Global Inactivated Polio and Rabies Vaccines Market, by Vaccine (Inactivated Polio Vaccine and Inactivated Rabies Vaccine), by Method of Inactivation (Solvent Detergent Method, Radiation Method, pH Concentration, Heat Inactivation, and Others), by Age Group (Pediatrics and Adults), by Distribution Channel (Government, and Private), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 966.6 Mn in 2019 and is expected to increase to US$ 1,418.2 Mn by 2027, exhibiting a CAGR of 4.9% over the forecast period (2019-2027) as highlighted in a new report published by Coherent Market Insights.
Manufactures are focused on adopting inorganic strategies such as collaborations and mergers and acquisitions to enhance their product portfolio and strengthen their position in market, which is expected to propel the global inactivated polio and rabies vaccines market growth. For instance, GlaxoSmithKline subunit, Chiron Behring was acquired by Bharat Biotech, in February 2019. Post-acquisition, in November 2019, Chiron Behring reintroduced anti-rabies vaccine, ChiroRab in India, in order to overcome the vaccination shortage in the country.
Moreover, major manufacturers are focused on launching of new software, in order to record the dosage of the rabies vaccination as the patient is immunized with three dosage over the interval of few days. For instance, Kedrion Biopharma, launched a software, KEDRAB Dose calculator, in the U.S., in 2019, in order to help the healthcare providers to quickly and accurately determine the amount of KEDRAB to administer to rabies patients.
Many organizations around the world are providing monetary support to the manufacturers for the research and development of new vaccines against polio and rabies, with high efficacy and cost effective. For instance, in 2016, Batavia Biosciences, received US$ 13.2 million grant from the Bill and Melinda Gates Foundation to manufacture clinical-grade inactivated polio vaccine (sIPV) using its low cost polio vaccine manufacturing process, NevoLine manufacturing technology, which was developed by Univercells. The vaccine will cost around less than US$ 0.30 per dose, which was lower than the available vaccine by five times.
Moreover, many developed countries are taking initiatives for eradicating the life-threatening diseases by donating to organizations. For instance, the U.S. is the second largest donor to Global Polio Eradication Initiative, where the U.S. funded around US$ 235 million to the organization in the year 2019. The purpose of the Global Polio Eradication Initiative is to switch the oral polio vaccine (OPV) with the inactivated Polio Vaccine (IPV), as OPV consist of live, weakened poliovirus while the IPV consist of inactivated poliovirus. This initiative is expected to drive the global inactivated polio and rabies vaccines market growth over the forecast period.
Many countries are taking initiatives for eradication of rabies from their countries. For instance, Ghana Health Service initiated a polio vaccination drive to immunize over two million, three hundred and sixty-two thousand four hundred and three children born between 2016 and February 2018, under the IPV campaign, in order to control the polio outbreak in Ghana. Furthermore, Ghana government launched a rabies prevention project in 2018, in which many dogs were immunized for rabies and the population was educated on the importance of rabies vaccination.
Browse 46 Market Data Tables, and 27 Figures spread through 179 Pages and in-depth TOC on Global Inactivated Polio and Rabies Vaccines Market, by Vaccine (Inactivated Polio Vaccine and Inactivated Rabies Vaccine), by Method of Inactivation (Solvent Detergent Method, Radiation Method, pH Concentration, Heat Inactivation, and Others), by Age Group (Pediatrics and Adults), by Distribution Channel (Government, Private), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Global Forecast to 2027.
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Many non-government organizations around the world are creating awareness as well as providing low cost immunization to the population, which are expected to drive the global inactivated polio and rabies vaccines market growth over the forecast period. For instance, many low income countries population, who cannot afford the total cost of vaccination are supported by an external source for providing vaccination to the population. For instance, Gavi, the vaccine alliance, is an organization that running since a decade and its mission is to protect the world population from life-threatening epidemics by providing them proper immunization. They achieve their mission with the help of some partners such as World Health Organization (WHO), the United Nations Children’s Funds (UNICEF), The Bill and Melinda Gates foundation, vaccine manufacturers, research agencies, and others. In case of Poliomyelitis, Gavi organization supports 71 low income countries by providing them IPV at low cost. These countries receive cost effective treatment under Gavi Organization. For instance, in the U.S., the total cost of complete immunization of a child and adult comes around US$ 1,100, while the countries under Gavi receive the same set of vaccine for US$ 28. Thus such non-government organizations support the manufacturers by increasing the customer base globally and in turn, contributes to the global inactivated polio and rabies vaccines market growth.
Key takeaways of the global inactivated polio and rabies vaccines market: