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Malaria Vaccines Global Market Report 2024 Market Overview 2024-2033 - Share, Size, Insights, Forecast
Malaria Vaccines Global Market Report
According to The Business Research Company's, The malaria vaccines market size has grown exponentially in recent years. It will grow from $3.48 billion in 2023 to $4.7 billion in 2024 at a compound annual growth rate (CAGR) of 35.2%. The growth in the historic period can be attributed to high malaria burden, global health initiatives, funding and grants, malaria control programs, government support and regulatory frameworks.
The malaria vaccines market size is expected to see exponential growth in the next few years. It will grow to $15.32 billion in 2028 at a compound annual growth rate (CAGR) of 34.3%. The growth in the forecast period can be attributed to global elimination goals, expanded access programs, increasing vaccine coverage, global vaccine alliances, climate change impact. Major trends in the forecast period include technological innovations, public-private partnerships, international collaboration, advancements in vaccine technology, advancements in vaccine technology.
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Market Drivers and Trends:
A rise in the incidence of mosquito-related diseases is expected to propel the growth of the malaria vaccine market going forward. Mosquito-related diseases are a broad category of illnesses spread by the bite of an infected mosquito. The malaria vaccine, particularly the RTS, S/AS01 (RTS, S) vaccine, is used to prevent and reduce the impact of mosquito-borne infectious diseases by training the immune system to recognize and attack the parasite. For instance, in November 2023, according to a report published by the World Health Organization, a Switzerland-based intergovernmental organization, estimated 249 million cases of malaria occurred globally in 2022, with an increase of 5 million cases from 2021. Further, Pakistan reported an estimated 2.6 million cases in 2022, a notable increase from the 500,000 cases reported in 2021. Therefore, the rise in the incidence of mosquito-related diseases is driving the growth of the malaria vaccine market.
Major companies operating in the malaria vaccine market are developing innovative products, such as vaccines for children's malaria, to meet larger customer bases, increase sales, and increase revenue. Vaccines for mosquito-borne diseases are immunological formulations designed to protect against illnesses transmitted by mosquitoes. It is a pediatric vaccine against Plasmodium falciparum, the deadliest malaria parasite globally and the most prevalent in Africa. For instance, in November 2022, Malawi, a country in East Africa, and the World Health Organization, a Switzerland-based intergovernmental organization, launched Africa's first children's malaria vaccine. The distinctive characteristic of the RTSS vaccine, designed for young children, is its potential to decrease mortality from the mosquito-borne disease. Having undergone pilot testing on over one million children in Ghana, Kenya, and Malawi, the vaccine, despite a modest effectiveness rate of 30%, has instilled optimism that it could save lives among the 400,000 individuals who succumb to malaria each year.
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Major Key Players of the Market:
Major companies operating in the malaria vaccines market report are Pfizer Inc., Ipca Laboratories Ltd., Novartis AG, Sanofi SA, GlaxoSmithKline Plc., Takeda Pharmaceutical Co Ltd., Hikma Pharmaceuticals PLC, Amneal Pharmaceuticals LLC., Lupin, Taj Pharmaceuticals Limited., Nobelpharma Co. Ltd., Bliss GVS Pharma Ltd., Sanaria Inc., Precigen Inc., AdvaCare Pharma, CellFree Sciences, Actiza Pharmaceutical Private Limited, Sumaya Biotech, VLP Therapeutics LLC, GeoVax Labs Inc., Zydus Cadila, Genvec Inc.
Malaria Vaccines Market 2024 Key Insights:
• The malaria vaccines market is expected to grow to $15.32 billion in 2028 at a compound annual growth rate (CAGR) of 34.3%.
• Malaria Vaccine Market Poised For Growth Amidst Rising Mosquito-Related Diseases
• Innovations And Strategies To Combat Mosquito-Borne Diseases
• North America was the largest region in the malaria vaccines market in 2023
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