IPV (Inactivated Polio Vaccine) prevents poliomyelitis, also known as polio. Polio is a highly infectious viral disease that can affect the nervous system causing weakness and paralysis. The vaccine protects individuals against all three polioviruses. With initiative to eradicate polio globally, vaccination is important.
The global IPV Vaccines Market is estimated to be valued at US$ 188.36 million 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 Opportunity
The need for increased vaccination against poliomyelitis presents a key opportunity for the IPV Vaccines market. While poliovirus transmission has been stopped in most countries, the virus still circulates in Afghanistan and Pakistan. To eradicate the disease globally, high vaccination rates must be maintained. As long as a single child remains infected, children everywhere are at risk of contracting polio. Increased vaccination efforts especially in high-risk areas and routine immunization can help prevent future outbreaks. This presents an opportunity for manufacturers to increase production and supplies of IPV vaccines to fulfil growing demand.
Porter’s Analysis
Threat of new entrants: The presence of stringent regulations and the requirement of high R&D investments act as significant entry barriers in the IPV vaccines market.
Bargaining power of buyers: The bargaining power of buyers is high in the IPV vaccines market as the number of buyers is large and they try to negotiate for lower prices.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as changing suppliers involves compliance and validation costs.
Threat of new substitutes: There is a moderate threat from new substitutes like combination vaccines for polio immunization.
Competitive rivalry: The market sees intense competitive rivalry due to the presence of major established players.
SWOT Analysis
Strength: IPV vaccines provide lifelong immunization against polio with an oral dose of four drops and are highly effective. They have few side effects and do not require specialized equipment for administration.
Weakness: IPV vaccines are costlier than oral polio vaccines and require more doses to complete the immunization schedule. Their production process is complex.
Opportunity: Growing awareness about polio immunization in developing nations presents market opportunities. The transition from oral to inactivated polio vaccines globally will boost demand.
Threats: Reduced government funding for immunization programs in some countries and the availability of alternative vaccine options pose threats.
Key Takeaways
The global IPV Vaccines Market Share is expected to witness high growth at a CAGR of 8.5% during the forecast period of 2023 to 2030. The market size is anticipated to reach US$ 518.05 Mn by 2030 from US$ 188.36 Mn in 2023.
The IPV Vaccines market in Asia Pacific holds the largest share currently attributed to high immunization rates in large populated countries like India. The region is projected to dominate the global market during the forecast period with the highest CAGR owing to rise in healthcare expenditures and increasing usage of combination vaccines over oral polio vaccines.
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 and Sanofi S.A. together account for over 65% of the global market share currently.
For more insights, read- https://www.pressreleasebulletin.com/ipv-vaccines-market-trends-size-and-share-analysis/
