The IPV Vaccines Market is estimated to be valued at US$ 188.36 Mn or 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 Overview:
IPV or Inactivated Polio Vaccine is a vaccine used around the world to prevent poliomyelitis (polio). The vaccine contains killed (inactivated) poliovirus that cannot cause polio. When a person is vaccinated with IPV, their body recognises the virus as foreign and makes antibodies against it. If the person later comes into contact with "wild" or live poliovirus, their body is prepared to fight it off and prevent infection. IPV mainly helps develop herd immunity in the community by stopping transmission of the virus. It is given as injections and requires multiple doses for full protection. IPV vaccines are produced by various leading manufacturers globally and administered as part of routine immunisation programs.

Market Dynamics:
The global IPV vaccines market is primarily driven by growing immunization programs by governments and health organizations to eradicate polio disease globally. According to WHO, as long as a single child remains infected with poliovirus, children in all countries are at risk of contracting the disease. To achieve a polio-free world, over 95% of children must be fully immunized so that the virus does not have the opportunity to spread and can potentially be eradicated globally. This has resulted in increased adoption of IPV vaccines worldwide. Additionally, the WHO and Global Polio Eradication Initiative's strategic push to switch from oral polio vaccine (OPV) to IPV in routine and supplemental immunisation activities in order to stop the circulation of vaccine-derived polioviruses (VDPVs) is positively impacting the market growth. With IPV being the only option available that does not carry the risk of vaccine-derived polio outbreaks post mass immunisation programs, the demand for IPV vaccines is likely to increase significantly over the forecast period.

Segment Analysis

The global IPV vaccines market is segmented into monovalent IPV vaccine and combination IPV vaccine. The combination IPV vaccine segment is dominating the market, accounting for over 60% market share in 2023. The dominance of this segment can be attributed to the protection against polio and other deadly diseases offered by combination vaccines at a lower cost as compared to monovalent vaccines.

PEST Analysis

Political: The governments worldwide are taking initiatives to eradicate polio completely by funding immunization programs. Strong regulations are in place to ensure the safety and efficacy of IPV vaccines.

Economic: Increase in healthcare spending and economic growth in emerging markets is propelling the demand for IPV vaccines.

Social: Rising awareness about vaccination programs and their benefits is boosting the adoption of IPV vaccines.

Technological: Advancements in vaccine production technologies are helping in improving the thermostability of IPV vaccines without compromising their potency.

Key Takeaways

Global IPV Vaccines Market Demand is expected to reach US$ 315.63 Mn by 2030, expanding at a CAGR of 8.5% during the forecast period. Rapid economic development and increasing healthcare expenditure in emerging economies are fueling the market growth.

Regional analysis - Asia Pacific is expected to dominate the market during the forecast period. China, India, and other Southeast Asian countries are major contributors to the growth of the Asia Pacific region. Key factors such as strong governmental support for immunization programs, large population base, and improving economic conditions make Asia Pacific an attractive market for IPV vaccines.

Key players analysis - Key players operating in the IPV vaccine market are GlaxoSmithKline Plc, Sanofi S.A., Serum Institute of India Pvt. Ltd., PT Bio Farma, and AJ Vaccines. GlaxoSmithKline Plc holds the largest market share due to its diversified IPV vaccine portfolio. Serum Institute of India Pvt. Ltd. is expanding its presence in developing markets through capacity expansions and acquisitions. 

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