West Nile Virus Market Growth Accelerated by Increasing Prevalence of West Nile Virus

West Nile Virus Market


West Nile virus (WNV) is transmitted by Culex species mosquitoes and is the leading cause of mosquito-borne disease in the continental United States. WNV diagnostics and therapeutics products play a vital role in screening blood donations, organ donations and tissue donations for the presence of West Nile virus. Some of the commonly used WNV diagnostic products include PCR Assays, ELISA/Immunosorbent Assay Kits and rapid diagnostic tests. Therapeutic products include antiviral medications and vaccine.

The global West Nile Virus Diagnostics and Therapeutics 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 Opportunity

The market opportunity lies in disease prevention and control. Rising initiatives by governmental and non-governmental organizations towards reducing the burden of WNV disease through awareness programs, surveillance, vector control measures and vaccination programs will aid the growth of the market. The Center for Disease Control and Prevention (CDC) in the US has implemented comprehensive WNV prevention and control programs in all states across the nation involving public announcement, aerial spraying, larvaciding, and vaccination which has lowered the incidence rate of WNV infection substantially over the years. Such public health programs will continue to bring more awareness about the disease and promote the use of WNV diagnostic testing and vaccines.

Porter's Analysis
Threat of new entrants: The threat of new entrants in the West Nile Virus market is moderately high due to the high R&D cost involved in developing vaccines and therapeutics for West Nile virus. However, the presence of lucrative growth opportunities works as an incentive for new players.
Bargaining power of buyers: The bargaining power of buyers in the West Nile Virus market is moderate. The necessity of vaccines and therapeutics provides buyers with some control over prices. However, the specialized nature of products restricts alternatives.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many suppliers of raw materials required for manufacturing therapies and vaccines. However, suppliers hold importance due to patent protection and differentiated products.
Threat of new substitutes: The threat of substitutes is low as there are limited treatment options available for West Nile virus. Researchers are striving to develop new biologics with improved efficacy.
Competitive rivalry: The competitive rivalry in the market is high owing to the presence of many regional and global companies offering similar products.

SWOT Analysis
Strengths: Established distribution channels, strong brand recognition, dedicated R&D for innovation
Weaknesses: High manufacturing costs, stringent regulations, dependency on seasonal outbreaks
Opportunities: Emerging economies with high outbreak incidents, collaborations for portfolio expansion
Threats: Patent expiries of blockbuster drugs, pricing pressures, threat from generic alternatives

Key Takeaways
Global West Nile Virus Market Size is expected to witness high growth over the forecast period due to increasing infections globally and rising healthcare spending. North America currently dominates the market aided by growing awareness about West Nile Virus and supportive government initiatives for control. However, the Asia Pacific region is likely to be the fastest growing region owing to rising economic conditions, growing population base, and increasing healthcare expenditure.

Key players operating in the West Nile Virus market are Sanofi, Pfizer, GlaxoSmithKline, Merck, AstraZeneca, Johnson & Johnson, F. Hoffman-La Roche, Novartis, Cipla, and Gilead Sciences. Sanofi leads with its vaccines such as Ixiaro. Meanwhile, other major players are focusing on partnerships and new product launches to strengthen their presence.
 

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