by The global 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 (WNV) is a flavivirus transmitted by infected mosquitoes and occurs in temperate and tropical regions of the world. The virus can cause West Nile fever or severe West Nile Neuroinvasive disease. Symptoms of WNV include fever, headache, pain, and fatigue. There are currently no vaccines approved for human use, however several companies have developed vaccines and therapeutic drugs to treat WNV infection. The rise in mosquito population and climate change resulting in expanded WNV transmission areas have increased the demand for preventive and treatment options for WNV.
Market key trends:
The key trends in the West Nile virus market include increasing research & development efforts for vaccines and drugs, rise in government funding for mosquito control programs, and greater awareness about prevention measures against WNV infection. Several biopharmaceutical companies are conducting clinical trials for candidate vaccines and monoclonal antibody therapies. Additionally, rise in cases of WNV infection has resulted in increased public awareness about preventive measures like using mosquito repellents and wearing full-sleeved clothes during dusk and dawn when mosquitoes are most active.
Porter’s Analysis
Threat of new entrants: The threat of new players entering the West Nile virus market remains moderate as setting-up commercial manufacturing units and obtaining regulatory approvals requires huge capital investments. However, new regional start-ups can still enter small segments of the market through low-cost products.
Bargaining power of buyers: The bargaining power of buyers is moderate as the treatment alternatives are limited for West Nile virus infection. Buyers may demand price concessions but cannot switch treatments due to medical restrictions.
Bargaining power of suppliers: The bargaining power of suppliers is low to moderate as the key materials used for vaccines and drugs are fairly standardized. Suppliers may face pressure, however cannot influence overall market price trends.
Threat of new substitutes: The threat of new substitutes is low given the lack of alternative preventive or treatment methods for West Nile virus. No major substitutes are expected in the foreseeable future.
Competitive rivalry: Intense as leading players compete through extensive R&D for newer drugs and vaccines to gain market share.
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 healthcare expenditure and rising risk of mosquito-borne infections.
North America currently dominates the market, with the US accounting for majority share. This is attributed to advanced healthcare infrastructure, high awareness about mosquito-borne diseases, and growing geriatric population vulnerable to infections. Asia Pacific is expected to exhibit fastest growth during the forecast period owing to improving economic conditions, expanding population base, and increasing focus on public health measures in countries like India and China.
Key players operating in the West Nile virus market are Sanofi, Pfizer, GlaxoSmithKline, Merck, AstraZeneca, Johnson & Johnson, F. Hoffmann-La Roche, Novartis, Cipla, and Gilead Sciences. Major companies compete in the market through extensive R&D activities for novel treatment and prevention options to cater to unmet needs.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
