The Global IPV Vaccines Market is estimated to be valued at US$ 160 Mn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2021-2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
IPV or Inactivated Polio Vaccine helps prevent poliomyelitis, which is also known as polio. IPV contains inactivated or killed forms of three poliovirus types 1, 2, and 3, against which the body can defend itself in future if it encounters the live viruses. IPV protects individuals and communities by inducing immunity to poliovirus infection.
Market key trends:
One of the key trends in the IPV vaccines market is the recent launches of novel combination IPV vaccines. Combination vaccines make vaccination less cumbersome while offering the benefits of protecting against multiple diseases with a single vaccine. For instance, in May 2020, GlaxoSmithKline received prequalification approval from WHO for its priorix-tetra vaccine, which includes IPV, along with three other antigens - diphtheria, tetanus, and pertussis (DTPa). This approval allows countries to introduce the quadrivalent combined vaccine into their national childhood immunization programs.
Segment Analysis
The global IPV vaccines market is segmented based on product type and application. Based on product type, the market can be bifurcated into oral polio vaccine and inactivated polio vaccine. Currently, the inactivated polio vaccine segment dominates the market due to greater efficacy and longer duration of immunity compared to oral polio vaccine. However, the oral polio vaccine segment is expected to gain market share over the forecast period owing to rising awareness about its benefits such as cost-effectiveness and suitability for mass immunization programs.
In terms of application, the market is categorized into public and private usage. The public usage segment dominates the market owing to growing government initiatives and investments to immunize every child and eliminate polio through national immunization days and routine immunization programs. However, the private usage segment is likely to witness lucrative growth over the coming years due to the increasing trend of corporate vaccinations.
Key Takeaways
The Global IPV Vaccines Market size is expected to reach US$ 320 Mn by 2028, expanding at a CAGR of 8.5% over the forecast period. Factors such as rising initiatives by governments and global health organizations to eradicate poliomyelitis and growing awareness about preventive healthcare will drive market growth.
The Asia Pacific region is projected to be the fastest-growing market for IPV vaccines during the forecast period, expanding at a CAGR of around 9%. This can be attributed to high burden of polio cases, increasing healthcare expenditure, and strengthening immunization programs in various Asia Pacific countries. North America and Europe currently dominates the market owing to established healthcare infrastructure and high awareness levels.
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. These players are focused on strengthening their product portfolios and expanding geographical presence through mergers & acquisitions and collaborations with domestic players in developing regions with high polio endemicity.
