by IPV or inactivated polio vaccine helps prevent paralytic poliomyelitis. Poliomyelitis is a highly infectious viral disease caused by three types of poliovirus: Type 1, Type 2, and Type 3. The IPV vaccine contains these three types of polioviruses that have been killed (inactivated). When a person is vaccinated with IPV, their body recognizes the killed poliovirus, produces antibodies against it. If the person later comes in contact with a live poliovirus, their immune system will be prepared to fight it off and prevent paralysis. The IPV vaccine is given by injection, usually in the leg or arm, multiple times to provide full immune protection. The global rise in government emphasis on polio eradication campaigns and mandatory vaccination policies have contributed to the rising demand for IPV vaccines.
The global IPV Vaccines Market is estimated to be valued at US$ 188.36 million in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the IPV vaccines market is the shift from oral polio vaccine (OPV) to IPV. While OPV has helped reduce polio incidence worldwide, it carries a small risk of vaccine-derived polio outbreaks. This has led many countries to switch from using OPV to IPV vaccination. For instance, in 2016 the United States transitioned from using a sequential OPV-IPV schedule to using an all-IPV schedule. Similarly, India introduced at least one dose of IPV into its immunization program in 2016 along with the exclusive use of bivalent OPV. This shift is expected to boost demand for IPV vaccines globally in the coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is relatively low for IPV vaccines market as it requires substantial investments and time to build facilities for vaccine development and manufacturing.
Bargaining power of buyers: The bargaining power of buyers is moderate as IPV vaccines have limited substitutes and buyers have to rely on fewer manufacturers.
Bargaining power of suppliers: The bargaining power of suppliers is low given the requirement of specialized raw materials for vaccine production and the need to comply with strict regulations of regulatory bodies.
Threat of new substitutes: The threat of new substitutes is low as IPV vaccines are an important requirement for national immunization programs run by governments globally to protect against polio.
Competitive rivalry: The competitive rivalry in the market is high due to the presence of a few large manufacturers.
Key Takeaways
The global IPV Vaccines Market Share is expected to witness high growth over the forecast period. The global IPV Vaccines Market is estimated to be valued at US$ 188.36 million in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023-2030.
North America is expected to hold the largest share in the global IPV vaccines market during the forecast period. This is attributed to rising government initiatives to boost immunization programs along with the presence of major vaccine manufacturers in the region.
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. GlaxoSmithKline Plc is one of the leading players offering IPV vaccines and owns around 30% of the total market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
