Pune, Aug. 05, 2020 (GLOBE NEWSWIRE) -- The global Human Papillomavirus Vaccine market size will rise remarkably in the coming years on account of the rising prevalence of HPV associated cancer, especially among the female population. According to a recent report by Fortune Business Insights titled, “Human Papillomavirus (HPV) Vaccine Market Size, Share & COVID-19 Impact Analysis, By Type (Bivalent and Polyvalent), By Disease Indication (HPV Associated Cancer and Genital Warts), By Distribution Channel (Hospital & Retail Pharmacies, Government Suppliers, and Others) and Geography Forecast, 2020-2027,” the value of this market was USD 3.80 billion in the year 2019 and is expected to rise at a CAGR of 16.3% to reach USD 12.69 billion by the end of 2027. The forecast period is set between 2020 to 2027.
What is the Scope of the Report?
The report offers an elaborate overview of the market emphasizing on factors such as the drivers, restraints, challenges, and opportunities for the market. It also talks about the competitive landscape of the market, list of key players and the strategies adopted to earn the top position in the market competition. The report further throws light on the current trends prevalent in the market and major industry developments. For more information, log on to the company website.
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Drivers & Restraints-
Rising Need to Reduce HPV Infections to Augment Growth
The increasing prevalence of cervical cancer among female population is a key factor boosting the global Human Papillomavirus Vaccine market growth. In addition to this, the increasing need to reduce HPV infections will also add impetus to the growth in the coming years. Moreover, the governments in several countries are engaging in imposing stringent policies for supplying vaccines to eradicate the burden of this disease thereby boosting the growth of the market in the coming years.
On the contrary, vaccines and medicines are available in limited amounts and this may pose a major challenge to the market during the projected period. Nevertheless, the growing investments in research and development for introduction of novel immunization remedies for this virus are likely to create lucrative growth opportunities for the market.
The ongoing COVID-19 pandemic had a devastating impact on the world. The healthcare industry is facing major challenges as it is unable to provide beds and proper medical facilities to suffice to the increasing coronavirus patient pool. With the imposition of stringent lockdown regulations, most of the businesses are at a temporary halt. This is majorly impacting the global economy.
Fortune Business Insights is offering special analytical reports on various markets impacted by the coronavirus pandemic. These reports will help financers strategize the future of these markets despite the current situation.
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Segmentation
Polyvalent Segment is Dominating Market Owing to High Product Demand
Among all segments, the polyvalent segment dominated the market in 2019 and is further expected to continue so in the forecast period. This is owing to their cost and performance efficiency that they are more popular especially in the emerging nations of the Asia Pacific region.
Regional Analysis
North America to Lead Market Accounting to Availability of Necessary Resources
In 2019, North America held the largest HPV vaccines market share with a revenue of USD 1.83 billion. This is attributable to the presence of well-established healthcare services, coupled with the ease of availability of necessary resources. Additionally, people are well aware about the presence of vaccines and other therapeutic procedures. The rise in preference for vaccination and treatment at the nearest healthcare institution will also add impetus to the regional market growth.
Furthermore, the governments in developed nations such as Canada and the U.S. take initiatives by purchasing high volume of vaccines from manufacturing companies and supply them at lower cost. Such initiatives taken by the governments are likely to help this region continue dominating the market in the coming years as well.
Competitive Landscape
Strong Portfolio of Merck Co. Inc. and GlaxoSmithKline plc to help them Dominate Market
The competitive landscape of the market for Human Papillomavirus Vaccine is duopolistic in nature, with companies holding a major share. These include GlaxoSmithKline Plc. and Merck Co. The presence of a strong portfolio is the key factor helping these companies exhibit dominance. On the other side, other players operating in this market are engaged in collaborative efforts such as joint ventures, agreements and contracts to maintain their mark in the market competition.
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Industry Developments:
September 2019 – China-based ‘Xiamen Innovax Biotech’ and GlaxoSmithKline signed a collaborative agreement for manufacturing and marketing of the next-generation HPV vaccines.
March 2019 – The government of Maldives engaged in a joint venture with World Health Organization for the launch of human papillomavirus immunization for girls between the ages 10 to 14 years.
Key Companies Profiled in the Report include:
- Merck & Co., Inc (New Jersey, U.S)
- GlaxoSmithKline plc. (U.K., Europe)
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Pipeline Analysis
- Technological Advancements in the Human Papillomavirus Vaccine Market
- Regulatory Scenario - For Key Countries, 2019
- Prevalence of Cervical Cancer - For Key Countries, 2019
- Key Industry Developments - Mergers, Acquisitions, and Partnerships
- Global Human Papillomavirus Vaccine Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Bivalent
- Polyvalent
- Market Analysis, Insights and Forecast – By Disease Indication
- HPV Associated Cancer
- Genital Warts
- Market Analysis, Insights and Forecast – By Distribution Channel
- Hospital & Retail Pharmacies
- Government Suppliers
- Others
- Market Analysis, Insights and Forecast – By Geography
- North America
- Europe
- Asia pacific
- Latin America
- Middle East & Africa
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