The global Oral Typhoid Vaccine Market is estimated to be valued at US$394.62 billion in 2023 and is expected to exhibit a CAGR of 12.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Oral typhoid vaccines are designed to prevent typhoid fever, a highly contagious bacterial infection caused by the bacterium Salmonella Typhi. These vaccines provide an effective and convenient method of preventing the disease, reducing its burden on healthcare systems and improving public health. The need for oral typhoid vaccines is associated with the growing prevalence of typhoid fever, especially in developing countries with poor sanitation conditions. The advantages of oral vaccines include ease of administration, cost-effectiveness, and accessibility, making them a preferred choice in vaccination programs.
Market Key Trends:
One key trend in the Oral Typhoid Vaccine market is the growing awareness about the importance of vaccination and government initiatives to control the spread of typhoid fever. Governments in various countries are actively promoting vaccination campaigns, especially in high-risk regions, to reduce the incidence of the disease and prevent outbreaks. Increasing investments in healthcare infrastructure, improved access to vaccines, and awareness programs targeting healthcare professionals and the general population are some of the factors driving market growth. Additionally, the development of new and improved oral typhoid vaccines with enhanced efficacy and safety profiles is expected to further boost market growth in the coming years.
The threat of new entrants: The Oral Typhoid Vaccine market faces a moderate threat of new entrants due to high entry barriers such as strict regulatory requirements and the need for significant investments in research and development. Established players in the market already hold patents for their products, creating a barrier for new entrants.
Bargaining power of buyers: The bargaining power of buyers in the Oral Typhoid Vaccine market is moderate. While buyers have the option to choose from a few key players, the critical nature of the vaccine and limited substitutes give some power to the buyers. However, buyers are not likely to have a significant impact on pricing or product offerings due to the importance of the vaccine.
Bargaining power of suppliers: The bargaining power of suppliers in the Oral Typhoid Vaccine market is low. Major suppliers of vaccine components and raw materials are readily available, and switching costs are relatively low for manufacturers. Additionally, the market is highly regulated, which restricts suppliers’ ability to exert influence over manufacturers.
Threat of new substitutes: The threat of new substitutes in the Oral Typhoid Vaccine market is low. Currently, oral typhoid vaccines are the most effective preventive measure against typhoid fever, and there are no widely accepted alternatives or substitutes. The high efficacy and safety of these vaccines make it unlikely for new substitutes to emerge.
Competitive rivalry: The competitive rivalry in the Oral Typhoid Vaccine market is moderate to high. Several key players, including Sanofi Pasteur, Bharat Biotech, Pfizer Inc., and GlaxoSmithKline, dominate the market. The presence of these established players and their continuous efforts to develop new and improved vaccines intensify the competition in the market.
The global Oral Typhoid Vaccine market is expected to witness high growth, exhibiting a CAGR of 12.3% over the forecast period of 2023-2030. This growth can be attributed to increasing awareness about the importance of vaccination, rising incidences of typhoid fever, and the implementation of vaccination programs in developing countries.
In terms of regional analysis, Asia-Pacific is projected to be the fastest-growing and dominating region in the Oral Typhoid Vaccine market. The region has a high burden of typhoid fever cases, primarily in countries like India and Indonesia. Government initiatives to control the disease through vaccination campaigns and improvements in healthcare infrastructure are expected to drive market growth in this region.
Key players operating in the Oral Typhoid Vaccine market include Sanofi Pasteur, Bharat Biotech, Pfizer Inc., GlaxoSmithKline (GSK), and Merck & Co., Inc. These companies have a strong presence in the market and are actively involved in research and development activities to introduce advanced and effective oral typhoid vaccines. Other notable players in the market include Takeda Pharmaceutical Company Limited, Novartis International AG, Biological E. Limited, AstraZeneca, and Cipla Limited.
In conclusion, the Oral Typhoid Vaccine market is poised for significant growth in the coming years. The market is characterized by established key players, moderate to high competitive rivalry, and a moderate threat of new entrants. Asia-Pacific is expected to be the fastest-growing region, driven by increased awareness and government initiatives.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it