According to the latest market report published by Credence Research, Inc., the global market for hepatitis B vaccines was valued at US$ 1.39 billion in 2016 and is expected to reach US$ 1.89 billion by 2025, increasing to CAGR by 3.5 per cent from 2017 to 2025.
Hepatitis B is a life-threatening liver infection. The market for Hepatitis B vaccines is growing rapidly as it is more effective than any other treatment option in preventing infection. Some factors, such as increased awareness of the prevention of hepatitis B infection, and government initiatives to conduct routine immunization programs are contributing to the global growth of hepatitis B vaccines. For the purpose of the study, the global market for hepatitis B vaccines is segmented by the type of vaccine composition, such as mono-and combination vaccines. It is noted that in base year 2016, combination vaccines held the largest market share due to factors such as increased patient compliance, better disease control and lower chances of missing immunization are driving the growth of combination vaccines worldwide.
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On the basis of end users age, the hepatitis B vaccines market is categorized into pediatric and adult hepatitis B vaccines. Currently, adult hepatitis B vaccines is the major revenue contributing segment as adults are at a high risk of developing hepatitis B infections due to renal disease and HIV infection which is influencing the market growth of adult hepatitis B vaccines globally. Hepatitis B vaccines market is currently dominated by North America due to factors such as extensive R&D activities, higher cost of vaccines and immunization program that are driving the market growth in North America. Asia Pacific is anticipated to show highest CAGR during forecast period due to increasing healthcare awareness and government initiatives in immunization program.
Market Competition Assessment:
The hepatitis B vaccines market is observed to be highly competitive and comprises large number of players. However, the market is currently dominated by few players such as Beijing Minhai Biotechnology, CSL Ltd, Dynavax Technologies, Emergent Biosolutions, GlaxoSmithKline Biologicals, Merck & Co, Inc, Novartis AG, Pfizer Inc., Sanofi Pasteur, Serum Institute of India, Sinovac Biotech and other.
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Key Market Movements:
- Governments across the world have mandated the immunization of hepatitis B for travelers. Hepatitis B vaccine is included in government national immunization schedules in various countries. And increase in awareness of hepatitis B infection prevention is driving the growth of hepatitis B vaccines market worldwide.
- Processes of vaccine development and approval is stringently regulated by the regulatory authorities, which may negatively impact the market growth of hepatitis B vaccines globally.
- Hepatitis B vaccine requires cold storage condition, it increases the market price of vaccines. This would hinder the market growth in some countries.
Report Scope by Segments
By Composition Type
- Mono Vaccines
- Combination Vaccines
By End User Age
- Adult Hepatitis B Vaccines
- Pediatric Hepatitis B Vaccines
By Geography Segment
• North America (U.S., Rest of North America)
• Europe (U.K., Germany, France, Rest of Europe)
• Asia Pacific (China, Japan, India,Rest of Asia Pacific)
• Rest of the World (Middle East & Africa, Latin America)
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