The 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 help prevent infantile paralysis or polio and are administered through injections. This includes trivalent oral poliovirus vaccines (TOPV) and inactivated poliovirus vaccines (IPV).
Market Dynamics:
The growth of the IPV vaccines market is majorly driven by the surging demand for polio immunization programs and advancements in vaccine production. According to WHO, vaccination programs have reduced polio cases by 99.9% since 1988 globally. Additionally, key players are focusing on developing combined vaccines incorporating IPV to boost immunogenicity and compliance for polio vaccination. For instance, in April 2022, Sanofi launched its hexavalent pediatric vaccine Hexaxim containing IPV.
Market key trends:
The global IPV vaccines market has been witnessing high growth due to growing demand for polio immunization programs worldwide. Polio vaccinations are routinely administered in many regions where the disease has not yet been eradicated to prevent its reemergence. In addition, expanding mandatory vaccination programs by governments, increase in healthcare spending in developing countries, and ongoing trials to develop more effective polio vaccines are some key factors driving the growth of the market.
SWOT Analysis
Strengths: IPV vaccines offer strong protection against polioviruses. They are being promoted globally as an alternative to OPV for polio eradication.
Weaknesses: High costs involved in production and deliveries of IPV vaccines. Dependence on cold-chain infrastructure for storage and transportation.
Opportunities: Growing immunization programs in developing countries present major market opportunities. Ongoing R&D for new polio vaccines with improved thermostability.
Threats: Outbreaks of vaccine-derived polioviruses from use of OPV pose a threat. Resistance from anti-vaccination groups in some regions.
Key Takeaways
The Global IPV Vaccines Market size was valued at USD 160 Mn in 2023 and is expected to grow at a CAGR of 8.5% over the forecast period. The market growth can be attributed to increasing government focus on immunization programs globally.
Regional analysis: North America dominated the global market in 2021 with over 30% revenue share. However, Asia Pacific is expected to witness fastest growth during the forecast period due to rising healthcare investments, growing awareness regarding vaccinations, and large population base in the region.
Key players analysis: 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. These players are focusing on new vaccine launches and supply contracts to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it