The 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 is a flavivirus mainly transmitted through mosquito bites. The virus can infect humans, birds, horses, and other mammals. While most human infections are asymptomatic, infections can cause West Nile fever or severe West Nile disease. Key products in the market include vaccines, diagnostic kits, and therapeutics.

Market Dynamics:
Increased government funding for development of diagnostics tests and therapeutics is driving the market growth. Governments across the world are increasing their funding for development of point-of-care diagnostics tests that can provide quick diagnosis of West Nile Virus infections. Furthermore, with rising cases of neuroinvasive West Nile disease, governments are also allocating higher budgets for research and development of effective therapeutics targeting the virus. Additionally, rising awareness about West Nile Virus prevention is also fueling the adoption of diagnostic tests, which is positively impacting the market growth.

SWOT Analysis

Strength: The West Nile Virus market has strong support from government and non-government organizations for research and development of drugs. Many pharmaceutical companies are focusing on developing novel drugs and vaccines. Rapid diagnosis kits help in early detection and management of the disease.

Weakness: High costs associated with drug development and supply chain issues hinder market growth. Lack of awareness in underdeveloped nations.

Opportunity: Increasing investment in research and development of advanced drugs provides growth prospects. Rising awareness programs help in disease prevention and management.

Threats: Alternative treatment methods can replace drug therapy. Slow drug approval process hampers market revenue.


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 investment in research and development of novel drugs and vaccines. Major market players are focusing on partnerships and collaborations to develop effective treatment options.

The North American region dominates the global West Nile Virus market owing to rising incidence of West Nile virus infections, strong government support for research, and well-established healthcare organizations in the US and Canada. According to CDC reports, the US witnessed over 2000 cases of West Nile virus infections annually from 2004 to 2012.

Key players operating in the West Nile Virus market are Sanofi, Pfizer, GlaxoSmithKline, Merck, AstraZeneca, Johnson & Johnson, F. Hoffmann-La Roche, Novartis, Cipla, Gilead Sciences. Sanofi's Ixiaro is the first FDA approved vaccine to treat West Nile virus infection in adults. Pfizer's Prevnar 13 vaccine was granted the FDA nod for West Nile virus prevention in 2019.

Read More: https://www.dailyprbulletin.com/west-nile-virus-market-trends-growth-and-regional-outlook-2023-2030/