by The Global Ipv Vaccines Market is estimated to be valued at US$ 160 Mn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2021 to 2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
IPV vaccines are vaccines that help protect infants and young children from hepatitis B virus (HBv) infection. HBv infection can lead to serious health issues like chronic hepatitis, liver damage, liver cancer, and even death. IPv vaccines offer strong protection against HBv infection with safety and effectiveness. They provides long lasting immunity with minimum number of doses. The need for IPv vaccines is rising globally due to increasing healthcare awareness and initiatives by public and private bodies to prevent HBv infection at young age.
Market key trends:
One of the key trends in the IPv vaccines market is introduction of new generation combo vaccines with added antigens. Traditionally, children received separate shots for different diseases. But new generation combo/conjugate vaccines combines more than one relevant antigens into single shot. For example, some new IPv vaccines available in the market offers protection against both HBv and hepatitis A virus. Such combo vaccines reduces the number of necessary injections and provides better patient compliance. Rising awareness about importance of timely and complete vaccination is also fueling the demand for IPv vaccines across regions. Additionally, many developing nations are taking supportive steps like vaccination programs to prevent HBv infection in newborns and expand IPv vaccine coverage. This is translating into market growth.
Porter’s Analysis
Threat of new entrants: The biopharmaceutical industry has high entry barriers such as huge R&D and capital investments required for developing new vaccines, which deters new players from entering the IPV vaccines market.
Bargaining power of buyers: The bargaining power of buyers is moderate as the demand for IPV vaccines is inelastic. However, presence of substitutes such as oral poliovirus vaccine provides some bargaining power to buyers.
Bargaining power of suppliers: A small number of suppliers dominate the market and many suppliers have capabilities to supply IPV vaccines, which gives them lower bargaining power over buyers.
Threat of new substitutes: Threat of substitution is moderate as oral poliovirus vaccine is used as an alternative to IPV vaccines. However, IPV vaccines offer superior immunity and are recommended by WHO.
Competitive rivalry: The IPV vaccines market is consolidated in nature with key global players capturing major market share.
Key Takeaways
The Global IPV Vaccines Market is expected to witness high growth, exhibiting CAGR of 8.5% over the forecast period, due to increasing government focus on immunization programs globally.
The North America region currently dominates the market due to high awareness levels and healthcare spending. Asia Pacific region is expected to witness the fastest growth rate owing to large population base and improving healthcare infrastructure in the region.
Key players operating in the IPV vaccines market are GlaxoSmithKline Plc, Sanofi S.A., Serum Institute of India Pvt. Ltd., PT Bio Farma, and AJ Vaccines. GlaxoSmithKline captured over 50% of the global market share in 2021.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
