New York, July 16, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Viral Vectors & Plasmid DNA Global Market Report 2020-30: Covid 19 Implications and Growth" - https://www.reportlinker.com/p05932646/?utm_source=GNW
The global viral vectors & plasmid DNA market is expected to grow from $0.46 billion in 2019 to $0.60 billion in 2020 at a compound annual growth rate (CAGR) of 31.3%. The growth is mainly due to the outbreak of COVID 19 and requires targeted delivery of the drug to treat affected patients. The number of cases has been increasing resulting in a surge in demand for viral vectors & plasmid DNA. The market is expected to reach $1.05 billion in 2023 at a CAGR of 20.4%.
The viral vectors & plasmid DNA market consists of sales of viral vectors & plasmid DNA and related services. The viral vectors & plasmid DNA are used for the delivery of cellular therapies, like gene therapy and immunotherapy, and also for treating some viral infections. The viral vectors & plasmid DNA are used for formulation development in research and development labs. The viral vectors are genetically engineered viruses carrying viral RNA or DNA that is noninfectious but still contain viral promoters and transgene. The plasmid DNA is a double-stranded extrachromosomal and circular DNA sequence that is capable of replication using the host cell’s replication system.
North America was the largest region in the viral vectors and plasmid DNA market in 2019. Asia Pacific is expected to be the fastest-growing region in the forecast period.
In January 2020, Cognate Bioservices Inc, a US-based company skilled in cell and cell-mediated gene therapy products, acquired Cobra Biologics, specialized in providing manufacturing services for plasmid DNA and viral vector, for an undisclosed amount. The acquisition is expected to create a platform for the life cycle management of cell and gene therapy products. Cobra biologics is well established in the development and manufacture of a variety of viral vectors and DNA. The combined Cognate and Cobra expertise is expected to push both the businesses to a better position to respond to current and future market demand.
The viral vectors & plasmid DNA market covered in this report is segmented by product into plasmid DNA; viral vectors and by applications into gene and cancer therapies; viral infections; immunotherapy; formulation development; others.
The unaffordable cost of gene therapies is a major challenge in the viral vectors & plasmid DNA market. The prices of gene therapies range between $0.2 million to $2.1 million. For instance, Gilead company’s Yescarta is a gene therapy that costs around $0.3 million and Bluebird Bio’s Letiglobin is another gene therapy costing around $2.1 million. The high price is due to various factors like government regulations, production costs, and so on. Therefore, the unaffordable cost of gene therapies is limiting the viral vector & plasmid DNA market growth.
The rise in the global incidence of cancer is driving the viral vector & plasmid DNA market. According to Cancer Research UK, in 2018, around 17 million new cases of cancer were recorded with deaths of around 9.6 million, and the estimated cancer incidence rate is 62% between 2018-2040 worldwide. The rise in the global incidence of cancer has boosted the demand for the viral vectors and plasmid DNA market.
Read the full report: https://www.reportlinker.com/p05932646/?utm_source=GNW
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