The global human papillomavirus vaccine market is anticipated to witness a significant growth during the forecast period, owing to the rising number of HPV diseases. Cervical cancer sub-segment is expected to be most lucrative. North America is anticipated to dominate the market.
New York, USA, Aug. 03, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global human papillomavirus vaccine market is expected to generate a revenue of $9,283.6 million by 2027, growing at a CAGR of 12.0% during the forecast period (2020-2027). The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures, making it easier and helpful for the new participants to understand the market.
Dynamics of the Market
Drivers: Substantial surge in the number of HPV associated diseases is expected to drive the growth of the market during the forecast period. In addition, numerous initiatives taken by the government and private institutions so as to curb the spread of the virus is further predicted to accelerate the growth of the market during the forecast period.
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Restrains: Limited availability of vaccine is expected to impede the growth of the global human papillomavirus vaccine market during the forecast period.
Opportunities: Persistent efforts on research and development by various companies for developing effective vaccines are expected to create vital investment opportunities for the growth of the market during the forecast period.
Key Segments of the Market
The report has divided the market into different segments depending on type, indication, distribution channel, and region.
Type: Tetravalent Sub-segment Estimated to Have the Highest Market Share
The tetravalent sub-segment is anticipated to grow exponentially with a CAGR of 11.6% during the forecast period. Tetravalent human papillomavirus vaccine safeguards against infections from HPV type 6, 11, 16, and 18 that are envisioned to cause cervical cancers and genital warts. This factor is expected to drive the growth of the sub-segment during the forecast period
Indication: Cervical Cancer Sub-segment to be Most Profitable
The cervical cancer sub-segment is expected to grow rapidly, surging at a CAGR of 11.6% during the forecast period. The rising prevalence of cervical cancer among people around the globe is expected to drive the growth of the sub-segment during the forecast period.
Distribution Channel: Public and Private Alliance Sub-segment to be Most Lucrative
The public and private alliance sub-segment generated a revenue of $1,570.5 million back in 2019 and is further expected to grow exponentially during the forecast period. Meritorious initiatives taken by public and private institutions in collaboration, to treat infections arising from HPV is expected to accelerate the growth of the sub-segment during the forecast period.
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Region: North America Anticipated to Dominate the Market
North America HPV vaccine market is expected to grow expeditiously, surging at a CAGR of 11.0% during the forecast period. Increasing research and development activities by companies in the region and extensive initiatives taken by the government are expected to bolster the growth of the market in this region during the forecast period.
COVID-19 Impact on the Market
The outbreak of COVID-19 has substantially impacted the global human papillomavirus vaccine market in a positive way, owing to the sizeable investments done by the companies in order to develop effective vaccines. Moreover, growing demand for HPV vaccine among people around the globe is further expected to surge the growth of market.
Key Players of the Human Papillomavirus Vaccine Market
The major players of the market are -
Serum Institute of India Pvt Ltd.
Johnson & Johnson
Merck & Co.
Xenetic Biosciences Inc.
These players are working on developing strategies such as product development, merger and acquisition, and partnerships and collaborations to sustain the market growth.
For instance, in January 2021, Pregna International Ltd., a leading contraceptive solutions organization, launched a modern cryotherapy device called CryoPop, which helps in fighting cervical cancer.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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