The global IPV Vaccines Market is estimated to be valued at US$ 188.36 Mn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
IPV or inactivated polio vaccine is an injectable vaccine that protects children and adults against all three types of polio viruses that cause polio disease. Infection with polio virus can cause paralysis and even death in some cases. The IPV is given to children as part of the routine childhood immunization schedule recommended by Centers for Disease Control. IPV vaccine consists of inactivated or killed strains of polioviruses serotypes 1, 2, and 3. It helps build antibodies against polio virus in children and provides lifelong protection against this disease. IPV vaccinations are a critical intervention to eradicate the wild poliovirus and maintain a polio-free status worldwide.
Market key trends:
Growing health awareness regarding vaccine preventable diseases and government emphasis on immunization programs across the globe are some of the major factors driving the growth of IPV vaccines market. For instance, according to data by WHO in 2021, around 95% of infants worldwide received first dose of routine IPV vaccine, which has significantly reduced polio cases globally since 1988. Additionally, rising pharmaceutical R&D activities for development of advanced IPV vaccines along with growing focus on booster vaccinations are expected to offer lucrative market opportunities over the forecast period. However, high costs associated with IPV vaccines production and storage requirements may hamper the overall industry growth.
Porter's Analysis
Threat of new entrants: The threat of new entrants in the IPV vaccines market is low as heavy capital investment is required to enter the market along with high research and development costs.
Bargaining power of buyers: The bargaining power of buyers is moderate as IPV vaccine is an essential product and switching costs are high for buyers switching from one brand to another.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are many suppliers in the market and production of IPV vaccines does not require unique resources.
Threat of new substitutes: The threat of new substitutes is low as IPV vaccines faces minimal threat from other substitute vaccines such as oral polio vaccine (OPV).
Competitive rivalry: The competitive rivalry is high among the established players due to their global presence and continuous investment in research and development.
Key Takeaways
Global IPV Vaccines Market Demand is expected to witness high growth, exhibiting CAGR of 8.5% over the forecast period, due to increasing government initiatives towards polio immunization programs globally.
Regional analysis: North America dominates the global IPV vaccines market owing to rising government initiatives to eradicate polio in the region. Asia Pacific is expected to witness fastest growth over the forecast period supported by increasing healthcare expenditures and growing awareness regarding polio immunization in developing countries like India and China.
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 Plc dominates the global IPV vaccines market with product portfolio including Infanrix IPV, a pentavalent combination vaccine including the inactivated polio vaccine.
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