by Hepatitis vaccines are immunobiological medicines used for prevention of viral hepatitis infection. Hepatitis A and E vaccines are the most widely used hepatitis vaccines globally due to the high prevalence of these types of viral infections. Increasing awareness related to the severity of viral hepatitis infections is a major factor driving the uptake of hepatitis vaccines worldwide.
The global Hepatitis Vaccine Market is estimated to be valued at US$ 8.39 Bn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The hepatitis vaccine market is expected to be driven by rising government emphasis on immunization programs for prevention of hepatitis infection worldwide. For instance, according to WHO, around 80% of children are vaccinated against hepatitis B globally due to inclusion of hepatitis B vaccine in national immunization programs of various countries. Moreover, growing accessibility of hepatitis vaccines in developing regions is also expected to support market growth over the forecast period. The introduction of combination vaccines such as hepatitis A and B vaccine combining protection against both hepatitis A and B viruses is anticipated to boost the adoption of hepatitis vaccines. Overall, rising awareness regarding liver health and availability of effective hepatitis vaccines are some major factors expected to propel the market growth during the forecast period.
SWOT Analysis
Strength:
– Increased government support and initiatives to spread awareness about Hepatitis help increase vaccination rates.
– Growing incidences of hepatitis infections across the globe create the need for improved prevention through vaccination.
Weakness:
– High costs associated with vaccine R&D, clinical trials, and production limit profits for companies.
– Storage and distribution challenges for certain hepatitis vaccines increase logistical difficulties.
Opportunity:
– Untapped markets in developing nations with high disease prevalence present lucrative growth opportunities.
– Development of newer combination and improved vaccines can capture additional market share.
Threats:
– Alternative treatment options pose competition to vaccination programs.
– Potential side effects and safety concerns associated with hepatitis vaccinesact as a deterrent.
Key Takeaways
Global Hepatitis Vaccine Market Size is expected to witness high growth, exhibiting CAGR of 5.7% over the forecast period, due to increasing incidence of hepatitis infections worldwide. Asia Pacific has emerged as the major revenue generating region owing to rising government efforts to promote immunization programs in India, China, and other countries.
Regional analysis
The hepatitis vaccine market in Asia Pacific dominates with over 35% share due to presence of large viral reservoirs and continued vaccination scale-up practices in various countries. North America and Europe follow suit with substantial market sizes on account of strong healthcare infrastructure and routine hepatitis vaccination recommendations in the regions. Latin America and Middle East & Africa offer lucrative prospects for expansion over the next few years.
Key players operating in the Hepatitis Vaccine market are Nestle S.A, Mars, Incorporated, Royal Canin SAS, Hill’s Pet Nutrition Inc., Unicharm Corporation, Heristo AG, Yantai China Pet Foods Co., Ltd., and Central Proteina Prima Tbk, among others. These players are focusing on new vaccine development, geographical expansions, and capacity enhancement activities to strengthen their positions in the hepatitis vaccine industry.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
