by The global Recombinant Vaccine Market is estimated to be valued at US$ 1,184.29 Mn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Recombinant vaccines utilize recombinant DNA technology to produce vaccine antigen in living cells like bacteria, yeast, plant or animal cells, etc. They are considered safer and more efficient than traditional vaccines produced in chicken eggs or animal tissues. They can offer higher immunogenicity and protection against several diseases including influenza, hepatitis B, human papillomavirus (HPV), and others. The growing number of infectious disease outbreaks and increasing focus on preventive healthcare solutions around the globe are expected to drive the demand for recombinant vaccines over the forecast period.
Market key trends:
One of the key trends in the recombinant vaccine market is the growing investment in R&D activities for the development of new recombinant vaccines. Government policies and expanding immunization programs are also supporting the development of new vaccines. For instance, in August 2019, the Bill & Melinda Gates Foundation committed $75 million to support efforts to develop effective recombinant protein-based vaccines for dengue fever. Another trend is the increasing adoption of plant-based recombinant vaccine production which offers several advantages over traditional production methods. It provides high quality, safe, and cost-effective recombinant proteins and vaccines.
Porter’s Analysis
Threat of new entrants: Low establishment and setup costs along with established intellectual property rights held by existing players pose significant entry barriers for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to presence of substitutes and strong competitive rivalry leading to price transparency. However, differentiation and brand loyalty balance some of the buyer power.
Bargaining power of suppliers: Suppliers having specialized components and reagents enjoy some bargaining power. However, availability of substitute suppliers balances this.
Threat of new substitutes: Threat of new substitutes is moderate as alternative modalities like DNA vaccines and antitoxins are emerging.
Competitive rivalry: Strong as major players differ on basis of manufacturing scale, technology ownership and regional presence leading to intense competition.
Key Takeaways
The global Recombinant Vaccine market is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period, due to increasing demand for safer and immunogenic vaccines. The market size for 2023 is estimated to reach $1,184.29 Mn.
Regional analysis
North America is currently the largest market for recombinant vaccines accounting for over 40% share due to high adoption rate and favorable regulatory environment for novel vaccines. Asia Pacific region is poised to grow at fastest pace over next decade led by supportive public health initiatives and conducive policies of emerging economies like China and India.
Key players
Key players operating in the recombinant vaccine market are Merck & Co., Inc., Novartis AG, Pfizer Inc., Sanofi, GSK plc., GC Biopharma, Bayer AG, Bharat Biotech, Serum Institute of India Pvt. Ltd., Sartorius AG, Johnson & Johnson Services, Inc., and Bio Farma. Merck & Co., Inc. and GSK plc are the leaders in the market with diverse commercialized vaccines.
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