Astuteanalytica
Respiratory Syncytial Virus or Human Respiratory Syncytial Virus. It is an infectious virus that affects the respiratory system and worsens lung infections in humans. One of the main drivers of market expansion is the rising sickness rate. Over 57,000 children under the age of five in the United States require hospital care each year as a result of RSV, according to data released by the Cleveland Clinic. In addition, RSV causes roughly 177,000 adult hospital admissions annually.
The global Respiratory syncytial virus market is estimated to reach a valuation of US$ 4,202.6 million by 2027, registering a CAGR of 14.9% over the forecast period 2022-2027. The market growth considers the industry recovery from Covid-19 and the substantial shift in the growth trend. However, the respiratory syncytial virus market accounted for a revenue of US$ 1,823.3 Million in 2021.
The government has shown a desire to collaborate with businesses to encourage industrial growth. The US federal government has been crucial in the early growth of several industries, not only through research and development but also through funding for startup companies and government contracts. A 44 percent increase in the number of funded infectious proposals from 2018 to 2019—or over 80 new research projects—was financed in 2019. Together with pharmaceutical firms, the list of pre-clinical vaccine developers also included government organizations. Thus, it is likely that such government funding and support will generate profitable chances for market expansion.
North America is likely to have the highest share around 38%, among the various geographic areas examined in the paper. The high infection rate in the region is the cause of the high share. By the time they turn two, almost all children in the United States have contracted RSV, and 75,000 to 125,000 of them end up in hospitals each year. Also, it is anticipated that greater treatment accessibility will raise demand for respiratory syncytial virus drugs in the area.
Moreover, the lack of point-of-care (POC) diagnostic tools is a significant impediment to the market's expansion, as virus medications are mostly available in industrialized nations like North and South America and Europe.
The global respiratory syncytial virus market segmentation focuses on drug type, dosage form, treatment type, and distribution channel. The drug type segment includes Ribavirin, Synagis, Virazole, Palivizumab, Riba Tab, and Others. The dosage form segment includes Oral, Injectable, Inhaler, and Others. The treatment type segment bifurcates into Immune Prophylaxis Supportive Care and Antiviral Medications.
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