Increase in funding for R&D activities, surge in awareness regarding gene therapy, and rise in prevalence of cancer, viral infections, and genetic disorders drive the growth of global viral vectors and plasmid DNA manufacturing market
PORTLAND, Ore., Oct. 26, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Viral Vectors and Plasmid DNA Manufacturing Market by Product (Plasmid DNA, Viral Vectors, and Non-Viral Vectors) and Application (Cancers, Inherited Disorders, Viral Infections and Others): Global Opportunity Analysis and Industry Forecast, 2019-2027." According to the report, the global viral vectors and plasmid DNA manufacturing industry was estimated at $918.37 million in 2019, and is expected to hit $4.97 billion by 2027, registering a CAGR of 24.9% from 2019 to 2027.
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Drivers, restraints, and opportunities-
Increase in funding for R&D activities, surge in awareness regarding gene therapy, and rise in prevalence of cancer, viral infections, and genetic disorders drive the growth of the global viral vectors and plasmid DNA manufacturing market. On the other hand, high cost of gene therapies and risk of mutagenesis and other impediments impede the growth to certain extent. However, upsurge in demand for synthetic genes and untapped markets in developing economies are anticipated to pave the way for lucrative opportunities in the industry.
- To combat the novel corona virus, several viral vectors, nucleic acid-based vaccines and antigen-presenting cells are the in pre-clinical development which, in turn, has boosted the global market.
- Also, the fact that viral vectors and plasmid DNA have the potential reduce cost of treatment and help decrease repeated administration of medications is expected to keep the demand for gene therapy constant.
The viral vectors segment to lead the trail by 2027-
Based on product, the viral vectors segment contributed to more than two-thirds of the global viral vectors and plasmid DNA manufacturing market revenue in 2019 and is expected to retain its dominance throughout the forecast period, owing to rise in prevalence of cancer. Simultaneously, the plasmid DNA segment is projected to grow at the fastest CAGR of 26.7% throughout the forecast period. This is due to increase in various applications such as DNA vaccines and gene therapies against numerous infectious and acquired diseases & disorders, such as HIV, malaria, cancer, influenza, and enteric pathogens.
The cancer segment to maintain the lion's share-
Based on application, the cancer segment accounted for more than three-fifths of the global viral vectors and plasmid DNA manufacturing market revenue in 2019 and is expected to rule the roost till 2027, due to increase in prevalence of cancer and requirement for quality drugs and versatile therapies for the treatment. The inherited disorders segment, on the other hand, would portray the fastest CAGR of 27.1% from 2020 to 2027. Rise in incidences of inherited disorders has led to increase in R&D activities for development of therapies which, in turn, fuels the segment growth.
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North America to dominate in terms of revenue-
Based on region, North America generated the major share in 2019, holding nearly half of the global viral vectors and plasmid DNA manufacturing market, owing to the presence of modern healthcare facilities and high prevalence of cancer in the region. At the same time, Asia-Pacific would showcase the highest CAGR of 30.6% from 2020 to 2027. This is due to increase in healthcare expenditure, surge in government initiatives to modernize healthcare infrastructure, and rapid industrialization in the area.
Key players in the industry-
- Catalent Pharma Solutions
- Fujifilm Holdings Corporation
- F. Hoffmann-LA Roche Ltd.
- Johnson & Johnson
- Sanofi Corporation
- 4D Molecular Therapeutics
- Sirion Biotech GmbH
- Voyager therapeutics
- Thermo Fisher Scientific, Inc.
- Cognate BioServices, Inc.
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