Pune, India, Jan. 10, 2023 (GLOBE NEWSWIRE) — The global hepatitis B vaccine market size was USD 7.53 billion in 2021. The market is projected to grow from USD 7.80 billion in 2022 to USD 10.62 billion by 2029, exhibiting a CAGR of 4.5% during the forecast period.
This information is provided by Fortune Business Insights, in its report titled, “Hepatitis B Vaccine Market, 2022-2029.”
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COVID-19 Impacts:
Decline in Routine Hepatitis B Immunization Amid COVID-19 Pandemic to Hamper Growth
The COVID-19 pandemic had an adverse effect on the hepatitis B vaccine market growth in 2020. Due to missed appointments, de-prioritization of routine hepatitis cases, and primary care services, access to medical care and treatment was difficult in several nations. Providing hepatitis B education, screening, preventive vaccines, and other public health services were also difficult for community-based organizations.
Segments:
High Potential Advantages of Combination Vaccines to Augment Market Growth
The market is segmented by type into single antigen and combination. Among types, the combination segment accounted for the larger market share in 2021.
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Increasing Immunization Rates will Augment the Hospitals & Retail Pharmacies Segment
Based on distribution channel, the market is segmented into hospitals & retail pharmacies, government supplies, and others. The hospitals & retail pharmacies segment accounted for the highest hepatitis B vaccine market share in 2021 due to the large volume of product sales owing to the first vaccination dose administered before the discharge of newborn infants from hospitals.
On the basis of region, the market can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report offers a detailed study of the market and a keen examination of the major segments of the market. It provides an in-depth analysis of key players and their insightful strategies to spur the market growth for monetary gains. It also shares tangible insights which guide business owners with their investment perspective.
Drivers and Restraints:
Extensive Investments in R&D by Major Industry Players to Boost Market Growth
A result of the growing use of new pharmacological mechanisms for vaccine manufacture is an increase in the introduction of innovative vaccines to the market. Additionally, this will give businesses strong inventive R&D capabilities the chance to make significant investments in the creation of new products. As a result, these R&D expenditures by major companies for novel hepatitis B vaccine trials and production around the world are further anticipated to fuel market expansion.
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Regional Insights:
North America to Dominate Stoked by Rising Frequency of Hepatitis B Disease
The North American market, which was valued at USD 2.60 billion in 2021, is expected to maintain its dominance over the global market over the projection period. The North American region currently holds the largest market share for hepatitis B vaccines due to the increased frequency of hepatitis B illnesses.
When it comes to revenue and market share, Europe is the second most dominating region. Due to several regional action plans that European government authorities had put in place, a sizeable portion of the hepatitis B vaccination market existed in Europe.
The increased incidence of hepatitis B disease in Asia Pacific is driving the industry, and companies that manufacture vaccines are focusing on generating money and forming partnerships for research and development.
Competitive Landscape:
Investments Initiated by Key Players to Boost Growth
The global players have known to imply various tactics that, in turn, assist them to gain lucrative revenues. There are many successful strategies such as partnership, acquisitions, profitable investments, and so on. Major players operating in the market across the globe actively invest in numerous organization to gain impetus.
Key Industry Development:
December 2021: Compared to the prior year, Sinovac invested USD 155.0 million in the company’s research and development projects, which amounted to USD 48.8 million in 2020 and USD 24.3 million in 2019. This plan will help the business ensure its continued growth in future.
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List of Key Players Mentioned in the Report:
- GSK plc (U.K.)
- DYNAVAX TECHNOLOGIES CORPORATION (U.S.)
- VBI Vaccines Inc. (U.S.)
- Sanofi (France)
- Merck & Co., Inc. (U.S.)
- Beijing Minhai Biological Technology Co., Ltd. (China)
- Gilead Sciences, Inc. (U.S.)
- Beijing Tiantan Biological Products Co., Ltd. (China)
- Amy Vaccine Co., Ltd. (China)
- Shenzhen Kangtai Biological Products (China)
Table Of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Prevalence of Hepatitis B, By Key Countries/ Region, (2021)
- Pipeline Analysis, Key Players
- Key Industry Developments, Mergers, Acquisitions, Product Launches, Etc.
- Impact of COVID-19 on the Market
- Global Hepatitis B Vaccine Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Type
- Single Antigen
- Combination Vaccine
- Market Analysis, Insights and Forecast – By Distribution Channel
- Hospitals & Clinics
- Government Suppliers
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- Market Analysis, Insights and Forecast – By Type
TOC Continued…
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