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| IPV Vaccines Market |
IPV (inactivated polio vaccine) is utilized in various routine immunization programs across the globe to prevent the transmission of polioviral strains responsible for causing paralysis and other diseases. Benefits associated with IPV vaccines include long-term immunity, reduced reliance on oral polio vaccine, and limited risks. Growing awareness regarding immunization to control the spread of polio has augmented the adoption rates of IPV vaccines over other alternatives.
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:
One of the key market trends fueling the growth of the global IPV vaccines
market is the increasing routine immunization programs by various governments
and non-profit organizations worldwide. As per the 2019 recommendations of the
World Health Organization's (WHO), IPV has replaced oral polio vaccine (OPV) in
all routine immunization (RI) programs globally to stop the virulent poliovirus
strains contained in the OPV from spreading and paralyzing unvaccinated
children. This transition from trivalent to bivalent OPV to IPV-only schedules
in all countries is expected to create significant demand for IPV vaccines over
the forecast period. Furthermore, the shifting preferences towards effective
vaccines and growing vaccination projects in developing regions are
complementing the market growth.
Segment
Analysis
The global IPV vaccines market is segmented on the basis of type, end user, and
geography. Based on type, the market has been divided into IPV vaccines and
combination IPV vaccines. IPV vaccines dominated the market in 2023 as it
offers protection against polio. Based on end user, the market has been
bifurcated into hospitals and vaccination centers. Hospitals accounted for a
larger share in 2023 as majority of IPV vaccinations are administered in
hospitals.
Key Takeaways
The global IPV
Vaccines Market Share is
expected to witness high growth during the forecast period. 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.
Regional analysis
North America dominated the global IPV vaccines market in 2023. The growing
awareness about polio immunization in the region and high emphasis on routine
immunization schedule by governments of countries such as the US and Canada are
propelling the regional market growth. Moreover, the presence of leading market
players such as GSK and Sanofi conducting clinical trials for the development
of novel IPV vaccines is anticipated to boost the adoption of IPV vaccines in
North America.
Key players
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.
GlaxoSmithKline Plc holds the largest share of the market owing to its brand
presence and extensive product portfolio of polio vaccines, including GSK IPV
Pediatric and GSK IPV Adult.
For more insights, read- https://www.ukwebwire.com/ipv-vaccines-market-trends-size-and-share-analysis/
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