by The global 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 vaccines helps prevent polio disease. It contains either killed (inactivated) types 1, 2 or 3 viruses or all three types together. People immunized with IPV are protected from the paralytic disease wild poliovirus can cause. IPV stimulates the immune system to produce antibodies against polio without risking paralysis.
Market key trends:
One of the key trends in the IPV Vaccines Market is the growing focus on prevention and wellness among millennial population. Preventive healthcare encourages maintaining good health through proactive measures like annual check-ups, vaccinations and physical exercises instead of only relying on medications. This has increased the demand for preventive vaccines including IPV. Overall increased awareness about immunization and government initiatives for vaccination programs in developing countries are pushing growth of the IPV Vaccines Market.
Segment Analysis
The global IPV vaccines market is segmented on the basis of type, end-user, and region. Based on type, the market is segmented into IPV, OPV, and injectable polio vaccine (IPV). The OPV segment dominated the market in 2022 due to successful immunization programs for polio eradication and increasing public-private partnerships to spread awareness.
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 focus on polio eradication initiative by WHO and other governments.
Regionally, North America dominated the market in 2022 and is expected to continue its dominance over the forecast period. This is attributed to presence of major players and advanced healthcare infrastructure in countries like US and Canada. Asia Pacific is expected to witness highest growth rate owing to large population and improving accessibility of vaccines in emerging economies like India and China.
The global IPV vaccines market size was valued at US$ 188.36 Mn in 2023. Major drivers for this high growth include increasing government support for immunization programs in developing countries and scaling up of IPV vaccines production by 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. Players are focusing on geographic expansion and new product development to increase their IPV vaccines market share. For instance, in 2022, GSK collaborated with Vietnam to introduce IPV into its routine immunization program nationwide.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
