IPV Vaccines Market is Estimated To Witness High Growth Owing To Rising Awareness about Poliomyelitis Eradication Initiative Globally
The IPV Vaccines Market is estimated to be valued at US$173.6 Mn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2022-2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
IPV vaccines are vaccines used for immunizing people against the poliomyelitis. It is given by injection and helps in preventing individuals from contracting the poliovirus which causes poliomyelitis. IPV vaccines are in high demand due to rising campaigns by governments and health organizations to eradicate poliomyelitis globally.
Market key trends:
The global IPV vaccines market is witnessing high growth owing to rising awareness about poliomyelitis eradication initiative globally. For instance, according to the World Health Organization (WHO), as of April 2022, wild poliovirus is endemic only in Pakistan and Afghanistan. In 1988, when the Global Polio Eradication Initiative was launched, polio paralyzed over 350,000 children each year in over 125 endemic countries. This initiative has helped in reducing polio cases globally to great extent. Such eradication campaigns raise awareness about the disease and the need for IPV vaccination which is further driving the market growth. Additionally, favorable government support in terms of vaccination programs in developing countries is also contributing to the IPV vaccines market growth.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low due to the high cost involved in R&D and clinical trials for vaccine development.
Bargaining power of buyers: The bargaining power of buyers is high as the buyers have large volume purchasing power and switching costs are low.
Bargaining power of suppliers: Suppliers have moderate bargaining power as they are few in numbers and supply raw materials that require specialized processing abilities.
Threat of new substitutes: Threat of new substitutes is moderate as new variants of pathogens emerge over time requiring updated vaccines.
Competitive rivalry: High due to presence of large players.
SWOT Analysis
Strength: Established distribution network; Strong brand recognition and leadership in the market.
Weakness: Heavy R&D investments and stringent regulations increase costs of operations; Vulnerable to supply chain disruptions.
Opportunity: Growing immunization programs worldwide; emergence of new diseases drive vaccine innovation.
Threats: Price competition from generic drug makers; regulatory hurdles and delays.
Key Takeaways
The Global IPV Vaccines Market size 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 market was valued at US$ 160 Mn in 2021 and is projected to reach US$ 320 Mn by 2028.
Regionally, North America dominated the global market and accounted for over 35% revenue share in 2021 owing to favorable reimbursement policies and introduction of new vaccines in the region. Asia Pacific exhibits fastest growth attributed to rise in healthcare expenditure, increasing awareness regarding immunization, and various initiation by governments.
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. Major players are focused on new product launches, geographical expansion and manufacturing tie-ups to strengthen their market position.