INTERFERON BETA DRUGS MARKET ANALYSIS

Interferon Beta Drugs MarketSize and Trends

The global interferon beta drugs market is estimated to be valued at US$ 4.22 Bn in 2023 and is expected to exhibit a CAGR of 4.0% during the forecast period (2023-2030).

Analysts’ Views on Global Interferon Beta Drugs Market:

An increasing number of research and development and drug discovery activities are expected to boost the growth of the global interferon beta drugs market over the forecast period. For instance, on January 4, 2023, scientists working at Brigham and Women’s Hospital, a hospital that conducts hospital-based research programs, developed a bifunctional whole cancer cell–based therapeutic with direct tumor killing and immunostimulatory roles. The scientists repurposed the tumor cells from interferon-β (IFN-β) sensitive to resistant using CRISPR-Cas9 by knocking out the IFN-β–specific receptor and subsequently engineered them to release the immunomodulatory agents IFN-β and granulocyte-macrophage colony-stimulating factor.

Figure 1. Global Interferon Beta Drugs Market Share (%), by Product Type, 2023

Global Interferon Beta Drugs Market – Driver

• Increasing research and development activities: The growing research and development activities are a major factor leading to the high demand for interferon beta drugs. For instance, in October 2022, Synairgen plc, the respiratory company developing SNG001, an investigational formulation for inhalation containing the broad-spectrum antiviral protein interferon beta to treat or prevent severe viral lung infections, today announced topline data for participants treated with SNG001 in the US National Institutes of Health (NIH)/AIDS Clinical Trials Group (ACTG)-led ACTIV-2 Phase 2 adaptive platform trial for COVID-19.

• Product approvals by regulatory authorities of respective countries: The increasing product approvals by regulatory authorities in respective countries can drive the growth of the global interferon beta drugs market. For instance, in 2021, Faron Pharmaceuticals, a clinical-stage biopharmaceutical company, announced that the U.S. FDA has approved the phase 2 and 3 ‘HIBISCUS’ trial assessing its intravenous IFN beta-1a ‘Traumakine’ for the treatment of hospitalized patients with COVID-19. The company has said that based on the study, Traumakine would be used before the current practice of corticosteroids to prevent systemic inflammatory response syndrome (SIRS) and acute respiratory distress syndrome (ARDS), improve the clinical condition, and reduce patient death.

Figure 2. Global Interferon Beta Drugs Market Share (%), by Region, 2023