The IPV vaccines market is estimated to be valued at US$ 174 Mn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period of 2021 to 2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Inactivated poliovirus vaccines (IPV) are vaccines made from inactivated (killed) poliovirus. The inactivated viruses cannot cause polio. Three forms of polio virus (types 1, 2, and 3) exist and must all be present in order for the polio vaccine to provide full protection from disease. IPV vaccines offer protection against paralytic polio and are given by injection, usually in the leg or arm, depending on the patient's age. IPV vaccines play a crucial role in eradicating polio across the globe through mass immunization programs.
Market Dynamics:
The increasing government initiatives for polio eradication programs are expected to augment the growth of the IPV vaccines market over the forecast period. For instance, the Global Polio Eradication Initiative (GPEI), which is spearheaded by national governments, World Health Organization (WHO), Rotary International, the US Centers for Disease Control and Prevention (CDC), UNICEF, and Bill & Melinda Gates Foundation are focusing on increasing the usage of IPV vaccines. Furthermore, the growing disease burden of poliomyelitis across developing and underdeveloped nations is also fueling the demand for IPV vaccines.
SWOT Analysis
Strength: Explain in three sentence explanation
- Strong R&D capabilities and focus on developing novel IPV vaccines. Several clinical trials are ongoing.
- Growing government support for vaccination programs globally. Strong government policies for immunization.
- Established distribution channels of major players across countries. Strong supply chain network.
Weakness: Explain two weakness in three sentence long explanation
- High costs associated with production of IPV vaccines. Requires complex manufacturing processes increasing production costs.
- Dependence on governments for bulk purchases. Uncertainty associated with changes in government vaccination policies and funding.
Opportunity: Explain two opportunity in three sentence long explanation
- Untapped growth opportunities in developing regions of Asia Pacific and Africa. Scope for expansion in countries with large population base.
- Collaborations with UNICEF and WHO for immunization programs in low and middle-income countries provide new business avenues.
Threats: Explain two threats two sentence explanation
- Threat from emerging novel alternative vaccines and therapeutic areas. Shift towards newer vaccine technologies.
- Intense competition amongst existing players. Pricing pressure due to competition.
Key Takeaways
The Global IPV Vaccines Market is expected to witness high growth, exhibiting CAGR of 8.5% over the forecast period, due to increasing government focus on immunization programs across countries. Several countries have IPV incorporated in their national immunization schedules boosting market revenues.
Regional analysis: Asia Pacific is expected to witness fastest growth in the global IPV vaccines market owing to rising healthcare expenditures, growing population and ongoing government initiatives to strengthen immunization programs in populous countries like India and China. North America dominates the global IPV vaccines market currently with the US being the major revenue generating country.
Key players: 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 focusing on expanding their geographical presence through collaborations with local players especially in developing markets of Asia and Africa.
