Oral Typhoid Vaccine Market Is Estimated To Witness High Growth Owing To Increasing Incidences of Typhoid Fever
The global Oral Typhoid Vaccine Market is estimated to be valued at US$ 394.62
Billion in 2023 and is expected to exhibit a CAGR of 12.3% over the forecast
period 2023-2030, as highlighted in a new report published by Coherent Market
Insights.
Market Overview:
The
Oral Typhoid Vaccine market refers to the market for a vaccine that is
administered orally to prevent typhoid fever, a bacterial infection caused by
Salmonella typhi. This vaccine is highly effective in preventing typhoid fever
and offers several advantages over the injectable vaccine, such as ease of
administration and reduced pain. The need for oral typhoid vaccines arises due
to the increasing incidences of typhoid fever globally, especially in
developing countries with poor sanitation and hygiene practices. The market for
oral typhoid vaccines is driven by the growing awareness about preventive
healthcare, rising government initiatives to control the spread of infectious
diseases, and the increasing demand for safe and effective vaccines.
Market Key Trends:
One key trend in the Oral Typhoid Vaccine market
is the increasing adoption of vaccine combination products. Combination
vaccines, which offer protection against multiple diseases in a single dose,
are gaining popularity among healthcare professionals and patients alike. The
combination of oral typhoid vaccine with other vaccines, such as hepatitis A
and B vaccines, has proven to be effective in preventing multiple diseases
simultaneously. This trend is driven by the convenience and cost-effectiveness
of combination products, as they reduce the number of vaccinations required and
improve patient compliance. Moreover, the development of new combination vaccines
with improved efficacy and safety profiles is expected to further fuel market
growth.
PEST Analysis:
Political: The political factors influencing the oral typhoid vaccine market
include government regulations and policies regarding vaccine development and
distribution. For example, regulations on the safety and efficacy of vaccines
may impact the market. Additionally, government funding and support for vaccine
research and immunization programs can also affect the market.
Economic: Economic factors that play a role in the oral typhoid vaccine market
include the overall economic growth and stability of countries, as well as the
willingness and ability of individuals and governments to invest in healthcare
and vaccination programs. Rising disposable incomes and increased healthcare
spending can drive demand for vaccines.
Social: Social factors influencing the market include the prevalence of typhoid
in different regions, the awareness and understanding of vaccines among the
population, and cultural beliefs and attitudes towards vaccination. Factors
like disease outbreaks and education campaigns can impact vaccine acceptance
and uptake.
Technological: Technological advancements in vaccine development, production,
and distribution can have a significant impact on the oral typhoid vaccine
market. Innovations such as new vaccine platforms, cold chain storage
improvements, and faster production methods can expand access to vaccines and
increase efficiency.
Key Takeaways:
The global
oral typhoid vaccine market is expected to witness high growth,
exhibiting a CAGR of 12.3% over the forecast period of 2023-2030. This growth
can be attributed to increasing awareness about the importance of vaccination,
rising healthcare spending, and technological advancements in vaccine
development.
Regionally, Asia-Pacific is expected to be the fastest-growing and dominating
region in the oral typhoid vaccine market. The region has a high burden of
typhoid cases, especially in countries with poor sanitation and hygiene
conditions. Growing populations, increasing government focus on immunization
programs, and rising healthcare investments contribute to the region's market
dominance.
Key players operating in the oral typhoid vaccine market include Sanofi
Pasteur, Bharat Biotech, Pfizer Inc., GlaxoSmithKline (GSK), Baxter
International Inc., Merck & Co., Inc. (MSD outside North America), Takeda
Pharmaceutical Company Limited, Novartis International AG, Biological E.
Limited, AstraZeneca, Cipla Limited, Prokarium, Bio-Med Pvt. Ltd., Panacea
Biotec, Dynavax Technologies Corporation, Butantan Institute, Zydus Cadila,
Biomed Pvt. Ltd., Cadila Healthcare Limited, and GlaxoSmithKline Biologicals.
These key players contribute to the research, development, production, and
distribution of oral typhoid vaccines worldwide.
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