TCV Vaccines Market is Estimated to Witness High Growth Owing To Rising Incidences of Diarrheal Diseases and Increasing Government Support
TCV vaccines market is estimated to be valued at USD 412.8 Mn in 2024, exhibiting a CAGR of 12.4% over the forecast period (2024-2031). Furthermore, rising awareness regarding the importance of vaccination is expected to boost the market growth.
Market Dynamics:
The growth of the TCV vaccines market is driven by the rising incidences of diarrheal diseases as well as growing government support for immunization programs. According to WHO, diarrheal diseases are one of the leading causes of death among children under 5 years of age. Increasing initiatives by governments as well as non-profit organizations to promote immunization against rotavirus infection is expected to boost the demand for TCV vaccines. Significant investments in the research and development of novel and more effective vaccine formulations is also fueling the market growth. However, high costs associated with vaccination and low awareness levels in developing nations continue to restrain the market to a certain extent. Ongoing clinical trials to evaluate new vaccine candidates for wider age groups are expected to present attractive opportunities for manufacturers in the coming years.
Growing Needs for Preventing Communicable Diseases is Driving the TCV Vaccines Market Growth
The increasing prevalence of communicable diseases like tuberculosis, pertussis, meningococcal meningitis, and others has raised serious concerns worldwide. Tuberculosis remains one of the top 10 causes of death globally. Moreover, the COVID-19 pandemic highlighted how diseases can spread rapidly across borders. This has led governments and health organizations to focus more on expanding immunization coverage through vaccination programs. The rising awareness about the importance of vaccination is prompting more people to get vaccinated. Various initiatives by governments and non-profits to promote vaccination are also fueling the demand for TCV vaccines.
Surging Research and Development Activities is Another Key Growth Driver
Pharmaceutical companies are making heavy investments in R&D to develop more effective TCV vaccines. They are focusing on new technologies like conjugate vaccines, recombinant vaccines, etc. to enhance immunogenicity and efficacy. Researchers are working on novel vaccine candidates and combination vaccines that provide immunity against multiple diseases. Rising R&D budgets and growing clinical research for TCV vaccines will allow companies to launch innovative products in the market. Regulatory agencies are also supportive by expediting clinical trials and approval process. The introduction of new and improved TCV vaccines will attract more customers and drive higher revenues for manufacturers.
Cost of Vaccine Development and Manufacturing acts as a Major Restraint
Developing and manufacturing safe and effective vaccines according to stringent regulatory standards involves enormous costs. Clinical trials itself require investments of hundreds of millions of dollars. The costs of setting up specialized manufacturing facilities, procuring high-quality raw materials and equipment further increases production expenses. This makes TCV vaccines relatively expensive compared to treatment drugs. The high costs are passed on to end users in the form of elevated product prices. This adversely impacts the affordability of vaccines, especially in low and middle-income countries with limited healthcare budgets.
Stringent Regulatory Environment also Hinders Market Growth
Vaccines face stringent approval procedures and are subject to strict post-marketing surveillance due to safety issues. Regulators closely monitor factors like purity, potency, stability, sterility etc. Compliance with Current Good Manufacturing Practices (cGMP) guidelines adds to the regulatory burden and production costs of manufacturers. Even minor deviations can lead to hefty penalties, plant shutdowns and costly product recalls. Tougher regulations discourage new players from entering the market while delaying product launches of established companies. This restrains the overall industry expansion to some extent.
Growing Health Expenditure in Emerging Nations Offers Significant Opportunities
Rapid economic growth and expanding middle-class populations in emerging countries like India, Brazil, Indonesia etc. are raising overall healthcare spending in these regions. More budget is being allocated for public immunization programs by these developing nations. This provides a massive revenue pool for TCV vaccine makers to cater products to these untapped developing markets. Government tenders and procurement contracts from such markets will drive future sales.
Partnerships with Local Players to Boost Market Penetration
Established companies seeking to replicate their success in developing countries could consider strategic partnerships with local pharmaceutical firms. These regional players have in-depth local market knowledge and established supply chains. Through technology transfer agreements and joint ventures, larger MNCs can leverage their R&D expertise and manufacturing capabilities while local partners handle marketing, distribution and regulatory approvals within their home markets. This removes barriers for international players and accelerates market penetration in lucrative yet complex developing economies.
Link: https://www.coherentmarketinsights.com/market-insight/tcv-vaccines-market-4936
Key Developments:
- On October 23, 2024, Zydus Group, a global pharmaceutical company, announced that Typhoid Vi conjugate vaccine, ZyVac TCV, had received in-principle approval from the World Health Organization (WHO), paving the way for the vaccine to be eligible for purchase by United Nations (UN) procurement agencies. With this, the vaccine would be distributed globally in regions most affected by typhoid fever.
- In May 2023, Malawi launched a comprehensive mass vaccination campaign aimed at combating typhoid fever, measles, rubella, and polio. This initiative marks Malawi as the third African nation to incorporate the typhoid conjugate vaccine (TCV) into its routine immunization program. The campaign targets over 9 million children, nearly half of the country's population, and includes an integrated “catch-up” effort to ensure children receive essential vaccinations alongside a vitamin A supplement. The campaign is supported by Gavi, the Vaccine Alliance, along with WHO, UNICEF, and other partners.
- In February 2022, the Typhoid Conjugate Vaccine Introduction in Africa Program (THECA) launched the TyVECO project, a mass vaccination study in Kisantu, Democratic Republic of Congo (DRC). This initiative aims to gather additional data on the effectiveness and feasibility of implementing a mass vaccination campaign utilizing Typbar TCV. TyVECO represents a significant advancement as it marks the first effectiveness study of a typhoid conjugate vaccine in Central Africa.
Key Player:
GSK plc., Sanofi, Bharat Biotech, BioFarma, Zydus Group, Emergent BioSolutions Inc., Bavarian Nordic Inc., Crucell Switzerland LTD., PaxVax, Inc., and BIO-MED
