New York, USA, Feb. 10, 2021 (GLOBE NEWSWIRE) -- According to a newly published report by Research Dive, the global human papillomavirus vaccine market is estimated to generate $9,283.6 million by 2027, and grow at a CAGR of 12.0% during the forecast period from 2020 to 2027. As per our analysts, increasing cases of human papillomavirus (HPV) associated diseases in oropharynx, anal, and genital parts coupled with the rising demand for HPV vaccines are the major factors that are expected to boost the growth of the global human papillomavirus vaccine market during the forecast period. In addition, several governments and private institutions across the globe are taking multiple initiatives to develop HPV vaccine in order to control the spread of the virus, which is estimated to drive the global market growth by 2027. However, the limited availability of HPV vaccine for specific age group of people is anticipated to hamper the growth of the global human papillomavirus market in the coming years.
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Impact of COVID-19 on the Market
The outbreak of COVID-19 around the world has progressively impacted the global human papillomavirus vaccine market. The positive growth of the market can be majorly attributed to increasing investments by various companies in developing human papillomavirus (HPV) vaccine, as it is a deadly disease. Besides, many vaccine manufactures and scientists are continuously working to develop a HPV vaccine to fulfill the growing demand for HPV vaccine amongst population around the world. This aspect is also predicted to accelerate the growth of the global market during the COVID-19 pandemic.
Tetravalent Sub-Segment to Account for Largest Market Share
By type, the tetravalent type segment is estimated to account for majority of the market share and grow at a CAGR of 11.6% during the forecast period. This is mainly because tetravalent HPV vaccine protects against the infection with HPV type 6, 11, 16 and 18, which are responsible for 80% of cervical cancer.
Cervical Cancer Sub-Segment to be the Most Lucrative
By indication, the cervical cancer sub-segment was valued for $2,288.6 million in 2019 and is anticipated to be the most lucrative throughout the forecast period. The lucrative growth of this sub-segment can be majorly attributed to rising cases of cervical cancer across the globe.
Public & Private Alliances Sub-Segment to Hold the Highest Market Share
By distribution channel, the public and private alliances sub-segment was valued for $1,570.5 in 2019 and is predicted to hold the maximum share in terms of revenue in the projected timeframe. This is mainly because public & private organizations provide HPV vaccine and treatment to the infected person by collaborating with each other.
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North America Region to Create Massive Growth Opportunities
By region, the North America HPV vaccine market is estimated to hold the largest share in the market and rise at a CAGR of 11.0% during the forecast period. The massive growth of the region can be attributed to initiatives taken by government for treating human papillomavirus.
Major Market Players
Some of the top players functioning in the global human papillomavirus vaccine industry include -
- Johnson & Johnson
- GlaxoSmithKline Plc
- Merck & Co., Inc.
- Sanofi S.A.
- AstraZeneca Plc
- Novartis AG
- Bharat Biotech
- Serum Institute of India Pvt. Ltd.
- Xenetic Biosciences, Inc.
- Inovio Pharmaceuticals, Inc.
Further, the report outlines several aspects of these prominent players such as business performance, strategic moves, product portfolio, recent developments, and SWOT analysis.
The players are adopting several strategies to hold a strong position in the global industry. For instance, in September 2019, GlaxoSmithKline, a British pharmaceutical giant, and Xiamen Innovax Biotech, a China-based company, entered into partnership to develop a next-generation human papillomavirus (HPV) vaccine.
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