The Indian vaccine market has witnessed a robust growth over the past few years. Some of the major driving factors include continuous R&D, rising health awareness, entry of private players and improving cold chain logistics.
IMARC Group’s latest report, titled “Indian Vaccine Market Report and Forecast 2018-2023”, finds that the Indian vaccine market reached a value of INR 68.8 Billion in 2017, growing at a CAGR of nearly 18% during 2010-2017. Vaccines refer to biological preparations containing weakened or dead microbes which lead to immunization against specific diseases. They are administered orally, by aerosol or through injections to develop immunity in the body against a number of diseases such as polio, measles, influenza and rabies. Currently, India is one of the leading manufacturers and suppliers of vaccines in the world. It solely accounts for 60% of the total vaccines supplied to UNICEF.
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Highlights of the Indian Vaccine Market:
- Strong government support remains the primary growth driving factor.
- Entry of private players has also contributed to the market growth.
- Based on type, oral polio vaccine accounts for the majority of the market share.
One of the major drivers of the Indian vaccine market has been the strong government support. Sturdy government funding and successful initiative have resulted in massive market development. Government-funded health campaigns have created widespread health awareness among the population, resulting in the expansion of the consumer-base. Continuous R&D has led to the introduction of new and improved vaccines in the market, which has boosted their demand as well as the profits of the manufacturers. Rising interest of private players in vaccine manufacturing along with the growing mergers and acquisitions in the industry has also enhanced the production capacity of the producers, thus increasing the product supply in the international market. This has resulted in the massive growth of the vaccine market in India. Some of the other factors positively influencing the market growth are growing population, elevating incomes, improving cold chain logistics and NGO participation.
The market has been segmented on the basis of type, where oral polio vaccine accounts for the majority of the market share. The vaccines covered in the report include BCG, HIB, Influenza, Varicella, Typhoid, Japanese Encephalitis, Measles, Tetanus Toxoid, Hepatitis A, Rubella, DPT, Polio, MMR, Rotavirus, Hepatitis B, Pneumococcal, Meningococcal, Rabies and HPV. Some of the key players operating in the market represent Sanofi Aventis, Pfizer, Novartis, Serum Institute and Panacea Biotech.
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The report has examined the Indian vaccine market on the basis of:
- Oral Polio Vaccine
- Rabies Vaccine
- Sanofi Aventis
- Serum Institute
- Panacea Biotech
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