Jan 16, 2020 1:44 AM ET
Rabies Vaccine Market is Observed to Grow at CAGR of 6% During 2019-2025
iCrowd Newswire -
Jan 16, 2020
Rabies Vaccine Market is estimated to reach $970 million by 2025, and is observed to grow at a CAGR of 6% during forecast period of 2019-2025. Growing awareness on prevention of rabies, and support from government are the key factors driving the growth for the rabies vaccine market.
- The Rabies Vaccine Market size during 2018 is $635.6 million. The Vero Cells Rabies vaccine segment has the highest revenue by product segment. It is positioned the highest in Rabies Vaccine market share, due to its feasibility and wider application.
- North America held the largest market share with 30% in terms of revenue owing to its development in healthcare sector.
- Education on the causative and preventive measures of rabies, and increased initiatives by government have driven the market. But lack of resources and adequate supply of vaccines in developing nations, hinder the market growth in such regions.
Product Type – Segment Analysis
Vaccines are prepared using cellular substrates such as hamster kidney cells, chick embryo cells, fetal rhesus lung cells, Vero cells and others. The Vero Cell Babies vaccine segment accounted for the largest market share of rabies vaccine market based on product type. This is owing to the feasibility of the Vero Cells. Also, these vaccines can be used for Pre-exposure Prophylaxis and Post-exposure Prophylaxis. This Vero cell vaccines are also safe and have high immunogenicity.
Application – Segment Analysis
Rabies is responsible for more than 59,000 deaths, every year. The heavy expenditure for treatment of rabies cases can be reduced by Pre-exposure Prophylaxis. This preventive vaccine is used by people who are at risk of being infected by rabies as their work exposes them to the virus. Those patients with bite or non-bite exposures are given Post-exposure Prophylaxis to control and treat the infection after it has affected the body. Rabies immunoglobulin is given post exposure to neutralize rabies at the wound site, and is then followed by vaccination. Post-exposure Prophylaxis is projected to be growing at a CAGR of 4.7%. The post-exposure treatment has also considerably reduced the number of rabies related deaths, even though cases of rabies are high.
Geography – Segment Analysis
North America occupies the largest share by geography, in Rabies Vaccine Market. This is because, the number of deaths attributed to rabies have declined over the past few years. This reduction is due to animal vaccination programs and development of human rabies vaccines by these nations. Government support and establishment of a number of pharmaceutical companies in these regions, also contributes to the rabies vaccine market. North America has a well-established healthcare infrastructure and higher awareness among the people as well as healthcare professionals, which further make the rabies vaccine market dominant.
Drivers – Rabies Vaccine Market
- Increased government initiatives
With the rise in number of deaths due to rabies, government has increased their efforts to prevent its spreading. The government has educated people and also taken measures to vaccinate animals, thus having reduced the number of rabies cases. This has driven the need for rabies vaccines and hence the rabies vaccines market.
- Increase in the adoption of strays as pets
The increase in adoption of stray animals has also contributed to the rabies vaccine market. As people are well educated about the cause of rabies and its prevention, they have started vaccinating their pets. Adoption of pets has increased which requires more vaccination to be done for adopted pets. Canine vaccines contained a preservative, thimerosal, which was a derivative of mercury. It was harmful to pets and humans. So now most vaccines are devoid of thimerosal. Hence thimerosal or mercury-free vaccines have more potential to grow in demand.
Challenges – Rabies Vaccine Market
- Fewer regulations in low income countries
Lower income countries have less resources to regulate the virus. The animal control in such nations is very difficult owing to their huge population of stray animals. Also, people in such nations are not completely educated about the disease and its prevention. Some remote areas also lack supply of vaccines which restrain the market further.
Rabies Vaccine Industry Outlook
Research & development and strategic alliances are some of the key strategies adopted by players in the rabies vaccine market. Rabies Vaccine top 10 companies are AstraZeneca, Sanofi Pasteur Inc., Novartis Vaccines and Diagnostics Ltd., Cadila Pharmaceuticals Ltd., GlaxoSmithKline Biologicals, Merck & Co Inc., Wyeth pharmaceuticals, Berna Biotech Ltd., and Medimmune LLC., CSC Pharmaceutical International, and others.
Acquisitions/Research & Development Launches:
- During February, 2019, GlaxoSmithKline (GSK) divested its Chiron Behring Vaccines unit (India, to a clinical biotechnology company Bharat Biotech (India). Chiron Behring Vaccines is one of the largest manufacturer of rabies vaccines. Bharat Biotech can enhance their product portfolio and increase its availability to tackle public health.
Rabies Vaccine Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. These provide the key market participants with the necessary business intelligence and help them understand the future of the Rabies Vaccine market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.
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