(MENAFN- GlobeNewsWire - Nasdaq) As disease burden and pediatric vulnerability increase, respiratory syncytial virus therapies will be in high demand.
Wilmington, Delaware, United States, Feb. 13, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The respiratory syncytial virus (RSV) therapeutics market was valued at US$ 1.1 billion in 2022. By the end of 2031, it is expected to reach US$ 3.8 billion, growing at a CAGR of 14.6% between 2023 and 2031. Precision and personalized treatment may become the focus of RSV therapy in the future.
As researchers continue to understand genetic variations and immunological responses, it may be possible to tailor RSV treatments to specific patient profiles. As a result, patients may experience fewer side effects and better outcomes. For instance, in June 2023, nirsevimab-alip was approved by the FDA for newborns and infants infected with the Respiratory Syncytial Virus (RSV) and children up to 24 months after their second infection.
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The market for treatments has been driven mostly by increased diagnostic capabilities and a greater understanding of the consequences of RSV infections. Early RSV symptom recognition is becoming increasingly common among carers and healthcare professionals, enabling prompt diagnosis and treatment.
The scope for RSV therapeutics has surged as awareness campaigns emphasize the importance of RSV prevention and treatment. As a result of this increased knowledge, research projects are encouraged to develop effective and targeted treatments, leading to an increase in the market for RSV therapies.
Key Findings of the Market Report
The injectable dosage form is expected to drive demand for RSV therapeutics in the market. Pharmacies and drug stores accounted for the largest share of the market in 2022 Health infrastructures in Australia and Japan drive the respiratory syncytial virus therapeutics market. By 2022, North America was the largest market for respiratory syncytial virus therapeutics.
Global Respiratory Syncytial Virus Therapeutics Market: Growth Drivers
Lower respiratory tract infections in newborns and early children are generally caused by the respiratory syncytial virus, which predominantly affects the respiratory system. Since this group is more likely to contract severe RSV infections, effective treatments are required. Medical expenses and hospital stays are major factors causing a high demand for novel and effective medicines. Research and development activities around RSV treatments have increased as pharmaceutical companies strive to meet this unmet medical need. The development of antiviral medications has significantly contributed to the growth of the RSV therapeutics market. Academics and pharmaceutical businesses are investing in finding new antiviral drugs specifically targeting the RSV virus. Technology advancements, such as the application of genomics and molecular biology methods, have enabled a deeper understanding of how viruses work, resulting in more efficient and targeted treatments. To advance the antiviral market, the pharmaceutical sector cooperates and invests in finding antiviral medications with enhanced safety profiles and fewer adverse effects.
Global Respiratory Syncytial Virus Therapeutics Market: Regional Landscape
North America is expected to remain the world's dominant market during the forecast period. The prevalence of RSV infections is high in North America, particularly among newborns and young children. Effective therapies are essential as pediatric healthcare focuses on RSV infections, and their severity may vary. There is a rising need for RSV therapies that are kid-friendly, effective, and safe as healthcare practitioners in North America work to meet the unique demands of the pediatric population. In North America, this focus on demographics significantly influences research and development and market expansion. The development and commercialization of breakthrough therapies are facilitated by the region's strong research infrastructure and high healthcare spending. North American pharmaceutical corporations possess the financial means to allocate a substantial amount of resources toward RSV research and development, which could result in the development of novel treatment alternatives. Research efforts are further stimulated by government funding, private investments, and collaborations between academic institutions and industry participants, encouraging the expansion of the RSV treatments market. The market is advanced by the conducive economic climate, which facilitates the conversion of research findings into commercially viable goods.
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Global Respiratory Syncytial Virus Therapeutics Market: Key Players
Companies interested in the global respiratory syncytial virus therapeutics market are studying RSV therapeutics. Leading players are expanding their product portfolios and engaging in mergers and acquisitions. Transparency Market Research has profiled the following players in the respiratory syncytial virus therapeutics market report:
F. Hoffmann-La Roche Ltd. AstraZeneca plc Merck & Co. Inc. AbbVie Inc. Valeant Pharmaceuticals International Inc. GlaxoSmithKline plc ReViral Ltd. Gilead Sciences Inc. Medivir AB Teva Pharmaceuticals Industries Ltd.
In May 2023, GlaxoSmithKline plc announced that Arexvy, its respiratory syncytial virus vaccine (adjuvanted), had received US FDA approval to reduce lower respiratory tract disease (LRTD) caused by RSV infection in people over 60. In October 2023, with the approval of the Central Drugs Standard Control Organization (CDSCO), AstraZeneca Pharma India is now able to import and market 'Palivizumab' injections (r-DNA origin) in single-dose vials (50mg/0 & 100mg/mL presentations) in India.
Global Respiratory Syncytial Virus Therapeutics Market: Segmentation
By Drug Type
Palivizumab Ribavirin Others
By Dosage Form
By Distribution Channel
Drug Stores and Retail Pharmacies Hospital Pharmacies Others
North America Europe Asia Pacific Latin America Middle East & Africa
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