Viral Vector and Plasmid DNA Manufacturing Market to Reach $1,090 Million by 2023
Pune, Maharashtra, India, September 24 2020 (Wiredrelease) Allied Analytics –:According to a new report published by Allied Market Research, titled, “Viral Vector and Plasmid DNA Manufacturing Market by Product and Application – Global Opportunity Analysis and Industry Forecast, 2017-2023,” the global viral vector and plasmid DNA manufacturing market was valued at $261 million in 2016, and is projected to reach $1,090 million by 2023, growing at a CAGR of 22.6% from 2017 to 2023. North America was the highest contributor to the viral vectors and plasmid DNA manufacturing market in 2016; however, Asia-Pacific is expected to witness the highest growth rate throughout the forecast period.
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Gene therapy comprises tools such as viral vectors and plasmid DNA, which have evolved as a favorable treatment option for various diseases (especially those that currently have no cure) such as viral infections, cancer, and inherited disorders. Gene therapy and genetically modified therapy involve the use of a therapeutic DNA (the gene of interest) in cells. The process of gene transfer into the cells is achieved by the application of vectors. Over the past few years, several viral and non-viral plasmid DNAs have been standardized and optimized for this purpose.
The major factors that drive the global viral vectors and plasmid DNA manufacturing market include rise in the number of candidates of gene therapy combined with their swift development through the numerous phases of clinical progression, ability of vectors to express therapeutic genes efficiently, and nonpathogenic nature of vectors. However, possible insertional mutagenesis and high cost of gene therapies impede the market growth. Technological advancements to alleviate challenges caused by traditional methods of vector production provide lucrative opportunities for the manufacturers in this industry.
The cancer application generated the highest revenue of $162 million in 2016, and is anticipated to continue this trend in the future. The requirement for quality drugs and versatile therapies for treatment are expected to boost the growth of this segment. Inherited disorders application is projected to grow at the highest CAGR of 25.1% from 2017 to 2023.
North America held the highest market share of $124 million in 2016, owing to high prevalence rate of cancer and modern healthcare facilities. The adoption of experimental medicines and growth in awareness about gene therapy are expected to boost the North American market. Asia-Pacific is expected to grow at the highest CAGR of 18.8% during the forecast period, owing to rapid industrialization in the area, increase in disposable income, and upsurge in government initiatives to modernize healthcare infrastructure.
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Key Findings of the Viral Vector and Plasmid DNA Manufacturing Market:
The plasmid DNA segment is anticipated to grow at the highest CAGR from 2017 to 2023.
The inherited disorders application segment is expected to witness the highest growth rate.
Cancer application segment is anticipated to occupy the largest share in the viral vector and plasmid DNA manufacturing market.
North America dominated the global viral vector and plasmid DNA manufacturing market, and is projected to grow at a CAGR of 20.6%.
The key market players operating in this market are Kaneka Eurogentec S.A., FinVector, Brammer Bio, Cell and Gene Therapy Catapult, FUJIFILM Diosynth Biotechnologies, Sanofi, Spark Therapeutics, Cobra Biologics, UniQure and MassBiologics. Other players in the value chain analysis include, 4D Molecular Therapeutics, Renova Therapeutics, Shenzhen SiBiono GeneTech Co., Ltd., and Thermo Fisher Scientific, Inc.
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