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Emphasis on Type (Human Diploid Cell and Monkey Kidney Cell); Distribution Channel (Public and Private); and Region/Country
The Global Inactivated Poliovirus Vaccine Market was valued at USD 715 million in 2022, growing at a CAGR of 5.1% during the forecast period from 2023-2030. Inactivated Poliovirus Vaccine (IPV) is a vaccine that contains inactivated poliovirus strains (killed) of three different types. IPV can be injected by the intramuscular (intradermal) or subcutaneous (intramuscular) vein. The immune system produces antibodies against all three types of polioviruses in the blood. When the immune system is infected, the antibodies produced stop the virus from entering the central nervous system (CNS) and protect against paralysis. Vaccination is widely regarded as one of the most effective methods of disease prevention. The introduction of the polio vaccine and its large usage has significantly decreased the number of cases of polio, and cases are now rare in most countries. For instance, according to the World Health Organization (WHO), 110 million children under 5 years of age were vaccinated against Polio in India on January 31, 2021. In addition to this, investments in healthcare departments as well as government awareness programs regarding polio have increased significantly in recent years, which are the key factors that are creating opportunities for the market.
Bharat Biotech.; BIO-MED; Serum Institute of India Pvt. Ltd.; Kedrion; GSK plc.; Bilthoven Biologicals; Merck & Co.; Inc.; Pfizer Inc.; Cadila Pharmaceuticals; and Berna Biotech Pharma GmbH are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst type, monkey kidney cells category to witness higher CAGR during the forecast period”
Based on type, the market is bifurcated into human diploid cells and monkey kidney cells. The monkey kidney cells segment is expected to grow with a high CAGR during the forecast period as it allows the production of large quantities of viruses needed for vaccine production economically. This diversity of vaccines provides immunization programs with options to ensure a sufficient supply and to address any potential issues. Various regions of the world have licensed and adapted the usage of such vaccines. For instance, the U.S. Food and Drug Administration has granted a vaccine license for use in the United States of America, Sanofi Pasteur’s IPOL, which is an inactivated Poliovirus vaccine for the monkey kidney cell. Thus, the monkey kidney cells category is expected to witness higher CAGR during the forecast period.
“Amongst distribution channels, the public held a significant share in the market in 2022”
Based on the distribution channel, the market is bifurcated into public and private. The public segment dominated the market in 2022 owing to easier access and affordability. The government has initiated uncountable programs to administer vaccines and spread awareness about the importance of vaccination. Vaccination is one of the most effective ways to prevent disease and through the polio vaccine, the number of new cases of global poliovirus has significantly decreased and cases are now rare in most of the world. In the chase of eliminating polio, the government has also collaborated with pharma giants. For instance, in September 2021, India’s leading pharmaceutical company Serum Institute of Industry Pvt. Ltd. started to supply IPV vaccine to the Union government under its Universal Immunization Programme (UIP). The Union Health Ministry entered a purchase order with the company for 54 lakh doses. Thus, the public segment held a significant share of the market in the year 2022.
“Amongst regions, APAC region is expected to grow with a high CAGR during the forecast period”
For a better understanding of the market adoption of inactivated poliovirus vaccine, the market is analyzed based on its worldwide presence in countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is expected to grow with a high CAGR during the forecast period due to a constant growth in polio cases in the region. For example, in 2021 according to the latest data from Our World in Data, the virus was only spreading in two countries – Afghanistan and Pakistan – and efforts are being made to get rid of it around the world. Further, enhanced accessibility of pharmaceutical products, rising awareness about vaccination, the presence of key generic pharmaceutical companies in the region, and the surge in government initiatives and special communities for improving healthcare facilities are also having a positive impact on the market’s growth. Hence, the APAC region is supposed to witness a higher CAGR during the forecast period.
Global Inactivated Poliovirus Vaccine Market Report Coverage
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Research Methodology for the Global Inactivated Poliovirus Vaccine Market Analysis (2023-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global inactivated poliovirus vaccine market were the three major steps undertaken to create and analyze the adoption of global inactivated poliovirus vaccine in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global inactivated poliovirus vaccine market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
A detailed secondary study was conducted to obtain the historical market size of the global inactivated poliovirus vaccine market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the global inactivated poliovirus vaccine market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, distribution channel, and regions. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the global inactivated poliovirus vaccine market. Further, we conducted factor analysis using dependent and independent variables such as type, distribution channel, and regions of the global inactivated poliovirus vaccine. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the global inactivated poliovirus vaccine market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global inactivated poliovirus vaccine market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 00for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global inactivated poliovirus vaccine market. Data was split into several segments & sub-segments after studying various parameters and trends in the areas of type, distribution channel, and regions in the global inactivated poliovirus vaccine market.
The main objective of the Global Inactivated Poliovirus Vaccine Market Study
The current & future market trends of the global inactivated poliovirus vaccine market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
Q1: What is the current market size and growth potential of the global inactivated poliovirus vaccine market?
Q2: What are the driving factors for the growth of the global inactivated poliovirus vaccine market?
Q3: Which segment has the largest inactivated poliovirus vaccine market share by type?
Q4: What are the emerging technologies and trends in the global inactivated poliovirus vaccine market?
Q5: Which region will dominate the global inactivated poliovirus vaccine market?
Q6: Who are the key players operating in the global inactivated poliovirus vaccine market?
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