The global Human Papillomavirus Vaccine market size will rise remarkably in the coming years on account of the rising prevalence of HPV associated cancer, especially among the female population. According to a recent report by Fortune Business Insights titled, “Human Papillomavirus (HPV) Vaccine Market Size, Share &COVID-19 Impact Analysis, By Type (Bivalent and Polyvalent), By Disease Indication (HPV Associated Cancer and Genital Warts), By Distribution Channel (Hospital & Retail Pharmacies, Government Suppliers, and Others) and Geography Forecast, 2020-2027,”the value of this market was USD 3.80 billion in the year 2019 and is expected to rise at a CAGR of 16.3% to reach USD 12.69 billion by the end of 2027. The forecast period is set between 2020 to 2027.
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The report offers an elaborate overview of the market emphasizing on factors such as the drivers, restraints, challenges, and opportunities for the market. It also talks about the competitive landscape of the market, list of key players and the strategies adopted to earn the top position in the market competition. The report further throws light on the current trends prevalent in the market and major industry developments. For more information, log on to the company website.
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Drivers & Restraints-
Rising Need to Reduce HPV Infections to Augment Growth
The increasing prevalence of cervical cancer among female population is a key factor boosting the global Human Papillomavirus Vaccine market growth. In addition to this, the increasing need to reduce HPV infections will also add impetus to the growth in the coming years.Moreover, the governments in several countries are engaging in imposing stringent policies for supplying vaccines to eradicate the burden of this disease thereby boosting the growth of the market in the coming years.
On the contrary, vaccines and medicines are available in limited amounts and this may pose a major challenge to the market during the projected period. Nevertheless, the growing investments in research and development for introduction of novel immunization remedies for this virus are likely to create lucrative growth opportunities for the market.
Polyvalent Segment is Dominating Market Owing to High Product Demand
Among all segments, the polyvalent segment dominated the market in 2019 and is further expected to continue so in the forecast period. This is owing to their cost and performance efficiency that they are more popular especially in the emerging nations of the Asia Pacific region.
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North America to Lead Market Accounting to Availability of Necessary Resources
In 2019, North America held the largest HPV vaccines market share with a revenue of USD 1.83 billion. This is attributable to the presence of well-established healthcare services, coupled with the ease of availability of necessary resources. Additionally, people are well aware about the presence of vaccines and other therapeutic procedures. The rise in preference for vaccination and treatment at the nearest healthcare institution will also add impetus to the regional market growth.
Furthermore, the governments in developed nations such as Canada and the U.S. take initiatives by purchasing high volume of vaccines from manufacturing companies and supply them at lower cost. Such initiatives taken by the governments are likely to help this region continue dominating the market in the coming years as well.
Strong Portfolio of Merck Co. Inc. and GlaxoSmithKline plc to help them Dominate Market
The competitive landscape of the market for Human Papillomavirus Vaccine is duopolistic in nature, with companies holding a major share. These include GlaxoSmithKline Plc. and Merck Co. The presence of a strong portfolio is the key factor helping these companies exhibit dominance. On the other side, other players operating in this market are engaged in collaborative efforts such as joint ventures, agreements and contracts to maintain their mark in the market competition.