The IPV vaccines market is estimated to be valued at USD 199.6 Mn in 2024, growing at a CAGR of 8.5% over the forecast period 2024 - 2031. The market is witnessing robust growth owing to various government initiatives to increase immunization coverage especially in developing countries. Furthermore, the demand for new conjugate and combination vaccines from developed markets is further fueling market growth.
Market Dynamics:
The IPV vaccines market is primarily driven by increasing government focus on immunization programs globally. Several countries have incorporated IPV as part of their national immunization schedules in accordance with the WHO recommendations. Initiatives are driving the adoption of IPV vaccines. Additionally, the presence of favorable reimbursement policies and availability of newer innovative vaccines are also expected to support the market growth during the forecast period. However, high vaccine prices remain a major challenge. Manufacturers are focusing on developing affordable vaccines to penetrate price-sensitive developing markets.
Increased Government Funding for Immunization Programs is Driving More Adoption of IPV Vaccines
Government bodies around the world recognize the importance of vaccination programs in promoting public health. As a result, funding for national immunization programs has steadily increased over the years. This increased funding allows for the procurement of more vaccine doses, including IPV vaccines. It also supports education and administration efforts to ensure more people are vaccinated. The IPV vaccine itself is provided free of cost in many countries under universal immunization programs. This makes the vaccine highly accessible. The increased public funding is a major factor positively impacting the demand for IPV vaccines.
Growing Awareness About Polio Eradication is Encouraging Higher Vaccine Uptake
Global initiatives by organizations like WHO and UNICEF have significantly raised awareness about polio and the importance of its eradication through immunization. People now better understand that polio can have debilitating effects and even cause lifelong paralysis or death. They also know that the IPV vaccine provides effective protection against the virus. As a result of these awareness campaigns, more parents are willing to get their children vaccinated with IPV to safeguard their health. Community mobilization efforts have been successful in reaching populations in remote or underserved areas as well. The growing awareness is driving stronger demand for IPV vaccines.
Complacency About Polio Risks Can Reduce Vaccine Use Over Time
As polio comes closer to being eradicated globally, some sections of populations perceive the risk of infection to be low now. This can breed a sense of complacency which impacts vaccination programs negatively over time. With no active polio cases being reported from a region in successive years, people tend to underestimate the risk of importation or re-establishment of poliovirus. Complacency leads to declining vaccination rates which can leave populations vulnerable if the virus is reintroduced from abroad. This behavioral change acts as a potential restraint on the IPV vaccines market.
Storage and Cold Chain Infrastructure Requirements Increase Operational Costs
Since IPV vaccines need to be stored between 2-8 degree Celsius, their distribution and storage requires an uninterrupted cold chain system with strict temperature monitoring and control. Establishing and maintaining such infrastructure involves significant investment and recurring operational costs. It requires a steady, uninterrupted supply of electricity as well as equipment like cold rooms, freezers, refrigerators, temperature data loggers etc. The high cost of ensuring optimal cold chain conformance from manufacture to the point of administration can hamper overall access in some lower resource regions, acting as a restraint.
Opportunity for Combination Vaccines Incorporating IPV
Combining IPV with other pediatric vaccines into single dose combination formulations provides an opportunity to promote improved vaccination coverage. It reduces the number of needed injections for children. Combination vaccines improve compliance by making the immunization schedule more convenient for care givers. They also help optimize resource use for vaccination programs. Currently many combination vaccines including those for DTP-HepB-IPV and DTaP-IPV are available or under development. Wider use of appropriate combination vaccines incorporating IPV can support higher market uptake over the long run.
Emerging Markets with Large Birth Cohorts Present Untapped Demand
While polio eradication has progressed well in many parts of Asia and Latin America, some large emerging market nations like Indonesia, Philippines and Nigeria still have vulnerable populations and face challenges in completely stopping polio transmission. These countries also have huge annual birth cohorts which represent significant untapped demand for IPV vaccines as they work to strengthen immunization programs. With economic growth and infrastructure development, populations in emerging nations are expected to have greater access to immunization over time as well. This potential future demand presents an important opportunity area for IPV vaccine manufacturers.
Link- https://www.coherentmarketinsights.com/market-insight/ipv-vaccines-market-4965
Key Development
- On January 30, 2024, the United Nations Children's Fund (UNICEF), a specialized agency of the United Nations focused on delivering humanitarian and developmental assistance to children globally, with support from the United States Agency for International Development (USAID), distributed 340,000 doses of the oral polio vaccine (OPV) to Ukraine. This initiative reinforces the nation's National Immunization Program, thereby shielding children from a potentially fatal illness.
- In June 2023, the United Nations Children's Fund (UNICEF) declared the provision of 156,960 doses of inactivated polio vaccine (IPV) to bolster Ukraine's National Immunization Program. This initiative is geared towards safeguarding children from the lethal threat posed by the disease.
- In December 2022, Sudan's Federal Ministry of Health, in partnership with the World Health Organization (WHO) and the United Nations Children's Fund (UNICEF), launched a catch-up vaccination campaign aimed at immunizing children against polio and yellow fever from December 29, 2022, to January 3, 2023
- In September 2020, Sanofi Pasteur India, the global vaccines business segment of Sanofi, a global healthcare company, unveiled the introduction of Tetraxim (DTaP-IPV). This booster vaccine is specifically designed for preschoolers and provides protection against four significant diseases: diphtheria, pertussis, tetanus, and polio. Tetraxim consolidates four vaccines into a single dose, streamlining the vaccination process, improving child comfort, enhancing compliance, and alleviating parental concerns.
- In June 2020, Batavia Biosciences, a Contract Development and Manufacturing Organization (CDMO) specializing in Viral Vectors and Viral Vaccines, and Valneva Sweden AB, a Sweden-based subsidiary of Valneva SE, a specialty vaccine company revealed a collaborative agreement aimed at expediting market entry for a cost-effective inactivated polio vaccine (IPV). As per the collaboration terms, Valneva SE will leverage Batavia Biosciences technology to produce the Sabin vaccine strains (sIPV) vaccine for clinical trials at its state-of-the-art GMP polio production facility in Solna, Sweden, operating under GAPIII polio containment standards.
Key Players: Sanofi, Serum Institute of India Pvt. Ltd., Bharat Biotech, Merck & Co., Inc., GlaxoSmithKline, AJ Vaccines A/S, Panacea Biotec, Biken, Sinopharm Group Co. Ltd., Nanolek, IMBCAMS, Sinovac Biotech, LG Chem, Beijing Minhai Biological Technology Co., Ltd., and Biological E Limited.,
