Hepatitis B Vaccine Market Size To Surpass USD 12.36 Billion By 2030, exhibiting A CAGR Of 5.7%

As per the report by Fortune Business Insights, the global Hepatitis B Vaccine Market size is projected to reach USD 12.36 billion by 2030, at a CAGR of 5.7% during the forecast period

Pune, India, July 17, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the global Hepatitis B Vaccine Market size was valued at USD 7.94 billion in 2022 and is projected to grow from USD 8.36 billion in 2023 to USD 12.36 billion by 2030, exhibiting a CAGR of 5.7% during the forecast period.

Hepatitis B virus (HBV) is a serious health concern globally and a major cause of cirrhosis, hepatocellular carcinoma, and chronic hepatitis. Due to the high occurrence of infection, various international agencies have implemented strategies to achieve progress toward the global elimination of hepatitis B.

Key Industry Development:

December 2021: Compared to the prior year, Sinovac invested USD 155.0 million in the company's research and development projects, which amounted to USD 48.8 million in 2020 and USD 24.3 million in 2019. This plan will help the business ensure its continued growth in the future.

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Key Takeaways:

  • The increasing prevalence of hepatitis B infection is the key driver of market growth.
  • The rising demand for combination vaccines is also expected to boost market growth.
  • The increasing government initiatives to promote vaccination programs are expected to create new opportunities for market growth.
  • The high cost of hepatitis B vaccines is a major challenge for market growth.

Discover the Leading Players Featured in the Report:

Leading Players in Hepatitis B Vaccine Market are GSK plc (U.K.), Dynavax Technologies Corporation (U.S.), VBI Vaccines Inc. (U.S.), Sanofi (France), Merck & Co., Inc. (U.S.), Beijing Minhai Biological Technology Co., Ltd. (China), Gilead Sciences, Inc. (U.S.), Beijing Tiantan Biological Products Co., Ltd. (China), Amy Vaccine Co., Ltd. (China), Shenzhen Kangtai Biological Products (China).

Report Scope

Report CoverageDetails
Forecast Period2023 to 2030
Forecast Period 2023 to 2030 CAGR5.7%
2030 Value ProjectionUSD 12.36 Billion
Base Year2022
Market Size in 2023USD 8.38 Billion
Historical Data for2019 to 2021
No. of Pages126

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High Potential Advantages of Combination Vaccines to Augment Market Growth

On the basis of type, the market is bifurcated into single antigens and combinations. Among types, the combination segment accounted for the larger market share in 2022.

Increasing Immunization Rates will Augment the Hospitals & Retail Pharmacies Segment

Based on distribution channel, the market is segmented into hospitals & retail pharmacies, government supplies, and others. The hospitals & retail pharmacies segment accounted for the highest hepatitis B vaccine market share in 2022 due to the large volume of product sales owing to the first vaccination dose administered before the discharge of newborn infants from hospitals.

On the basis of region, the market can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

 Report Coverage:

The report offers a detailed study of the market and a keen examination of the major segments of the market. It provides an in-depth analysis of key players and their insightful strategies to spur the market growth for monetary gains. It also shares tangible insights which guide business owners with their investment perspective.

Drivers and Restraints:

Extensive Investments in R&D by Major Industry Players to Boost Market Growth

A result of the growing use of new pharmacological mechanisms for vaccine manufacture is an increase in the introduction of innovative vaccines to the market. Additionally, this will give businesses with strong inventive R&D capabilities and the chance to make significant investments in the creation of new products. As a result, these R&D expenditures by major companies for novel hepatitis B vaccine trials and production around the world are further anticipated to fuel market expansion.

Strict Regulatory Policies for Vaccine Approval to Hamper Market Growth

Vaccines under FDA regulation undergo various rigorous review procedures by laboratories to ensure that these products’ efficacy, safety, purity, and potency. Producing a vaccine may need around 15 years to establish its safety and efficacy.

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Regional Insights:

North America to Dominate Stoked by Rising Frequency of Hepatitis B Disease

The North American market, which was valued at USD 2.72 billion in 2022 is expected to maintain its dominance over the global market over the projection period. The North American region currently holds the largest market share for hepatitis B vaccines due to the increased frequency of hepatitis B illnesses.

When it comes to revenue and market share, Europe is the second most dominating region. Due to several regional action plans that European government authorities had put in place, a sizeable portion of the hepatitis B vaccination market existed in Europe.

The increased incidence of hepatitis B disease in Asia Pacific is driving the industry, and companies that manufacture vaccines are focusing on generating money and forming partnerships for research and development.

Competitive Landscape:

Investments Initiated by Key Players to Boost Growth

The global players have been known to imply various tactics that, in turn, assist them to gain lucrative revenues. There are many successful strategies such as partnerships, acquisitions, profitable investments, and so on. Major players operating in the market across the globe actively invest in numerous organizations to gain impetus.

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How big is the Hepatitis B Vaccine Market?

Hepatitis B Vaccine Market size was USD 8.38 Billion in 2023.

How fast is the Hepatitis B Vaccine Market growing?

The Hepatitis B Vaccine Market will exhibit a CAGR of 5.7% during the forecast period, 2023-2030

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