Respiratory Syncytial Virus (RSV) Market is Expected to Grow at a CAGR of 14.9% by 2027
The respiratory syncytial virus (RSV), which causes mild cold, is generally found in children aged 2 years or below. Majorly patients of RSV have mild symptoms, however, some instances can be serious. The market faces a shortage in the availability of drugs for the treatment of RSV, which opens doors of opportunities for the industry giants.
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Factors Influencing the Respiratory Syncytial Virus Market
The research study examines factors like the emergence of targeted therapy and the increasing prevalence of RSV and other related respiratory tract infections worldwide. According to Centers for Disease Control and Prevention (CDC) data 2022, RSV records nearly 2.1 million outpatient (non-hospitalization) visits every year in the United States, which are younger than 5 years. Moreover, 58,000 hospitalizations of RSV are recorded every year, which includes children younger than 5 years old. Additionally, the US Food and Drug Administration analyses that RSV causes 64 million paediatric infections globally and is responsible for 160,000 paediatric deaths as of 2019. The most common therapy used to treat these patients is antiviral medicine. The medicine efficiently blocks the viral processes.
Growing R&D aimed at the development of effective medications for the respiratory syncytial virus is expected to present potential prospects for market growth. For instance, Recs recombinant antibodies of the IgA isotype from the anti-RSV drugs palivizumab and motavizumab underwent tests in the year 2018.
The growth graph of the market is expected to show significant acceleration due to growing government support for healthcare. The governments of various countries are making potential efforts to encourage the development of vaccinations and offer enhanced healthcare facilities at low costs. On the flip side, the expensive cost of modern medications and the difficult accessibility to diagnostic facilities may limit the expansion of the respiratory syncytial virus market during the analysis period.
North America Respiratory Syncytial (RSV) Market is Likely to Rule with the Highest Share:
Due to an increased rate of respiratory syncytial virus infection in the region, the North America Respiratory Syncytial (RSV) Market maintained its lead in 2020, accounting for around 38% of the global RSV market. The demand for respiratory syncytial virus therapies in the area is anticipated to increase as access to disease treatment increases. According to the Centers for Disease and Prevention (CDC) 2022 data, the United States invests the highest in healthcare than any other country, with the annual healthcare expenditure standing at over four trillion U.S. dollars in 2020. Apart from that, the same source estimates that the personal health care expenditure of the country was US$ 10,202 per resident in the same year.
Moreover, drugs for the treatment of the respiratory syncytial virus are widely used in well-established healthcare facilities in nations like Japan and Australia, which will prompt the expansion of the Asia-Pacific respiratory syncytial virus market. This regional market will grow at a tremendous CAGR of 17% during the study period.
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Competitors in the Market
Companies thriving in the respiratory syncytial virus market include Bausch Health Companies, Inc., AbbVie, Inc., Pfizer, Inc., AstraZeneca, SOBI, GlaxoSmithKline, etc. The current market leaders for RSV vaccines, such as Johnson & Johnson, GlaxoSmithKline, and Pfizer, are putting constant efforts to stay outperforming in the respiratory syncytial virus market. For instance, in February 2021, GlaxoSmithKline announced its plan to begin a phase 3 study in seniors to test a potential respiratory syncytial virus (RSV) vaccine. The vaccine demonstrated promising safety and immunogenicity as a result. Moreover, Pfizer's respiratory syncytial virus (RSV) vaccine candidate, PF-06928316 obtained Breakthrough Therapy Designation from the FDA in March 2022. The vaccine can effectively be used to prevent lower respiratory tract disease, majorly caused by RSV, in people aged 60 years or above.
Segment Outline
The report's market segments are based on Drug Type, Dosage Form, Treatment Type, Distribution Channel, and Region.
The report provides a thorough analysis of the Respiratory Syncytial Virus (RSV) Market, based on the following segments:
By Drug Type
Synagis
Ribavirin
Virazole
Palivizumab
Riba Tab
Others
By Dosage Form
Injectable
Oral
Inhaler
Others
By Treatment Type
Immune Prophylaxis
Supportive Care
Antiviral Medications
By Distribution Channel
Hospital Pharmacies
Drug Stores
Retail Pharmacies
Clinics
By Geography
North America
United States
Canada
Mexico
Europe
The UK
Germany
France
Italy
Spain
Poland
Russia
Rest of Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Argentina
Brazil
Rest of South America
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