TCV Vaccines Market Overview:
TCV Vaccines Market size was valued at USD 320 million in 2021 and is projected to reach around USD 820 million in 2030 exhibiting a CAGR of 12.0% in the forecasted period.
The increasing prevalence of typhoid and the growing focus on research, along with heightened public initiatives aimed at promoting and advancing the development of innovative products, are expected to drive market growth. However, challenges related to the availability of vaccines and the occurrence of adverse events following immunization are factors that may impede market growth in the forecasted period.
Public bodies such as the World Health Organization (WHO), Gave, the Bill & Melinda Gates Foundation, and others are actively engaged in raising awareness about diseases like typhoid and enhancing efforts to immunize against such diseases.
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Market Growth Drivers:
One of the main factors driving the growth of the TCV vaccines market is the rising frequency of typhoid fever. Typhoid fever is still a major public health concern in many areas, especially in developing countries with poor sanitation and hygiene standards. Effective prophylactic interventions, like immunization, are becoming more and more important due to the high prevalence of typhoid cases and the rise of antibiotic-resistant strains.
The market for TCV vaccines is growing thanks in part to government initiatives and immunization campaigns. Recognizing the value of typhoid vaccine in lowering disease burden, numerous governments, especially in high-burden nations, have implemented immunization programs. These initiatives aim to increase the accessibility of TCV vaccinations.
The market is growing at a rapid pace due to ongoing efforts to create vaccines that are more durable and effective. For example, the introduction of combination vaccines that offer a stronger immune response and longer protection has increased demand for TCV vaccines.
Market by Vaccine Type:
- Vaccine administered once
- Multiple-dose vaccination
Based on vaccine type, the single-dose TCV vaccine segment is expected to hold the leading position in the global market during the forecast period. Due to their simplicity of administration and increased patient compliance, single-dose vaccines have acquired immense popularity. These vaccines protect against typhoid with a single administration, eliminating the need for multiple doses. Single-dose vaccines are ideal for regions with limited healthcare infrastructure and resources, where multiple doses may be difficult to administrate.
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Market Segments:
By Vaccine Brand
- Ty21a (Vivotif)
- ViCPS (Typhim Vi)
- Vi-TT (Peda-typhTM)
- Tipper TCV
By Distribution Channel
- Public
- UNICEF
- Tender (Govt.)
- Private
Market Regional Analysis:
In 2021, North America emerged as the dominant market for global TCV vaccines, capturing approximately 34% of the market share. This was attributed to the rapid growth of its healthcare infrastructure and higher government expenditure on healthcare. The surge in the pharmaceutical industry, coupled with an advanced healthcare system and substantial individual spending on healthcare, contributed to this increase. With the rising production of TCV injections, the market is expected to further expand.
However, the Asia-Pacific market is projected to exhibit the fastest compound annual growth rate (CAGR) between 2021 and 2030. This growth is driven by increasing demand and numerous governments actively promoting the necessity of TCV vaccines to their citizens. Moreover, the growing awareness about the benefits of TCV vaccines among people in the region is anticipated to propel market growth during the forecast period.
Top Leading Key Players of this market are:
- GlaxoSmithKline PLC
- Sanofi SA
- Bharat Biotech
- PT BIO FARMA
- Shanghai Institute of Biological Products Co., Ltd.
- Prokarium
- Bio-Med PVT. Ltd.
- PaxVax, Inc.
- Other players
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