by The 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 transmitted through mosquito bites. It can cause West Nile fever or severe West Nile disease. Symptoms may include fever, headache, tiredness, body aches, nausea, swollen lymph glands or a skin rash on the chest, stomach and back. More severe disease may develop into encephalitis or meningitis. There is no vaccine available for humans. However, several companies are developing vaccines to prevent this disease.
Market Dynamics:
Increasing research funding for development of West Nile virus vaccine: Many academic institutes and organizations are providing funding for research and development of effective West Nile virus vaccines. For instance, the National Institutes of Health (NIH) has funded several West Nile virus vaccine projects in the past decade. Such increasing research funding is encouraging vaccine development studies, thereby driving the West Nile virus market growth.
Growing prevalence of West Nile virus disease: According to CDC, the number of reported West Nile virus disease cases in U.S. has increased significantly in the past few years. In 2021, over 2,100 cases were reported. Increasing prevalence of this mosquito-borne disease is raising awareness among people and governments regarding the need for preventive measures including immunization, thus propelling the market demand.
Segment Analysis
The global West Nile virus market is dominated by the drugs segment. This segment accounts for the largest market share owing to the increasing number of patients suffering from West Nile virus infection every year. The development of new drugs to treat West Nile virus infection is also boosting the growth of this segment.
PEST Analysis
Political: Government initiatives to spread awareness about West Nile virus infection among people is driving the growth of this market. Various programs are organized regularly to educate people about causes, symptoms, and preventive measures.
Economic: Rising healthcare expenditure and increasing disposable incomes are supporting the growth of West Nile virus market. Developing economies represent lucrative growth opportunities owing to growing patient pool and improving healthcare infrastructure.
Social: Changing lifestyles with more outdoor activities are increasing people’s chances of getting exposed to mosquito bites which transmit West Nile virus. Risk of infection also rises among elderly population due to weak immunity.
Technological: Advancements in drug development and diagnostics technologies are accelerating the pace of research to discover more effective drugs and diagnostic kits for detection of West Nile virus. Rapid diagnostic kits enable early detection.
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 public awareness through government programs.
Regionally, North America is expected to dominate the market during the forecast period. This is attributed to increasing incidence of West Nile fever cases annually in the region. Developed healthcare infrastructure and availability of advanced diagnostic tests and treatment options also support the market growth in North America.
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. Sanofi’s Influvac and Dukoral vaccines dominate the preventive segment. Pfizer’s Vaxchora and Take Task are the preferred treatment drugs.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
