Global Oral Typhoid Vaccine Market Is Estimated To Witness High Growth Owing
The Global Oral Typhoid Vaccine Market is estimated to be valued at US$ 394.62 billion in 2023 and is expected to exhibit a CAGR of 12.3% over the forecast period of 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Oral typhoid vaccine is used for the prevention of typhoid fever, which is caused by the bacterium Salmonella typhi. The vaccine stimulates the body's immune response to produce antibodies against the bacteria, thus providing protection against the disease. It is considered to be one of the most effective measures in controlling the transmission of typhoid fever, especially in areas with high disease burden.
Market Dynamics:
The growth of the oral typhoid vaccine market can be attributed to two major drivers. Firstly, the increasing incidence of typhoid fever, especially in developing countries, is driving the demand for effective preventive measures. The disease is primarily transmitted through contaminated food and water, making vaccination crucial in curbing its spread. Secondly, there is a growing awareness regarding the importance of vaccination in preventing infectious diseases, leading to an increased adoption of oral typhoid vaccines.
SWOT Analysis:
Strengths:
- The oral typhoid vaccine market has a strong growth potential due to the increasing prevalence of typhoid fever worldwide and the need for effective preventive measures.
- The market is driven by the advancements in vaccine technology and research, leading to the development of more efficient and cost-effective oral vaccines.
- Key players in the market, such as Sanofi Pasteur, Bharat Biotech, and Pfizer Inc., have extensive experience and expertise in vaccine development, giving them a competitive edge.
Weaknesses:
- One weakness of the oral typhoid vaccine market is the limited availability and accessibility of vaccines in certain regions, particularly in low-income countries, which hinders the widespread adoption of vaccination programs.
- Another weakness is the challenges associated with vaccine manufacturing, including production scalability and maintaining the vaccine's efficacy during storage and distribution.
Opportunities:
- There are significant opportunities for market growth in emerging economies, where the demand for typhoid vaccines is expected to rise due to the increasing population and improving healthcare infrastructure.
- The introduction of government initiatives and public health programs aimed at controlling and preventing typhoid fever presents an opportunity for increased vaccine uptake and market expansion.
Threats:
- The oral typhoid vaccine market faces competition from alternative preventive measures, such as improved sanitation and hygiene practices, which may limit the market's growth potential.
- Stringent regulatory requirements and approval processes for vaccines can be a potential threat, leading to delays in product launches and market entry.
Key Takeaways:
The global oral typhoid vaccine market is expected to witness high growth, exhibiting a CAGR of 12.3% over the forecast period of 2023 to 2030. This growth can be attributed to the increasing prevalence of typhoid fever, advancements in vaccine technology, and the expertise of key players such as Sanofi Pasteur, Bharat Biotech, and Pfizer Inc.
In terms of regional analysis, Asia-Pacific is projected to be the fastest-growing and dominating region in the oral typhoid vaccine market. The region's high burden of typhoid fever, large population, and growing healthcare infrastructure contribute to the market's growth in this region.
Key players operating in the oral typhoid vaccine market include Sanofi Pasteur, Bharat Biotech, Pfizer Inc., GlaxoSmithKline, Baxter International Inc., Merck & Co., Inc., Takeda Pharmaceutical Company Limited, Novartis International AG, Biological E. Limited, AstraZeneca, Cipla Limited, Prokarium, Bio-Med Pvt. Ltd., Panacea Biotec, Dynavax Technologies Corporation, Butantan Institute, Zydus Cadila, Biomed Pvt. Ltd., Cadila Healthcare Limited, and GlaxoSmithKline Biologicals. These key players have extensive experience and a strong market presence, contributing to the overall growth of the oral typhoid vaccine market.
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