Pharmaceutical Segment Is The Largest Segment Driving The Growth Of Ipv Vaccines Market
The global Ipv Vaccines Market is estimated to be valued at US$ 188.36 Mn or Mn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
IPV vaccines provide immunization against polio. They help protect children and adults from polio, a crippling and potentially deadly infectious disease.
Market key trends:
One of the key trends in the IPV vaccines market is the increasing adoption of IPV vaccines over OPV vaccines. This is because IPV vaccines are administered through injections and do not bear the risk of vaccine-derived poliovirus (VDPV) transmission that is an issue with the oral polio vaccines (OPV). Moreover, IPV vaccines help achieve regional certification of polio eradication by stopping virus transmission. Its increasing adoption by various countries will drive the growth of the IPV vaccines market during the forecast period.
SWOT Analysis
Strengths:
- Higher efficacy and safety compared to OPV
- Low risk of vaccine-derived poliovirus infection
Weaknesses:
- High cost of production
- Need for trained healthcare professionals for administration
Opportunities:
- Growing immunization programs in developing nations
- Launch of combination vaccines incorporating IPV
Threats:
- Threat from emerging alternative vaccines
- Pricing pressure on manufacturers
Key Takeaways
Global IPV Vaccines Market Demand is expected to witness high growth, exhibiting CAGR of 8.5% over the forecast period 2023 to 2030, due to increasing immunization activities and focus on eradicating polio globally.
The North America region is expected to dominate the global market due to availability of advanced healthcare infrastructure and growing adoption of IPV. The Asia Pacific region also offers lucrative opportunities and is expected to witness fastest growth during the forecast period owing to large population base, improving healthcare spending, and rising awareness about poliomyelitis immunization.
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 35% of the global market share in 2020 with its pediatric IPV vaccine called Infanrix IPV. Sanofi also holds a leading position with its IPV vaccine Ipol, accounting for around 25% share.
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