The global Oral Typhoid Vaccine Market is estimated to be valued at US$ 394.62 Billion in 2023 and is expected to exhibit a CAGR of 12.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
The oral typhoid vaccine is a highly effective preventive measure against typhoid fever, a potentially life-threatening infection caused by the bacteria Salmonella Typhi. The vaccine is administered orally, providing ease of use and increasing patient compliance. It offers several advantages over traditional injectable vaccines, including improved patient acceptance and easier mass immunization campaigns. With the increasing incidence of typhoid infections and the need for effective preventive measures, the demand for oral typhoid vaccines is expected to witness significant growth in the coming years.
Market Key Trends:
One key trend in the oral typhoid vaccine market is the expanding government immunization programs in developing countries. Many governments are focusing on improving the healthcare infrastructure and increasing awareness about the importance of vaccination to prevent infectious diseases. This has led to the inclusion of oral typhoid vaccines in national immunization programs, creating a significant market opportunity for vaccine manufacturers. Additionally, the rising emphasis on travel vaccines and the growing number of travelers visiting typhoid-endemic regions are also driving the demand for oral typhoid vaccines.
Threat of New Entrants:
The oral typhoid vaccine market has a medium level of threat from new entrants. While the market is dominated by established players, the high growth potential and strong demand for vaccines create opportunities for new entrants to enter the market. However, barriers in terms of stringent regulatory requirements and the need for substantial investments in research and development may discourage new players from entering the market.
Bargaining Power of Buyers:
Buyers in the oral typhoid vaccine market have a moderate level of bargaining power. While the market is primarily driven by government vaccination programs and public health initiatives, buyers have the power to negotiate prices and terms with vaccine manufacturers. However, the critical nature of vaccines and limited availability of alternative suppliers give manufacturers some leverage in negotiations.
Bargaining Power of Suppliers:
Suppliers of raw materials and other components required for vaccine production have a low level of bargaining power in the oral typhoid vaccine market. Vaccine manufacturers have established relationships with suppliers and can easily switch to alternative sources if needed. Additionally, the presence of multiple suppliers in the market increases competition and reduces supplier power.
Threat of New Substitutes:
The threat of new substitutes in the oral typhoid vaccine market is relatively low. Vaccines are the primary and most effective method of preventing typhoid fever, and there are limited alternatives available. Other prevention methods, such as improved hygiene practices and sanitation, can complement vaccination efforts but cannot entirely replace the need for vaccines.
The oral typhoid vaccine market is highly competitive, with several key players operating in the market. Sanofi Pasteur, Bharat Biotech, Pfizer Inc., and GlaxoSmithKline (GSK) are some of the major players in the market. These companies compete based on factors such as product efficacy, safety, cost-effectiveness, and outreach capabilities. The increasing demand for vaccines and the potential for market expansion further intensify the competition among these players.
The global Oral Typhoid Vaccine Market Share is expected to witness high growth, exhibiting a compound annual growth rate (CAGR) of 12.3% over the forecast period from 2023 to 2030. This growth can be attributed to the increasing awareness about typhoid prevention, growing government initiatives for vaccination programs, and rising incidences of typhoid infections worldwide.
In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the oral typhoid vaccine market. This can be attributed to the high prevalence of typhoid fever in countries like India, China, and Southeast Asian nations. Increasing investments in healthcare infrastructure, rising disposable incomes, and government initiatives to improve vaccination coverage are driving the growth of the oral typhoid vaccine market in this region.
Key players operating in the oral typhoid vaccine market include Sanofi Pasteur, Bharat Biotech, Pfizer Inc., GlaxoSmithKline (GSK), and Baxter International Inc. These companies have a strong market presence, extensive product portfolios, and significant investments in research and development. Other key players in the market include Merck & Co., Inc., Takeda Pharmaceutical Company Limited, Novartis International AG, and Biological E. Limited. The competitive landscape of the oral typhoid vaccine market is driven by technological advancements, strategic collaborations, and mergers and acquisitions among these key players.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it