Ebola Vaccine Market Is Estimated To Witness High Growth Owing To Increasing Government Funding For Vaccine Development
The Ebola vaccine helps in preventing Ebola virus disease caused by infection with one of the five Ebola virus strains. It contains weakened or inactivated parts of the Ebola virus that cannot cause disease but can trigger an immune response in the body. Vaccines are administered through injections and may require multiple doses for full protection. It provides immunity against Ebola without having to experience sickness.
The global Ebola Vaccine Market is estimated to be valued at Us$ 5.83 Bn in 2023 and is expected to exhibit a CAGR Of 9.4% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing government funding for vaccine development has been a key driver boosting growth of the Ebola Vaccine market. Several governments and international organizations have increased their funding for research and development of Ebola vaccines. For instance, according to estimates by National Institutes of Health, the U.S. government allocated over US$ 446 million towards Ebola vaccine research between 2014-2019. This funding has enabled companies and research institutions to accelerate clinical trials and gain regulatory approvals.
Additionally, prior outbreaks of Ebola in West Africa between 2014-2016 highlighted the need for effective vaccines. This has attracted more funding from organizations such as WHO, GAVI and others towards developing novel vaccines with better efficacy and safety profiles. For example, rVSV-ZEBOV, the first vaccine to gain regulatory approval was developed by Merck with funding support from WHO, Wellcome Trust and others. Ongoing R&D is focused on developing thermostable vaccines that can withstand hot and humid climates in Africa where outbreaks commonly occur.
SWOT Analysis
Strength:
- Growing focus on pandemic preparedness and development of vaccines for treating deadly diseases like Ebola is driving significant investments in research and development. Various governments and private funds are being directed towards researchers working on Ebola vaccines.
- Multiple vaccine candidates are under development and clinical trials which improves the probability of success. Having a diverse portfolio of vaccine candidates hedges the risk of failure of certain programs.
- Promising results from clinical trials on leading vaccine candidates have proven their safety and efficacy paving the way for their approvals and commercialization.
Weakness:
- Developing vaccines for rare diseases like Ebola poses several challenges due to low demand, small target population for clinical trials and related regulatory and commercial hurdles.
- Outbreaks are unpredictable and sporadic making economic justification of investments in vaccines difficult for private companies due to uncertain returns.
Opportunity:
- Large unmet needs exists as no approved vaccine currently exists. Approvals of successful candidates can create a major new market opportunity.
- Future outbreaks are certain to occur offering opportunities for approved vaccines to be utilised and procured for stockpiling and emergency response purposes.
- Global initiatives to strengthen healthcare infrastructure and preparedness in developing countries can facilitate growth.
Threats:
- Failure of leading vaccine candidates in clinical trials would be a major setback and delay the availability of a licensed product.
- Political and economic instability in Central African countries where Ebola outbreaks typically originate can disrupt vaccination programs.
Key Takeaways
The Global Ebola Vaccine Market Demand is expected to witness high growth over the forecast period driven by ongoing development activities and clinical trials on promising candidates.
Regional analysis indicates that North America currently dominates due to significant research investments and presence of leading players. The race is ongoing to develop a licensed vaccine providing full protection against the deadly Ebola virus.
Key players operating in the Ebola vaccine market are 10x Genomics, Akoya Bioscience Inc., Biognosys AG, BioSpyder Technologies, Bio-Techne, Bruker, Brooks Automation Inc., Danaher Corporation, and Diagenode.
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