The 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 contains killed (inactivated) poliovirus antigens. It is given by intramuscular (IM) or subcutaneous (SC) injection. IPV helps develop immunity against polio. When a person is vaccinated with IPV, their body recognizes poliovirus and makes antibodies against it. These antibodies circulate in the bloodstream and are ready to fight off the virus if exposure occurs. Due to increasing government initiatives to eradicate polio, the demand for IPV vaccines is expected to rise during the forecast period.
Market Dynamics:
The IPV vaccines market is driven by increasing government initiatives towards polio eradication along with rising awareness regarding polio vaccination. Various government and non-government organizations are focusing on expanding polio immunization programs in developing and underdeveloped regions. For instance, in April 2022, the Government of India launched its fifth nationwide polio immunization drive with a target of vaccinating over 27 crore children under the age of 5 years across all states and UTs. Moreover, increasing investment by major players to develop novel polio vaccines is also expected to offer significant growth opportunities over the forecast period. However, strict government regulations regarding approval of new IPV vaccines may hamper market growth during the assessment period.
SWOT Analysis
Strength:
– Robust pipeline of IPV vaccines in clinical trials which will help strengthen the market (Ex: Sanofi’s IPV booster vaccine)
– Growing focus of government initiatives towards immunization programs (Ex: UIP in India)
– Increasing focus on development of novel vaccines through collaborations (Ex: GSK and Serum Institute alliance)
Weakness:
– High costs associated with R&D and manufacturing of IPV vaccines
– Requirement of cold chain infrastructure for storage and transportation of vaccines
Opportunity:
– Shifting focus from OPV to IPV vaccines globally due to risks associated with OPV
– Untapped growth opportunities in developing regions due to expanding immunization programs
Threats:
– Stiff competition from existing players in the market
– Threat from alternative vaccination technologies and approaches
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 focus on immunization programs globally. The market size is projected to reach US$ 325.58 Mn by 2030 from US$ 188.36 Mn in 2023.
Regional analysis
North America is expected to dominate the global IPV vaccines market over the forecast period. This is attributed to growing vaccination rates and availability of novel IPV vaccines in the region. Asia Pacific exhibits the fastest growth, owing to initiatives like UIP and presence of major vaccines manufacturers in the region like Serum Institute of India.
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. GlaxoSmithKline and Sanofi collectively hold over 50% of the market share. GlaxoSmithKline recently partnered with Serum Institute of India to strengthen its IPV vaccine portfolio.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it