The global TCV vaccines market size was valued at USD 320 million in 2021 and is projected to reach around USD 820 million in 2030 exhibiting a CAGR of 12.0% in the forecasted period. The rising prevalence of typhoid and growing research, surging public initiatives for endorsing and progressing the development of ground-breaking products are anticipated to upsurge the market growth. However, restrictions related to available vaccines, reoccurrence of contrary events after immunization are the factors hindering the growth of the market in the forecasted period.
Public administrations such as the World Health Organization (WHO), Gavi, Bill & Melinda Gates Foundation, and others are extremely active in generating awareness about diseases such as typhoid and boosting immunization efforts against such diseases, which is projected to drive growth of the typhoid conjugate vaccines (TCV) market. For instance, in April 2018, Gavi selected US$ 85 million to fund introduction of this vaccine in low revenue nations across Africa and Asia region. Moreover, in October 2017, WHO suggested development of typhoid vaccine for children above six months in endemic areas such as Asia, Africa, the Caribbean, Latin America, and Oceania. It also acclaimed catch-up vaccination when possible, highlighting children and adolescents up to 15 years of age.
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Furthermore, the World Health Organization (WHO) pre-qualified a typhoid conjugate vaccine (TCV) Typbar TCV, produced by Bharat Biotech in January 2018. This WHO pre-qualification allows the procurement and stock of this vaccine to UNICEF, the Pan-American Health Organization (PAHO), and GAVI (a vaccine association) supported nations. Additionally, in October 2017, WHO’s Strategic Advisory Group of Experts on Immunization (SAGE) re-emphasized the significance of the use of typhoid vaccines in low- and middle-income nations, as well as for the control of widespread typhoid.
During the COVID-19 pandemic, pharmaceutical business, clinical tool companies and similarly biotechnology firms are facing complications that are happening from the disruption in supply chains and the demand to alter service processes. Furthermore, there is slight influence on the TCV vaccines market as owing to lockdown and travel constraint there is a postponement in the vaccination timetable for infants. As the studies reveal that there is no relationship between COVID-19 and TCV vaccine. Therefore, COVID-19 restriction and transportation problem disturbs the TCV vaccine market.
The market for TCV vaccines is moderately competitive. With the rising applications of TCV vaccines, new players are considering to enter the market. The companies are also involved in activities like joint ventures, acquisitions, partnerships, mergers, and collaborations. These activities aid in growing the effect of the players in the TCV vaccines market, ultimately boosting the market growth.
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Competitive Analysis
GlaxoSmithKline PLC, Sanofi SA, Bharat Biotech, PT BIO FARMA, Shanghai Institute of Biological Products Co., Ltd., Prokarium, Bio-Med Pvt. Ltd., PaxVax, Inc.
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