaxoSmithKline, and others are key participants in the Global Respiratory Syncytial Virus Market. These companies are doing clinical trials on RSV candidate vaccines and treatments to stay competitive in the market, and accounted for number of developing medications in their pipelines. GlaxoSmithKline, Johnson & Johnson, and Pfizer are current market leaders in RSV vaccines, are all pursuing major Phase II research for their prospects. GlaxoSmithKline plans to start a phase 3 research in older individuals in February 2021 to examine its respiratory syncytial virus (RSV) vaccine candidate. The vaccine was well tolerated and showed promising safety and immunogenicity.
Market segments comprehend in the report include market size analysis based on revenue in different categories. For instance, oral route under dosage form is projected to grow at the highest CAGR of 15.9% in the forecast period while injectable form holds the maximum share of more than 50% in 2020.
Similarly, the immune prophylaxis among all the treatment types dominated the global market with around 65 percent share in 2020 while antiviral medications is projected to grow at the fastest CAGR of 15.9% during the forecast period.
The report provides thorough analysis of Respiratory Syncytial Virus (RSV) Market – Industry Dynamics, Market Size and Opportunity Forecast to 2027, based on the following segments:
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