DUBLIN, Nov. 10, 2023 /PRNewswire/ — The “Global Hepatitis B Virus (HBV) Vaccine Market (by End User, Composition, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2027)” report has been added to ResearchAndMarkets.com’s offering.
The global hepatitis B virus (HBV) vaccine market is on a growth trajectory, expected to reach a market value of US$2.47 billion by 2023, with a robust Compound Annual Growth Rate (CAGR) of 5.33% during the projected period.
Hepatitis B virus (HBV) is a liver-infecting virus transmitted through various means, including contact with infected blood or bodily fluids, sexual contact, sharing needles, or exposure in healthcare settings. Perinatal transmission from infected mothers to newborns is also a significant concern.
HBV Vaccine: Key to Eradicating Hepatitis B
The HBV vaccine stands as a crucial tool in the World Health Organization’s (WHO) mission to eliminate HBV by 2030. Since the approval of the first HBV vaccine in 1981, significant advancements have occurred in the development of HBV vaccines. Vaccine recommendations have evolved over time, now advocating for universal HBV immunization for all individuals under the age of 60.
The global HBV vaccine market is segmented by end-user into Adult and Pediatric categories. The Adult HBV vaccine segment further divides into mono vaccine and combination vaccine subsegments. Combination vaccines are expected to experience the fastest growth during the forecast period, offering protection against multiple causal agents and reducing individual vaccine packaging costs. For instance, the Twinrix combination vaccine provides protection against both hepatitis B and hepatitis A.
Geographically, the global HBV vaccine market is divided into five regions: The US, China, European Union, Japan, and the Rest of the World (ROW). The United States leads the global market due to a high demand for the HBV vaccine, driven by ongoing HBV infection threats. Factors such as increasing HBV prevalence, government initiatives promoting vaccination, technological advancements in vaccine production, and rising healthcare expenditure are expected to sustain market growth. The European Union and the UK are poised for significant expansion, driven by improved healthcare infrastructure, active government efforts to combat HBV, and established hospital reimbursement systems. Ongoing technological advancements, increased accessibility, and rising disposable income will further boost HBV vaccination in the European region.
Drivers: Rising HBV Cases Among Infants
The growing incidence of HBV infection among infants is fueling the demand for HBV vaccines. Perinatal transmission of HBV poses a substantial public health challenge, leading to chronic HBV infection in infants. Chronic HBV infection can result in severe health complications, including liver cirrhosis and liver cancer. To prevent perinatal transmission, the WHO recommends testing all pregnant women for HBV infection and vaccinating infants of HBV-positive mothers soon after birth. The increasing prevalence of HBV among infants is driving greater demand for HBV vaccines as parents seek to protect their children from the virus.
Challenge: Inequitable Access to Vaccines
Inequitable access to vaccines remains a critical issue, particularly in impoverished areas where awareness and initiatives have faced barriers. Limited access to vaccines may be attributed to challenges such as insufficient storage facilities, lack of government support in remote regions, low literacy rates, limited health knowledge, and financial constraints. Furthermore, the unequal development and distribution of HBV vaccines and antibodies in underserved areas hinder market growth.
Trend: AI Revolutionizes Vaccine and Drug Design
Recent advancements in biochemistry, structural biology, immunology, microbiology, genomics, and data science have opened doors for innovation. Bioinformatics, harnessing computer techniques for biological sciences, has led to immunoinformatics, which leverages artificial intelligence and machine learning to predict complex immune system activities, such as B cell and T cell epitope prediction. The integration of AI in vaccine and drug design is poised to accelerate vaccine development, enhance efficacy, and drive the HBV vaccine market’s growth.
The COVID-19 pandemic significantly impacted the HBV vaccine market by disrupting vaccine production and supply chains. Shortages of raw materials and transportation disruptions led to vaccine shortages in some regions. Additionally, pandemic-related funding shifts affected vaccination programs, including HBV initiatives. However, post-COVID prospects for the HBV vaccine market are promising. The COVAX Facility, led by WHO, has worked to ensure access to essential vaccines, including HBV vaccines. More than 2 billion doses of HBV vaccines have been secured and delivered globally through this initiative, supporting HBV vaccine production in the post-COVID era.
Analysis of Key Players
The global HBV vaccine market exhibits moderate concentration with growing acquisitions, collaborations, and product launches. Key players in the market include Merck & Co., Inc., GlaxoSmithKline, Sanofi, VBI Vaccines Inc., Shenzhen Kangtai Biological Products Co., Ltd., Dynavax Technologies Corporation, Meiji Group (KM Biologics), LG Chem Ltd., Cyrus Poonawalla Group (Serum Institute of India Pvt.), and Indian Immunologicals Limited.
Top Impacting Factors
- Increasing Geriatric Population
- Increasing Healthcare Expenditure
- Growing Instances of HBV Among Infants
- Increase in Liver Cancer and Cirrhosis Deaths due to HBV
- High Cost of Vaccine Development
- Inequitable Access to Vaccines
- Use of AI in Vaccine and Drug Design
- Technological Advancements in Vaccine Administration
- Favorable Government Initiatives and Policies
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Originally published at https://www.prnewswire.com/news-releases/global-hbv-vaccine-market-set-to-reach-2-47-billion-by-2023–driven-by-rising-hbv-cases-among-infants-301984980.html
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