Kenneth Research published a report on Vaccine Market in India which gives detailed analysis of the present market landscape. The report which is evaluated for the forecast period, i.e., 2022-2031, provides an in-depth analysis of the market, based on size, volume, latest trends, opportunities and challenges associated.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Vaccine Market in India Products.
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According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
In the past decade, the demand for vaccines has surged in India, fuelled by increased awareness of health and hygiene. Furthermore, support extended by the Indian government to enhance vaccination coverage has aggravated market growth. In terms of revenue, the vaccine market in India was valued at INR 72.44 Bn in 2019, and is estimated to reach INR 267.31 Bn by 2025, expanding at a compound annual growth rate (CAGR) of ~26.82% during the 2020-2025 period.
The vaccine market in India is segmented into public and private vaccine sectors. In 2019, public vaccine sector, which mainly consists of vaccines procured by the Indian government, dominated the overall market holding a share of ~53.69%. Sales volume of the vaccines sold in the public segment through Universal Immunisation Programme (UIP) is much higher than that of the private segment; however, the price per dose of vaccine is higher in the private segment.
The revenue of the private sector, which is also known as the domestic trade market, is anticipated to surpass the public segment by 2021. Increasing demand for multivalent vaccines such as hexavalent and pentavalent vaccines, along with vaccines for Zoonotic diseases is likely to drive the private vaccine market. Furthermore, the introduction of the COVID-19 vaccine in the coming years is anticipated to support the growth of the private vaccine market.
COVID-19 vaccine progress:
India being the largest vaccine producing country in the world, is actively engaged in the development and testing of COVID-19 vaccines through extensive research and innovation program. As of September 21, 2020, the Union Minister of India announced that three COVID-19 vaccine candidates are in the advanced stages of phase I, II, and III of clinical trial, and four in the advanced stages of pre-clinical trial.
The three vaccines in advanced stages of clinical trial are COVAXIN by Bharat Biotec International Ltd., ZyCoV-D by Cadilla Healthcare Ltd., and Covishield or AZD1222 by Serum Institute of India Pvt. Ltd. (developed by Oxford University and AstraZeneca plc). Among these three candidates, COVAXIN and ZyCoV-D are the two indigenous vaccine candidates.
Players in the vaccine market are aiming to seize the underlying opportunities of the COVID-19 vaccine market by scaling up production capacities, strengthening supply chain, and upgrading cold chain infrastructure. On the other hand, the Indian government is also preparing a road map to ensure fair and reasonable distribution of the vaccines. The government has formed a national expert group and is planning to use UIP for the COVID-19 vaccination program.
Impact of COVID-19:
The pandemic interrupted the routine immunization programs across the country, especially in the first quarter of FY 2021, owing to stringent lockdown measures and supply chain disruption. However, the market bounced back in the second quarter of FY 2021, with recovery in the sale of paediatric vaccines.
The pandemic is expected to bring about significant changes in the Indian vaccine market, by gaining attention from investors and government agencies. It is expected to drive vaccine manufacturers to focus on research and innovation and attract the entry of biotech companies in the market. Furthermore, the projected spurt for COVID-19 vaccine demand is anticipated to bolster the involvement of contract manufacturers in the production process.
• Cadila Healthcare Ltd. (Zydus Cadila)
• GlaxoSmithKline Pharmaceuticals Ltd.
• Panacea Biotec Ltd.
• Pfizer Ltd.
• Sanofi India Ltd.
• Bharat Biotech International Ltd.
• Indian Immunologicals Ltd.
• Merck Sharp & Dohme Corp.
• Serum Institute of India Pvt. Ltd.
• Vhb Life Sciences Ltd.
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The Market report answers the following questions:
What is the aim of the report?
- The market report presents the estimated market size of Vaccine Market in India by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of Market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Players
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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