February 9, 2025
IPV Vaccines Market

IPv Vaccines Market is Estimated To Witness High Growth Owing To Expansion of Immunization Programs

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 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
IPV or inactivated polio vaccine helps protect children and adults against polio. It is given by injection which means the vaccinated person cannot transmit polio to others. IPV provides lifetime protection against the three types of poliovirus that can cause paralysis. This vaccine does not contain live viruses, so it cannot cause polio illness. Regular immunization is key to keeping communities polio free.

Market key trends:
One of the major trends fueling growth of the IPV vaccines market is expansion of immunization programs across various economies. Polio immunization is a key public health priority globally, as a result of which governments as well as international organizations are focusing on strengthening immunization systems. For instance, in 2019, the Global Polio Eradication Initiative (GPEI) launched the Polio Endgame Strategy 2019-2023, which aims to eradicate the wild poliovirus and improve routine immunization. Additional focus on reaching zero-dose children and improving routine immunization coverage are factors expected to boost demand for IPV vaccines over the forecast period.

Porter’s Analysis

Threat of new entrants: Low capital requirement and availability of generic vaccine production technology poses threat of new entrants. However, presence of established players and regulatory barriers limits threat.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute vaccines and bargaining for prices. However, need for vaccination provides loyalty.

Bargaining power of suppliers: Suppliers have low bargaining power due major suppliers being vaccine manufacturers themselves who integrate into production.

Threat of new substitutes: Threat of new substitutes is low as IPV vaccines are effective against polio with few substitutes.

Competitive rivalry: High as major players continuously invest in R&D and capacity expansion to gain market share.

SWOT Analysis

Strength: Effective against wild poliovirus and requirement under WHO polio eradication programs. Growing government support for immunization in developing nations.

Weakness: High production cost and complex production process compared to oral polio vaccine (OPV). Requires healthcare infrastructure and cold chain for storage and distribution.

Opportunity: Untapped developing markets offer high growth potential. New combination vaccines boost prospects.

Threats: Pricing pressure due to availability of substitute vaccines. Stringent regulatory approvals delay product launches.

Key Takeaways

Global IPV Vaccines Market Demand is expected to witness high growth at a CAGR of 8.5% over the forecast period, due to increasing government emphasis and initiatives for immunization against poliomyelitis worldwide. The market was valued at US$ 188.36 Mn in 2023 and is projected to reach US$ 378 Mn by 2030.

Regional analysis indicates that Asia Pacific will dominate the global IPV vaccines market, expanding at a rapid CAGR through 2030. This is attributed to large populations, growing healthcare infrastructure and rising healthcare spending in major economies like India and China.

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 investing in capacity expansions to meet the growing demand especially in developing Asian and African countries. They are also focusing on development of combination IPV vaccines through partnerships and collaborations.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

Ravina
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Ravina Pandya,  Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.

Ravina Pandya

Ravina Pandya,  Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.

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