Market Trends of Vaccine Contract Manufacturing Industry
This section covers the major market trends shaping the Vaccine Contract Manufacturing Market according to our research experts:
The Inactivated Vaccines Segment is Expected to Hold a Significant Share in the Vaccine Contract Manufacturing Market over the Forecast Period
The inactivated vaccines contain whole bacteria or viruses that have been killed or manipulated to prevent replication. As these vaccines do not contain any live bacteria or viruses, they cannot spread the diseases they are intended to prevent, even in those with highly compromised immune systems, which is one of the major advantages of this type of vaccine.
These vaccines do not produce or confer immunity as strong as live-attenuated vaccines. Hence, several doses of inactivated vaccines are required over time for better immune response. The high burden of the target diseases, regular demand for these vaccines as a preventive measure, and the emergence of the COVID-19 pandemic are expected to significantly impact the segment's growth over the forecast period.
In addition, the companies, as well as researchers from academics, are actively involved in the research and development of inactivated vaccine candidates for different indications, some of which are even approved by the health authorities. Hence, due to these factors, the inactivated vaccine segment is expected to grow. For instance, as of April 2022, the World Health Organization has approved ten vaccines against COVID-19, of which three are inactivated types and include CoronaVac (Sinovac), Sinopharm, and COVAXIN (Bharat Biotech).
Furthermore, in April 2022, the Central Drugs Standard Control Organization (CDSCO) of India provided emergency use approval to Bharat Biotech's COVAXIN for children between 6-12 years of age. Thus, the rise in the research and development of the production of inactivated vaccines and the advantages of inactivated vaccines over conventional vaccine treatments are expected to influence the growth of the vaccine contract manufacturing market in the forecast period.
North America is Expected to Hold a Significant Market Share over the Forecast Period
The rise in the adoption of highly advanced techniques and systems in vaccine manufacturing and the technological advancements made in vaccine research and development studies is expected to boost the growth of the market in the North American region. The high awareness among the population about the availability of vaccines in the market contributes to the high market growth in the region.
According to data published by the American Academy of Pediatrics in March 2022, more than 1 million people in the United States have long-term hepatitis B infections, and people who are infected with hepatitis B as a baby have a 90% chance of developing serious, chronic conditions like liver cancer in their lifetime. Thus, an increase in hepatitis B is expected to increase the demand for vaccines and their manufacturing, thereby driving the growth of the market.
Additionally, according to the WHO Updates in July 2022, the United States has been involved in polio-eradication efforts, both as a partner and the second-largest donor to the Global Polio Eradication Initiative and as a supporter of developing-country efforts. Polio funding in the United States is estimated to have been USD 253 million in 2022. Furthermore, in January 2021, the United States Department of Health and Human Services (HHS) launched the HPV VAX NOW campaign to increase human papillomavirus (HPV) vaccination rates among young adults aged 18-26. Thus, the increasing necessity for vaccine contract manufacturing coupled with increasing investment in the health care department is likely to propel the growth of the market in this region.
The government initiatives undertaken for vaccination awareness also propel the market's growth during the forecast period. For instance, in August 2022, the Government of Canada published the Canadian Immunization Guide Chapter on Influenza and Statement on Seasonal Influenza Vaccine for 2022-2023, which provides updated recommendations regarding the use of seasonal influenza vaccines in Canada. For instance, the government authorized the use of Supemtek (RIV4), a recombinant quadrivalent seasonal influenza vaccine, for use in Canadian adults of age 18 and older. Such initiatives favor vaccination in the region and thereby boost the growth of the market during the forecast period.
