The global market for viral inactivation reached USD 550 million in 2021 and is anticipated to expand at a CAGR of 12.5% from 2023 to 2030. Regulatory authorities require viral inactivation testing for investigational new drug (IND) submission, and it is essential for the process development of biologicals including tissue and tissue products, stem cell products, cellular and gene therapy products, blood and blood products, vaccines, and therapeutics. The key market drivers are the rapid expansion of the pharmaceutical and biotechnology industries and the rising trend of R&D spending in the life sciences sector. An increase in the prevalence of chronic diseases will also contribute to the growth of this industry. The increase in the number of pharmaceutical and biopharmaceutical companies worldwide, the increase in investment in the life sciences sector, the increase in the number of drug launches and approvals, and the increase in government funding for the development of the pharmaceutical and biopharmaceutical industries are among the most significant factors driving the market growth. The global increase in chronic diseases such as cancer, diabetes, autoimmune disorders, and other ailments has contributed to a rise in healthcare expenditures. Primarily, an increase in healthcare expenditures is required to design and develop new and more effective treatments to counteract the spread of these diseases. Increased R&D innovation, medical discoveries, and FDA approvals that lead to the launch of new drugs are driving the market growth.

A rise in the prevalence of chronic diseases such as cancer, autoimmune disorders, and other diseases, as well as a rise in healthcare costs, are the key factors propelling the expansion of the viral inactivation market. In 2020, it is anticipated that the 5-year prevalence of all forms of cancers in both sexes in Africa will be 2,166,740. In addition, it has been reported that 1,298,101 of these cases included females, and 868,639 involved males of all ages. Such a high incidence of cancer is propelling the market growth during the forecast period. Furthermore, according to the same source, the 5-year prevalence of cancer cases in Saudi Arabia is roughly 82,640 cases of all types of cancer in both sexes, with 39,241 male cases and 43,399 female cases expected to be recorded in 2020. Increasing Food and Medication Administration approvals of drug candidates are also projected to fuel the growth of the market under research. According to data published in Mid-Year Review: New Drug Approvals in June 2021, the United States Food and Drug Administration's (FDA) Center for Drug Evaluation and Research (CDER) approved 26 New Molecular Entities (NMEs) at the halfway point of 2021 (as of June 28, 2021), which was comparable to the approval rate for all of 2020, which was 53 NMEs. The number of NMEs granted in 2020 was the second most in the preceding decade, after only 2018's 59 NMEs. Increasing FDA approvals will lead to an increase in research and development, necessitating toxicological screening studies. It is projected that these studies would encourage the deployment of viral inactivation technologies, hence driving the growth of this market. Thus, it is projected that the aforementioned factors will promote market expansion.

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By product, the market is split into kits and reagents, systems, and services. In 2021, kits and reagents held the largest market share due to the continuous use of kits and reagents by pharmaceutical and biopharmaceutical companies. As a result of the ease of management and specialized services offered by service-providing organizations, the services sector is anticipated to expand at the fastest rate. The demand for kits and reagents has surged due to the increase in the number of pharmaceutical and biopharmaceutical companies and spending on research and development for novel medicine development. This was the largest market segment for the product due to the increasing usage of consumables, kits, and reagents in a range of end-use contexts.

By application, the market for viral inactivation is segmented into vaccines and therapies, stem cell products, blood and blood tissue products, tissue and tissue products, and cellular and gene therapy goods. In 2021, the vaccines and therapeutics sector had the biggest revenue share. The highest market revenue is attributable to increased incidences and the enormous economic burden of chronic diseases such as Cancer, which demanded inactivated vaccines and increased government support for pharmaceutical and biotechnology industries to invest in the development of novel therapeutics. According to the International Agency for Research on Cancer (Globocan), 495,773 new cases of pancreatic cancer will be diagnosed worldwide in 2020. According to GLOBOCAN 2020 data, the incidence of new pancreatic cancer cases was 277,036, followed by 187,205 in countries with a high HDI (Human Development Index). There were 24,705 and 8,586 cases, respectively, among nations with medium and low HDI. Increasing industry participant activity is also projected to contribute to market growth. Prestige Biopharma (PBP), a biopharmaceutical company established in Singapore, announced in March 2023 that its Innovative Discovery Centre (IDC) is being built in Busan, South Korea. The IDC will drive PBP's vision for the future through initiatives such as the development of antibody therapeutics, including pancreatic cancer treatments, and cutting-edge vaccine technologies. In addition, attempts are being made to develop pancreatic cancer-treating vaccines. In October 2020, scientists from the Francis Crick Institute in London, United Kingdom, unveiled an experimental vaccination based on immunotherapy that targets the KRAS gene, which has been linked to the development of various types of cancer. Thus, it is projected that the aforementioned factors will promote market expansion.

The viral inactivation market is categorized by end-use into pharmaceutical and biopharmaceutical companies, contract research organizations (CROs), academic and research institutes, and others. In addition, blood banks and laboratories are considered medical suppliers. In 2021, the pharmaceutical and biopharmaceutical industries held the largest market share due to the growing use of these products in medicine discovery and drug production. The pharmaceutical and biopharmaceutical industries have undergone enormous growth during the past few decades. Due to increased financing for the discovery of alternative medicines, the number of new drugs has increased. With the advent of biologics and other cellular and gene therapy products, pharmaceutical and biopharmaceutical firms have increased their utilization of viral inactivation products. The safety of the product for human consumption is ensured by severe regulatory criteria for medicinal agents. Frequently, biopharmaceutical companies use solvent detergent, low pH, pasteurization, and other methods to ensure the safety of their goods. Bioreactors or single-use devices are utilized by businesses to perform these treatments and inactivate pathogens.

North America dominated during the entire projection period in 2021. The United States remained the leading contributor to revenue in North America. In addition, the North American market is anticipated to be driven by the advanced healthcare infrastructure, the presence of large pharmaceutical and biopharmaceutical companies, and the significant healthcare R&D expenditures by the government and enterprises in the United States. According to ClinicalTrial.gov, Canadian pharmaceutical companies and research institutions had robust R&D pipelines in 2021, with 5,659 new studies in various stages of evaluation, of which 1,397 (24%) were in Phase III clinical trials approved by the food and drug administration (FDA) or EMA (European Medicines Agency), representing a wide range of therapeutic areas; this will stimulate market growth in the country. The Plan to Mobilize Science in 2020 the Canadian government includes USD 192 million for coronavirus research and medical countermeasures, in addition to up to USD 56 million for clinical trials of a COVID-related vaccine candidate from Variations Biomedical Inc. Mexico plans to release its National Pharmaceutical Policy in April 2023, which will address a variety of supply chain and regulatory challenges and the framework collaboration agreements signed by Mexico will strengthen scientific research and foster pharmaceutical innovation, which will increase the number of drug discoveries in the country, thereby boosting the economy. In addition, with further funding from Michigan Drug Discovery in 2021, researchers at the University of Michigan are studying treatments for pain, cancer, and infections. The market is propelled by the fact that four out of five research will seek novel physiologically active compounds that can be used to target important drug discovery targets. As a result of the aforementioned factors, it is predicted that the market under study would increase at a faster rate over the forecast period.

The market for viral inactivation is relatively concentrated and competitive, containing a large number of notable competitors. A small number of market leaders are now utilizing a variety of development strategies to control the industry in terms of market share. Some significant corporations are consolidating their global market positions through mergers and acquisitions. In addition, it is predicted that new companies will enter the market with unique product pipelines and ongoing technological improvements, resulting in an increase in market revenue throughout the forecast period. The majority of participants are focused on product innovation. Numerous mergers and acquisitions characterize the market, resulting in a high degree of market consolidation. Merck & Co., Inc., PARKER HANNIFIN CORP, Sartorius AG, Texcell, Cytiva, Danaher., SGS SA, Charles River Laboratories., Cleancells, Rad Source Technologies, WuXiAppTec, GENERAL ELECTRIC COMPANY, Sigma-Aldrich Co., Thermo Fisher Scientific Inc., Macopharma, Cerus Corporation, and others are the leading companies in this market.