New York, USA, June 06, 2022 (GLOBE NEWSWIRE) -- Press Release:
As per the newly published report by Research Dive, the global human papillomavirus vaccine market is anticipated to grow at a stunning CAGR of 12.0%, thereby garnering a revenue of $9,283.6 million by 2027. This comprehensive report provides a brief outlook of the current framework of the human papillomavirus vaccine market including its major characteristics like growth drivers, growth opportunities, restraints, and hindrances during the analysis period of 2020-2027. All the necessary and essential market figures are also provided in this report to help new entrants analyze the market easily.
Dynamics of the Market:
Drivers: Rising number of human papillomavirus cases is expected to be the primary growth driver of this market. Additionally, initiatives taken by various government and private institutions so as to ease the process of distribution of the vaccines is predicted to be a major factor in the growth of the human papillomavirus vaccine market.
Opportunities: Major companies have invested heavily in the development of human papillomavirus vaccines which is anticipated to provide huge growth opportunities to the market. Along with this, government initiatives to develop and distribute the vaccines are expected to boost the market substantially in the forecast timeframe.
Restraints: Limited availability of the vaccine is, however, expected to become a restraint in the growth of the human papillomavirus vaccine market.
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Impact of Covid-19 on the Market:
The Covid-19 pandemic and the subsequent lockdowns across the globe had severely impacted various industries. However, the human papillomavirus vaccine market has proven to be an exception. The heavy investment by various companies to develop the vaccine has proven to be the main reason behind the surge in the market. Moreover, since the healthcare companies were working at a full-fledged capacity in the pandemic times, it has helped the market grow in these years. Also, increasing number of human papillomavirus cases, over the years, has increased the demand for human papillomavirus vaccines, which has led to a growth in the market despite the pandemic situation.
Segments of the Market:
The report has divided the market into certain segments based on type, indication, distribution channel, and region.
Type: Tetravalent Sub-segment to be the Most Dominating
By type, tetravalent sub-segment is expected to have the most dominating market share and is expected to grow at a CAGR of 11.6% in the 2020-2027 timeframe. Of all the cervical cancer cases, 80% of the cases are caused by HPV type 6, 11, 16, and 18. Since, tetravalent human papillomavirus vaccines effectively protect a person from the infection caused by these types, the tetravalent sub-type is highly in demand. This is expected to be the main growth driver of the sub-segment in the forecast timeframe.
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Indication: Cervical Cancer Sub-segment to have the Highest Market Share
By indication, the cervical cancer sub-segment of the human papillomavirus vaccine market is expected to have the largest market share and grow at a CAGR of 11.6% in the forecast period. Rising number of cervical cancer cases across the globe is predicted to be the main growth driver of the market.
Distribution Channel: Public and Private Alliances Sub-segment to be the Most Profitable
By distribution channel, the public and private alliances sub-segment of the human papillomavirus vaccine market is expected to be the most profitable sub-segment and grow at a CAGR of 12.2% in the forecast period. Increasing number of initiatives undertaken by public and private organizations so as to develop and distribute human papillomavirus vaccines is estimated to help this sub-segment grow in the analysis timeframe.
Region: Market in North America Region to be the Most Lucrative
By regional analysis, the human papillomavirus vaccine market in the North America region is anticipated to be the most lucrative by growing at a fascinating CAGR of 11.0% during the 2020-2027 timeframe. The wide range of initiatives undertaken by the governments of the countries in this region, especially the US Government, is expected to offer massive growth opportunities to the market in this region in the forecast period.
Prominent Market Players:
Some of the key players in the human papillomavirus vaccine market are GlaxoSmithKline Plc, Sanofi S.A., Bharat Biotech, Johnson & Johnson, Novartis AG, Inovio Pharmaceuticals Inc, Merck & Co., Inc., Serum Institute of India Pvt. Ltd., Xenetic Biosciences, Inc., and AstraZeneca Plc, among others. These key players are devising new technologies and smart innovations to gain a prominent position in the global market.
For instance, in September 2021, MSD Pharmaceuticals, a subsidiary of Merck & Co. Inc, announced the launch of India’s first gender neutral human papillomavirus vaccine called Gardasil 9. This vaccine will extensively help in curbing the growing incidence of cancer in Indian girls and women (age group: 9-26 years) as well as Indian boys (age group: 9-15 years).
Finally, the report also summarizes many crucial aspects of the human papillomavirus vaccine market including SWOT analysis, latest strategic developments, product portfolio, and financial performance of the key players.
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Related Trending Article Links:
- A Guide for Human Papillomavirus Vaccines: Age, Guidelines, Safety, and Efficacy
- Novel Developments and Researches by Market Players to Foster the Growth of the Global Human Papillomavirus Vaccine Market
