Pentavalent Vaccine Market: Research 2023: Region Wise Analysis of Top Players in Market by its Types and Application
Vaccines are biological preparations that provide immunity against a specific or number of diseases. Pentavalent vaccine is a combination of five vaccines. It provides immunity to children against five potentially fatal diseases: diphtheria, pertussis, tetanus, hepatitis B, and hemophilius influenza type b. Governments of several countries such as India have decided to include the vaccine in the national immunization schedule. This vaccine can be given to any child aged from 6 weeks to 1 year.
The global pentavalent vaccine market is projected to grow at a significant rate during the forecast period. According to the World Health Organization, hemophilius influenza type b (Hib) is one of the leading causes of childhood pneumonia and meningitis. Hib caused around 8.1 million illnesses globally in 2000. Hence, high incidence rate of the disease is one of the major factors fueling the growth of the global pentavalent vaccine market. Implementation of universal immunization program, rise in awareness about child care, and high efficiency are the other factors likely to propel the global market during the forecast period.
Furthermore, less pricks to children and protection against five diseases, government initiatives to reduce incidence of the diseases, entry of new vaccine developers, and robust R&D are factors expected to fuel the growth of the global market from 2017 to 2025. Stringent government regulation regarding efficacy and safety and lack of coverage area can act as major restraints of the global pentavalent vaccine market during the forecast period.
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The global pentavalent vaccine market can be segmented based on formulation type, distribution channel, and region. In terms of formulation type, the global market can be divided into lyophilized and liquid. The liquid segment is expected to hold a significant share during the forecast period, as only liquid formulation is used in several regions such as India based on immunization program. Based on distribution channel, the global pentavalent vaccine market can be categorized into retail pharmacies, hospital pharmacies, and e-commerce.
Geographically, the global pentavalent vaccine market can be segmented into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. North America is anticipated to dominate the global market, accounting for the largest share during the forecast period. Surge in investment by government and public sector and government initiatives to make the region disease free are the factors propelling the pentavalent vaccine market in North America.
Furthermore, adherence to immunization program and high health care expenditure are the factors boosting market growth in the region. Europe is expected to hold a significant share of the global market due to increased awareness and development of childcare programs. The market in Asia Pacific is anticipated to register faster growth rate during the forecast period. High prevalence of the disease, entry of market players in countries such as India and China, rise in awareness among people, increased funding research activities, and compulsory and free immunization programs by governments are the factors driving the market in the region.
Key players have adopted strategies such as geographical expansion, safety and efficacy of vaccines, and cost-effectiveness to sustain their positions in the global pentavalent vaccine market. Major players operating in the global market are Serum Institute of India, Panacea Drugs Pvt. Ltd., Shantha Biotechnics, Biological E. Ltd., and Novartis AG, among others.