West Nile virus is a mosquito-borne flavivirus that can cause West Nile fever or severe West Nile encephalitis. It is usually transmitted by different species of mosquitoes depending on geographical location. Some antiviral drugs and vaccines have been developed to treat and prevent the West Nile virus.
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 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing cases of mosquito-borne diseases have been an important factor driving the growth of the West Nile Virus Market. According to data by World Health Organisation (WHO), there were around 96,000 cases of West Nile virus worldwide in 2020 with 255 related deaths. While most people do not become severely sick when infected, around 1 in 150 infected people develop severe illness affecting the central nervous system. This has been resulting in growing adoption of diagnostic kits, vaccines and other treatment options for West Nile virus.
SWOT Analysis
Strength: The West Nile Virus market has seen a steady rise in awareness as there have been more reported cases of West Nile virus infections in North America over the past decade.
Weakness: There is no licensed vaccine for humans against West Nile virus in the United States. Most people infected with West Nile virus do not develop any symptoms.
Opportunity: Government initiatives to spread awareness about West Nile virus has led to increased demand for diagnostic testing. Development of an effective human vaccine can capture a large market opportunity.
Threats: Competitive threat from other prevalent viral diseases that demand extensive research focus and funding. Economic slowdowns can negatively impact the healthcare budgets of nations.
Key Takeaways
The Global West Nile Virus Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 634.8 Mn by 2024, growing at a CAGR of 3.8%.
North America currently dominates the market owing to rising infections reported in the region. Supported by increased government spending and health awareness campaigns, the North America regional market is estimated to exhibit the fastest growth through 2030.
Key players operating in the West Nile Virus market are Aptar Group, Inc., RPC Group Plc, Gerresheimer AG, Amcor Limited, Albea S.A., Libo Cosmetics Company, Ltd, Quadpack Industries, HCP Packaging, Fusion Packaging, and ABC Packaging Ltd. Leading players are focused on expanding their diagnostic assay and mosquito control product offerings. Strategic partnerships for vaccine development projects are also being explored to gain an edge in the high growth market.
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