The Global Malaria Vaccines Market is pegged to be valued at US$ 8.5 million in 2018 and is projected to expand at a CAGR of 102.8% during the forecast period (2018-2024), as highlighted in a new report published by Coherent Market Insights. Rise in demand for vaccines for important indications on the backdrop of increasing focus on biological preparations is expected to be a major factor driving growth of the global malaria vaccines market over the foreseeable future.
According to World Health Organization (WHO) malaria fact sheet and World Bank estimates, over 40% of the global population is at risk of malaria. World Health Organization (WHO), there were around 214 million malaria cases reported in 2015, leading to 438,000 deaths worldwide. Over 70% of these deaths were among children under 5 years of age. Sub-Saharan Africa accounts for the highest share of global malaria burden, with around 89% of malaria cases and 91% of malarial deaths in 2015. Such high impact of this life-threatening disease is influencing governments across various countries, companies, investors, and non-profit organizations to contribute towards curbing spreading of this disease. Since the problem of malaria is burdening many of the emerging and under developed regions such as in Africa and Asia Pacific, various initiatives have been implemented in these regions to drive down high costs of the vaccine in development. For instance, in 2016, GSK announced plans to develop vaccines at a mere profit margin of 5% of the cost of the vaccine. Governments across most regions are actively involved in programs aimed at eliminating malaria. For instance, WHO had mobilized funding for pilot program in first phase between 2017 and 2020 by the global fund to fight against malaria and other disease such as AIDS and tuberculosis prevalent worldwide.
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Rampant advancements in the pharmaceutical industry, from oral drugs to parenteral dosage forms is expected boost growth of the malaria vaccines market, globally. Emerging economies are undergoing healthcare reforms, owing to the development of more reliable treatment options, which in turn, is fueling growth of the global market. Increasing number of government and non-government initiatives to eradicate malaria, is also boosting the malaria vaccines market growth. For instance, in 2016, India launched the National Framework for Malaria Elimination (NFME) to eliminate the problem of malaria in the country. This program was based on the Framework by the National Vector Borne Disease Control Program (NVBDCP) of the Ministry of Health and Family Welfare. According to NFME, in 2012, the total economic burden of malaria in India was around US$ 1,940 million, with 75% from lost earnings and 25% from treatment costs borne by households.
According to World Malaria Report 2015, India accounts for around 70% of the total malaria incidence rate in the South-East Asia. In 2014, the incidence in the country was around 0.89 per 1,000 person at risk per year. Around 1.1 million cases were reported, causing 562 deaths in India, in 2014.
Key takeaways of the malaria vaccines market:
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