IPV Vaccines Market

IPV Vaccines Market Size (2023 to 2028)

As per our analysis report, the global IPV vaccines market is expected to reach USD 260.3 million by 2028 from USD 173.5 million in 2023, growing at a compound annual growth rate (CAGR) of 8.45% during the forecast period.

MARKET DRIVERS:

Vaccines are biological formulations that play an active role in improving immunity against several diseases and infections. The outbreak of the COVID-19 pandemic emphasized the need for effective vaccines, influencing the international market. The inactivated poliovirus (IPV) vaccine is the medicine administered through injection in a patient’s arm or leg to offer immunity against the poliomyelitis virus. In the USA, IPV vaccines have been administered since 2000, whereas oral polio vaccines (OPV) are used in other nations. The increasing awareness among people about the consequences of polio due to government campaigns and educational initiatives is the primary factor driving the global IPV vaccines market. In addition, the improved media coverage that emphasizes the role of IPV vaccines is also driving the demand in this business. Also, the recent suggestions from the World Health Organization to introduce at least one shot of the IPV vaccine to slowly reduce OPV are promoting their adoption. The increasing distribution of vaccines by the public sector and financial assistance in developing nations is also acting positively for the IPV vaccine market. Besides, the recent advances in preventive medicine and vaccine manufacturing, along with the improving immunization campaigns further promote this business. Also, the improving healthcare conditions in developing and under-developed nations and access to affordable treatments are further supporting the global IPV vaccines market. With the increasing globalization, access to world-class treatment has become much easier than earlier. In addition, the surge in demand for combination vaccines that can offer protection against multiple diseases is contributing to the developments in the IPV vaccine market. Moreover, the continuous developments in medical technologies, expanding opportunities for vaccine developers, collaborations among public and private sectors to run awareness campaigns, and initiatives like the Global Polio Eradication Initiative (GPEI) are further likely to create lucrative opportunities for the global IPV vaccines market.

MARKET RESTRAINTS:

Although the IPV vaccine market is slowly gaining traction, there are still some challenges that should be addressed. The primary limitation to the use of IPV vaccines is the high cost of the medicine compared to the OPV, which is decreasing their adoption in the cost-centric economies of the world. In addition, the confusion among the patients about the benefits and side effects of IPV vaccines due to lack of targeted education are also acting as a restraint for the quick movements in this business. Also, the lack of proper standardization and distribution channels like cold-chain logistics is limiting the sales in the IPV vaccines market. Besides, the less untapped opportunity led to market dominion by a few companies and increased pricing, which is a concerning aspect for consumers. Also, the issues related to vaccine-derived poliovirus are a negative factor for the worldwide IPV vaccine market. Moreover, the changing mutations in viruses, slow-paced adoption of new methods of administering the vaccines, and challenges with the distribution of vaccines further pose a threat to the global IPV vaccines market.

Impact of COVID-19 on the IPV Vaccines Market:

The COVID-19 pandemic had a mixed impact on the global IPV vaccines market. The outbreak of this pandemic emphasized the need for powerful vaccines to combat new viruses and strengthen the immune system. All the pharmaceutical and biotechnology companies fastened the research and development activities to develop an effective vaccine to control the rapid spread of viruses and infections worldwide. In addition, governments across the globe shifted priorities to support the market players in this industry to continue their research towards combination vaccines. The international partnerships within medical facilities, research centers, and biotechnology firms promoted rapid developments in the vaccine business during COVID-19. On the flip side, the emphasis on pandemic control temporarily halted the production and distribution of other regular vaccines like IPV vaccines. Also, the immediate need to address the pandemic has shifted investments toward COVID-19 vaccines, impacting the investments in IPV procurements. To summarize, the pandemic changed the perception among a large section of people about the use of vaccines, which might act positively for the IPV vaccine business in the following years.

REPORT COVERAGE:

This research report on the global IPV vaccines market has been segmented and sub-segmented based on type, distribution channel, and region.

IPV Vaccines Market – By Type:

• Monovalent
• Bivalent
• Trivalent

The trivalent IPV vaccines that can offer protection against three serotypes are estimated to record a considerable growth rate in the predicted period. On the other hand, bivalent shields against two serotypes and monovalent safeguard against one specific poliovirus type, which are also supposed to witness steady growth in the same period.

IPV Vaccines Market – By Distribution Channel:

• Public
• Private

The public distribution channels record the dominant portion of the global IPV vaccine market due to the ease of availability and affordability. Most of the manufacturing companies supply these vaccines directly to government health centers and public agencies, supporting the growth in this segment. Moreover, the rising emphasis on immunization programs by the local governments and media promotions also propel the public distribution channels across the globe

IPV Vaccines Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

North America accounted for the leading share of the global IPV vaccines market. The United States of America is the leading nation in the North American region, followed by Canada and Mexico. The presence of some of the key market players and awareness among patients about the IPV vaccines offers huge opportunities for the growth of the IPV vaccines market in this continent. The advanced healthcare infrastructure, high vaccination coverage, and government funding towards improved immunization programs are fuelling the business growth in this area. In addition, the spike in research and development activities in the medical sector and the focus on combination vaccines further support the market demand in the North American nations.

The Asia Pacific is predicted to record the highest growth rate in the international market over the forecast period due to the increasing population and need for preventive vaccines. China, India, Japan, South Korea, and Australia are the major markets in the APAC. The continuous developments in the healthcare industry and the increased purchasing power of people are fuelling this local market. In addition, the rising awareness of polio eradication efforts, demand for combination vaccines, and modernization of the healthcare sector are promoting the need for IPV vaccines. China is leading the APAC IPV vaccines market with advances in the pharmaceutical sector, increasing population, and augmented medical research activities in the country.

Europe is also a significant market for the IPV vaccines market because of the advanced healthcare infrastructure and specialized treatment options. The favorable insurance policies and more coverage of vaccination in countries like the United Kingdom, Germany, France, Italy and Russia are boosting business growth in this area. The robust public healthcare systems coupled with the easy travel options throughout the continent are contributing to the growth of the European IPV vaccines market.

Latin America is also an emerging region in the global IPV vaccines market compared to the above. Brazil, Argentina, and Colombia are the leading nations in this regional market due to the surge in the need for advanced treatments, improving medical conditions, and growing investments in research activities.

The Middle East and Africa region has been a smaller player in the international IPV vaccines market. The recent changes in countries like South Africa, Egypt, Saudi Arabia, and the United Arab Emirates to improve the conventional medical system and international donor support for the eradication of the polio virus can act positively for the IPV vaccine business in this locale.

KEY MARKET MANUFACTURERS:

Sanofi, Serum Institute of India Private Limited, GlaxoSmithKline (GSK), Panacea Biotech Limited, Bharat Biotech International Limited, Bio-Med, Halfkin Biopharmaceuticals, Bibcol, IMBCA, Kedrion Biopharma, Bilthoven Biologicals, Pfizer Inc., Merck & Co. Inc., Cadila Pharmaceuticals, Berna Biotech Pharma GmbH, Astellas Pharma, PT Bio Farma, and AJ Vaccines.

RECENT MARKET DEVELOPMENTS:

• In June 2023, the World Health Organization (WHO) suggested an additional dose of IPV or IPV2 to the existing 4 doses of OPV and 1 dose of IPV. This new addition to the regular immunization schedule is touted to increase protection against poliomyelitis and eradicate the infection by 2026.
• In December 2023, Panacea Biotech, a leading generic and specialty pharmaceutical and vaccine manufacturer in India launched a new combination vaccine called EasyFourPol. This new vaccine can shield patients from five chronic diseases, i.e., polio, tetanus, diphtheria, pertussis, and Hemophilus influenza type b.
• Gavi, an international organization to enhance vaccine coverage for poor children announced that starting December 1, 2023, all its eligible countries can start replacing the existing vaccines with a new whole-cell pertussis (wP) hexavalent vaccine. This hexavalent vaccine offers protection against polio, tetanus, diphtheria, hepatitis B, whole-cell pertussis [DTwP], and Hemophilus influenza type b.