TCV Vaccines Market

Global TCV Vaccines Market Size (2023 to 2028)

The size of the global TCV vaccines market is expected to grow from USD 710 million by 2028 from USD 382.9 million in 2023, growing at a CAGR of 13.14% from 2023 to 2028.

Global TCV Vaccines Market Share Insights:

• Based on vaccine type, the single-dose TCV vaccine segment held the major share of the global market in 2022.
• Based on age group, the pediatric segment had the leading share of the worldwide market in 2022.
• Based on region, North America led the market in 2022.

Impact of COVID-19 on the global TCV vaccines market:

The COVID-19 pandemic has had a substantial impact on the global TCV (Typhoid Conjugate Vaccine) market. The COVID-19 pandemic has disrupted routine immunisation programmes around the world, resulting in a decrease in vaccine coverage for diseases such as typhoid fever. Furthermore, the pandemic has hampered clinical studies and vaccine development processes, including those for TCV vaccines. Many ongoing trials may have been delayed or interrupted, impacting the timescale for vaccine development, regulatory approvals, and market availability. Furthermore, travel restrictions and border closures have hampered the availability and timely distribution of TCV vaccines in certain countries. However, the market is expected to recover quickly from the negative impact and post a healthy growth rate during the forecast period.

MARKET DRIVERS:

The growing incidence of typhoid fever is one of the major factors propelling the TCV vaccines market growth. In many regions, typhoid fever remains a significant public health concern, particularly in developing nations with inadequate sanitation and hygiene practices. The high incidence of typhoid cases and the emergence of antibiotic-resistant strains have increased the need for effective preventative measures, such as vaccination. The World Health Organisation (WHO) estimates that between 11 and 21 million cases of typhoid fever occur annually around the globe, highlighting the substantial market potential for TCV vaccines.

Government initiatives and immunisation programmes further propel the TCV vaccines market growth. Many governments, particularly in high-burden countries, have instituted immunisation programmes to recognise the importance of typhoid vaccination in reducing disease burden. These programmes seek to make TCV vaccines widely available. For instance, the Global Vaccine Action Plan of the World Health Organisation incorporates the goal of incorporating TCV vaccines into routine immunisation programmes in countries with a high incidence of typhoid fever. These initiatives and programmes contribute to the rising demand and adoption of TCV vaccines.

Ongoing efforts to develop more effective and durable vaccines fuels the market’s growth rate. For instance, the demand for TCV vaccines has been fuelled by the development of conjugate vaccines that provide a more robust immune response and extended protection. The growing awareness of the benefits of TCV vaccines among healthcare professionals and the general population drive market growth. Greater acceptability and demand for TCV vaccines have resulted from efforts to educate healthcare providers and communities about the significance of typhoid vaccination and its role in preventing the disease's spread. These awareness campaigns emphasise the efficacy of TCV vaccines in reducing typhoid fever incidence and averting severe complications.

MARKET RESTRAINTS:

The high cost of TCV vaccines is one of the primary barriers to the growth market growth. TCV vaccines may be inaccessible or unaffordable due to their price, especially in low-income countries or regions with limited healthcare resources. This can make widespread adoption and implementation of TCV vaccination programmes difficult. Moreover, the manufacturing process of TCV vaccines is complex and resource-intensive, which is further inhibiting the market growth. Combining polysaccharide antigens with carrier proteins is a crucial step in the production of conjugate vaccines. These processes frequently necessitate specialised facilities, trained personnel, and stringent quality control measures, which can contribute to increased production costs and potential supply chain challenges.  Vaccine scepticism and public perception hinders the market growth. Acceptance and uptake of TCV vaccines may be impacted by vaccine reluctance resulting from misinformation, worries about adverse effects, or a lack of faith in healthcare systems.

REPORT COVERAGE: 

This research report on global TCV vaccines market has been segmented and sub-segmented based on the following categories.

Global TCV Vaccines Market – By Vaccine Type:

• Single-dose Vaccine
• Multidose Vaccine

Based on vaccine type, the single-dose TCV vaccine segment is expected to hold the leading position in the global market during the forecast period. Due to their simplicity of administration and increased patient compliance, single-dose vaccines have acquired immense popularity. These vaccines protect against typhoid with a single administration, eliminating the need for multiple doses. Single-dose vaccines are ideal for regions with limited healthcare infrastructure and resources, where multiple doses may be difficult to administrate. Factors such as the growing emphasis on universal immunization programs and efforts to reach underserved populations, simplified vaccination schedules and reduced healthcare burden associated with single-dose administration and favorable regulatory policies and recommendations supporting the use of single-dose vaccines primarily drive the growth of the single-dose vaccine segment in the worldwide market.

However, the multidose TCV vaccine segment is anticipated to register the fastest CAGR in the worldwide market during the forecast period. Multidose vaccines provide sustained immunity against typhoid for an extended period. Typically, two or more quantities administered at specific intervals are required to ensure long-term protection. The rising awareness and ongoing research and development efforts aimed at enhancing the efficacy and safety of multidose vaccines are anticipated to fuel the segmental growth. Continued vaccination practices and infrastructure for multidose delivery in healthcare systems and ongoing vaccination campaigns targeting high-risk populations and endemic regions further boost the growth rate of the multidose TCV vaccine segment.

Global TCV Vaccines Market - By Age Group:

• Paediatric
• Adults

Based on age group, the paediatric segment is estimated to account for the major share of the global market during the forecast period. Paediatric TCV vaccinations are routinely used in many countries, especially those with high typhoid fever rates. Vaccinating children reduces typhoid fever-related morbidity and mortality. The emphasis on paediatric vaccinations has helped this segment dominate.

The adult segment is predicted to witness a healthy CAGR in the coming years owing to the increased worldwide travel and migration have spread typhoid illness beyond endemic locations, raising public awareness. Healthcare workers and food handlers may risk typhoid infection. These variables enhance adult TCV vaccine demand to protect against the virus.

Global TCV Vaccines Market – By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

North America currently dominates the TCV vaccines market worldwide and the domination of the regional market is anticipated to continue throughout the forecast period. Strong healthcare system and infrastructure that enables vaccine development, manufacture, and distribution is one of the major factors driving the TCV vaccines market in North America. TCV vaccine uptake is high due to solid regulatory frameworks and immunisation programmes. Factors such as high healthcare expenditure, well-established immunization infrastructure, growing international travel to regions with high typhoid prevalence, increasing the demand for travel vaccines and an increasing number of initiatives and recommendations from the governments of North American countries for typhoid vaccination among high-risk populations drive the growth of the TCV vaccines market in North America. The U.S. dominated the TCV vaccines market in North America in 2022 and the same is expected to repeat throughout the forecast period due to the high awareness about the importance of vaccination, travel-related risks, and the implementation of immunization programs targeting typhoid prevention.

Europe is another notable regional market for TCV vaccines worldwide and is estimated to grow at a prominent CAGR in the coming years. Rising international travel, including tourism and business travel, to areas with a higher risk of typhoid transmission, recommendations from the governments of European countries for typhoid vaccination for travellers to endemic regions and rising awareness about the importance of preventive measures against typhoid fever propel the growth of the European market. Germany had the major share of the European market in 2022, followed by UK. The presence of a well-developed healthcare system, high awareness about travel-related infectious diseases and increasing travel to regions with high typhoid prevalence drive the market growth in these countries.

However, the Asia Pacific region is expected to witness the highest CAGR among all regions in the global market in the coming years. Rapid population growth, rising healthcare expenditure, improving healthcare infrastructure, rising awareness of preventive healthcare and government initiatives to expand vaccination coverage boost the Asia Pacific TCV vaccine market. High incidence of typhoid fever in several countries within the region, government efforts to control the spread of typhoid through vaccination campaigns and growing urbanization and population density contribute to the growth of the APAC market.

KEY MARKET PLAYERS:

Companies such as GlaxoSmithKline plc, Bharat Biotech International Ltd., Sanofi Pasteur SA, Merck & Co., Inc., Pfizer Inc., Biological E. Limited, Serum Institute of India Pvt. Ltd., Emergent BioSolutions Inc., Panacea Biotec Ltd. and Valneva SE are playing a leading role in the global TCV vaccines market.

RECENT HAPPENINGS IN THE MARKET:

• In May 2023, Malawi became the third African nation to routinely immunise children with typhoid conjugate vaccine (TCV). Malawi will launch a one-week "catch-up" campaign to vaccinate more than 9 million children, roughly half the country's population, against typhoid fever, measles, rubella, polio, and vitamin A before TCV introduction.