PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1514894
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1514894
IPV Vaccines Market size was valued at USD 189.45 million in 2023, expanding at a CAGR of 8.3% from 2024 to 2032.
The IPV Vaccines Market, defined as the sector dedicated to inactivated poliovirus vaccines used for polio prevention, is experiencing growth driven by global immunization initiatives and increasing awareness of polio eradication. The robust government vaccination programs, support from organizations like WHO and UNICEF, and rising incidences of polio in certain regions are propelling the market demand. However, market growth is restrained by the high costs of vaccine development and distribution challenges in remote areas. Nonetheless, opportunities exist in the development of combination vaccines, advancements in vaccine storage and delivery technologies, and increasing investments in healthcare infrastructure in emerging economies.
IPV Vaccines Market- Market Dynamics
Increased Government Funding for Immunization Programs Fuels Adoption of IPV Vaccines
Increased government funding for immunization programs is significantly boosting the adoption of IPV vaccines, as evidenced by initiatives. For instance, in 2020, the World Health Organization (WHO) reported a 90% reduction in polio cases worldwide due to enhanced vaccination efforts. Additionally, the U.S. government allocated USD 237 million to polio eradication efforts in 2021, further emphasizing the commitment to widespread IPV vaccine distribution. These substantial investments are crucial in ensuring the availability and accessibility of IPV vaccines, ultimately driving higher immunization rates and bringing the goal of global polio eradication closer to reality.
IPV Vaccines Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 8.3% over the forecast period (2024-2032)
Based on Vaccine Type segmentation, IPV vaccines were predicted to show maximum market share in the year 2023
Based on Age Group segmentation, Pediatrics was the leading type in 2023
Based on distribution segmentation, Public Vaccination Programs were the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global IPV vaccine market is segmented based on Vaccine Type, Age Group, Distribution, End-User, and Region.
The market is divided into two categories based on Vaccine Type: Inactivated Poliovirus Vaccine, and Oral Poliovirus Vaccine. The Inactivated Poliovirus Vaccine segment led the market, driven by its enhanced safety profile compared to the Oral Poliovirus Vaccine, alongside strong government support and international efforts aimed at polio eradication through IPV immunization programs.
The market is divided into two categories based on Age Group: Pediatrics, and Adults. The pediatrics segment holds the highest share, driven by global immunization programs targeting children to prevent polio from an early age, as mandated by healthcare guidelines and supported by extensive government and international initiatives.
IPV Vaccines Market- Geographical Insights
In North America, strong government support and robust healthcare systems ensure high adoption rates of IPV vaccines. Europe also demonstrates a significant market presence, driven by comprehensive immunization programs and initiatives like the European Vaccine Action Plan. Asia-Pacific, particularly India and China, represents a rapidly expanding segment due to large populations and aggressive polio eradication campaigns supported by both governments and international organizations like WHO and UNICEF. Africa, facing the highest polio prevalence, sees substantial efforts in IPV vaccine distribution funded by global health organizations, although challenges remain due to infrastructural limitations. Latin America shows steady market growth fueled by regional immunization drives and improving healthcare access.
The IPV vaccine market is characterized by strong competition among leading pharmaceutical companies, each striving to enhance their market share through innovation, strategic alliances, and extensive distribution networks. Major players such as Sanofi Pasteur, GlaxoSmithKline, and Pfizer dominate the market, leveraging their extensive R&D capabilities and global reach to introduce effective and safe IPV vaccines. These companies frequently engage in partnerships with government bodies and global health organizations like WHO and UNICEF to support large-scale immunization programs. Emerging players and regional manufacturers are also entering the market, driven by increasing demand and supportive governmental policies. Additionally, advancements in vaccine technology, such as improved storage solutions and combination vaccines, are intensifying competition as companies seek to differentiate their offerings and expand their presence in both developed and developing regions.
In December 2023, Panacea Biotec launched EasyFourPol, a fully liquid pentavalent vaccine in India, safeguarding children against diphtheria, tetanus, pertussis, polio, and Haemophilus influenza type B infections.
In April 2024, The Business Standard announced India's capability to supply its entire IPV within 3-4 months, emphasizing the necessity of additional doses to sustain the nation's polio-free status. Sanofi and Serum Institute of India (SII) are identified as the primary IPV vaccine suppliers, with Sanofi contributing approximately 80% of the requirement.
GLOBAL IPV VACCINES MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Sanofi Pasteur
GlaxoSmithKline plc
Pfizer Inc.
Merck & Co., Inc.
Johnson & Johnson
Serum Institute of India Pvt. Ltd.
Bharat Biotech
Panacea Biotec Ltd.
Bio Farma
Sinovac Biotech Ltd.
Astellas Pharma Inc.
Sinopharm Group Co., Ltd.
Valneva SE
Innovax
LG Chem
PT Bio Farma (Persero)
Others