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Prophylactic Hepatitis B Virus Vaccines Market to Record an Exponential CAGR by 2024
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In 2015, WHO estimated that 240 Mn people are infected with chronic hepatitis B virus. Every year more than 780,000 deaths occur due to complexity of hepatitis B viral infection. This infection caused by chronic hepatitis B virus develops fulminant hepatitis B (autoimmune disorder), liver cirrhosis, hepatocellular carcinoma (liver cancer), liver failure which can be treated by a liver transplant. The Global Alliance for Vaccines and Immunization (GAVI) provides direction and support to prevent transmission through vaccination. However, there is a significant decrease in incidence of hepatitis B virus infection after introduction of hepatitis B vaccine.
The prophylactic hepatitis B virus vaccines market is expected to grow remarkably during the forecast period due to increasing prevalence and incidence of hepatitis B infection, increasing public awareness (Patient Education Programs), government initiatives for promotion and creating awareness about prophylactic hepatitis B vaccines. However, factors such as side effects of the vaccine, high costs incurred during research and development and macro-economic factors like stringent regulations can affect the market adversely.
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The global prophylactic hepatitis b virus vaccines market is classified on the basis of end use and geography.
Ever since 1982, vaccines were available for prevention of hepatitis B viral infections and currently more than 1 Bn doses of HBV vaccines have been distributed worldwide. The WHO recommends that all infants should receive the hepatitis B vaccine within 24 hours of birth. Thus, increase in the population base in APAC is expected to contribute significantly to the growth of global prophylactic hepatitis B virus vaccines market.
Geographically, the global prophylactic hepatitis b virus vaccines market is segmented into five key regions: North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America dominates the global prophylactic hepatitis B virus vaccines market followed by APAC and Europe. According to WHO, globally more than 240 Mn people suffer from chronic hepatitis B viral infection and about 780,000 people die every year due to consequences related with HBV infection. Of these majority of people belong to developing nations of APAC, Latin America and Africa. The prevalence is considerably low in countries with high level of living standards such as the U.S., Canada, U.K., France, Germany, Italy and Spain.
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Some of the major players operating in the market for prophylactic hepatitis B virus vaccines are Merck & Co, Inc., Sanofi Pasteur, Novartis AG, Pfizer Inc., GlaxoSmithKline to name a few. Vaccine market is an oligopolistic market in which the major players such as GlaxoSmithKline, Merck & Co, Inc. and Sanofi Pasteur are using cost leadership and differentiating strategy. The strategy of the major companies in the global prophylactic hepatitis B virus vaccines market is to cut down the prices owing to the increased demand.
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