Report : Middle East and Africa 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)
Cancer/HPV is Expected to be the Fastest Growing Segment During the Forecast Period 2021–2028
According to a new market research study on “Middle East & Africa 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$ 249.12 million by 2028 from US$ 152.83 million in 2021. The market is estimated to grow at a CAGR of 7.2% from 2021 to 2028. The report provides trends prevailing in the Middle East & Africa virus-like particles market along with the drivers and restraints pertaining to the market growth. Higher Prevalence of Infectious Viral Diseases, Regular Demand for Innovative and Effective Products, and Increasing Potential Applications in Therapeutics and Diagnostics are the major factor driving the growth of the Middle East & Africa virus-like particles market. However, existence of alternative technologies for viral vaccine production hinder the growth of Middle East & Africa virus-like particles market.
Economic uncertainties and ongoing conflicts are worsening the condition in the region. For instance, countries like Syria, Libya, and Yemen are suffering violent conflict and cannot implement any public health measures. Iran was in a deep economic recession due to the US sanctions. Additionally, tightened financial condition is also decreasing the economic activities in the region. Many countries are facing a shortage of COVID19 vaccines in the region. Various developing developed countries in the regions are lagging for the supplies of COVID19 vaccines. Thus, it is potential for global vaccines manufacturers to explore the untapped section of Middle East Africa. For instance, as per the data published in the Brookings Institution in August 2021, the vaccination in low- and middle-income countries in the Middle East Africa was estimated at Jordan 25% and Morocco 27%, no country in Middle East Africa has been able to provide more than 15% of their populations with one dose of the vaccine. Thus, offers a potential market for the VLP related market in the region and positively impacts the VLP market in the region.
The Middle East & Africa 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 the Saudi Arabia, South Africa, the UAE, and Rest of MEA. In 2021, Rest of MEA held the largest share in the market, and Saudi Arabia 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 VBI Vaccines Inc. are among the leading companies in the Middle East & Africa 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, Sanofi and GSK have signed a letter of intent to develop an adjuvanted vaccine for COVID-19, using innovative technology from both companies, to help address the ongoing pandemic. Sanofi will contribute its S-protein COVID-19 antigen, which is based on recombinant DNA technology.
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