Report : Asia Pacific Virus-like Particles Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product Type (Hepatitis, Cancer/HPV, and Gaucher disease), Source (Yeast, Insect Cell, Plant, and Others), and Application (Vaccines and Therapeutics)
Vaccines Segment to dominate Asia Pacific Virus-like Particles Market during 2021–2028
According to a new market research study on “Asia Pacific Virus-like Particles Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Product type, Source, Application and Country,” is expected to reach US$ 1,769.02 million by 2028 from US$ 1,018.83 million in 2021. The market is estimated to grow at a CAGR of 8.2% from 2021 to 2028. The report provides trends prevailing in the Asia Pacific virus-like particles market along with the drivers and restraints pertaining to the market growth. Growing potential applications in therapeutics and diagnostics, increasing role of virus-like particles in therapeutic developments and studies, and surging prevalence of infectious viral diseases are the major factor driving the growth of the Asia Pacific virus-like particles market. However, reach of alternative technologies for viral vaccine production hinder the growth of Asia Pacific virus-like particles market.
According to the International Monetary Fund (IMF) report, growth in Asia Pacific was expected to remain stall at zero percent in 2020. This was the worst growth performance in almost 60 years involving the Global Financial Crisis (4.7%) and the Asian Financial Crisis (1.3%). Downward revisions were substantial that ranging from 3.5% in the case of Korea but have appeared to manage with the slow spread of coronavirus due to minimized prolonged production shutdowns accounting for 9% in Australia, New Zealand, and Thailand. These countries were a large hit due to the worldwide tourism shutdown and, in the case of Australia, by lower commodity prices. The Asia Pacific, where COVID-19 vaccines are currently being developed, includes South Korea, China, Japan, Thailand, and Vietnam. Among these, China has 15 vaccines, India and South Korea possess three vaccines, Japan has two vaccines, and Thailand and Vietnam have one vaccine. Among these vaccines it include ten inactivated vaccines, six protein subunit vaccines, seven viral vector vaccines, and six nucleic acid vaccine. Furthermore, promoting a safe, equitable, and effective vaccine is a top priority in the Asia Pacific region. As per the report by the Asian Development Bank, in December 2020, The Asian Development Bank (ADB) has launched a US$9 Billion vaccine initiative with the Asia Pacific Vaccine Access Facility (APVAX) that will offer rapid and equitable support to the developing member countries (DMCs) to procure and deliver effective and safe COVID-19 vaccine. Through vaccination, it can break the chain of virus transmission, saving lives, and mitigating the negative impact of the pandemic.
The Asia Pacific virus-like particles market is segmented on the basis of product type, source, application, and country. Based on product, the market is segmented into hepatitis, cancer/hpv, and gaucher disease. In 2021, hepatitis segment held the largest share in the market, and cancer/hpv is expected to be the fastest growing segment during the forecast period. Based on source, the market is segmented into yeast, insect cell, plant, and others. In 2021, yeast segment held the largest share in the market, and insect cell is expected to be the fastest growing segment during the forecast period. Based on application, the market is bifurcated into vaccines and therapeutics. In 2021, vaccines segment held the largest share in the market, and it is also expected to be the fastest growing segment during the forecast period. Similarly Based on country the market is segmented into China, Japan, India, Australia, South Korea, and Rest of Asia Pacific. In 2021, China held the largest share in the market, and India is expected to be the fastest growing country during the forecast period.
Merck & Co., Inc.; GlaxoSmithKline plc.; Pfizer Inc.; Sanofi; Serum Institute of India Pvt. Ltd.; BHARAT BIOTECH; LG Chem; and Wantai BioPharm are among the leading companies in the Asia Pacific virus-like particles market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, LG Chem announced on the 18th that it had signed a contract for implementing the pre-clinical stage new NASH drug pipeline (candidate substance name: TT-01025) of China’s ‘TransThera Biosciences Co.Ltd. It has developed NASH treatments that target VAP-1 proteins that have been reported to be highly related to inflammation of the liver.
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