May 23, 2024

The Global IPV Vaccines Market Is Estimated To Propelled By Increasing Initiatives By Government And Ngos For Wider Immunization Coverage

IPV or Inactivated Polio Vaccines are pharmaceutical products used to prevent poliomyelitis or polio caused by all three serotypes of poliovirus. These vaccines are administered through injections and contain inactivated or killed strains of poliovirus types 1, 2 and 3 that cannot replicate but can still trigger an immune response to the virus. IPV vaccines aid in developing immunity against poliovirus in individuals while being safer than live attenuated OPV vaccines with no risk of vaccine-associated paralytic poliomyelitis.

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 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Increasing initiatives by various governments and non-governmental organizations globally for wider immunization coverage against polio is a key trend fueling growth of the IPV vaccines market. National and regional immunization programs with an aim to eradicate polio entirely through higher vaccination rates have increased demand for IPV vaccines. Furthermore, organizations like WHO, UNICEF and Bill & Melinda Gates Foundation focus on improving immunization programs in developing and underdeveloped regions, thereby boosting adoption of IPV vaccines.

SWOT Analysis

Strength: IPV vaccines provide protection against three strains of poliovirus that can cause paralysis. They help in global polio eradication efforts.
Weakness: IPV vaccines are more costly than oral polio vaccines. They require multiple doses and injections to be effective.
Opportunity: Growing awareness about polio immunization in developing nations can boost IPV vaccines demand. Eradicating wild poliovirus strains creates opportunities for IPV adoption.
Threats: Outbreaks of circulating vaccine-derived poliovirus pose a threat. Some countries still rely on cheaper oral polio vaccines.

Key Takeaways

The global IPV Vaccines Market Share  is expected to witness high growth over the forecast period. The market size is projected to reach US$ 188.36 Mn in 2023 and grow at a CAGR of 8.5% during 2023-2030.

North America dominates the global IPV vaccines market and is expected to continue its dominance over the forecast period. Growing awareness about immunization programs and availability of reimbursement for vaccines drive the regional market. Asia Pacific market is projected to witness the highest growth due to large population, improving healthcare infrastructure and rising focus of governments on preventive healthcare.

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. Key players focus on development of affordable IPV vaccines and expanding their distribution networks in developing nations to boost sales.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it