DUBLIN, Jan. 31, 2023 /PRNewswire/ -- The "Global Hepatitis B Virus (HBV) Vaccine Market: Analysis By End User (Adult & Pediatric), By Composition (Mono & Combination), By Region (The US, China, EU+UK, Japan & ROW), Size and Trends with Impact of COVID-19 and Forecast up to 2027" report has been added to ResearchAndMarkets.com's offering.
The global hepatitis B virus (HBV) vaccine market was valued at US$2.23 billion in 2021, and is predicted to grow to US$3.04 billion in 2027.
The hepatitis B vaccine is an effective way to prevent infection with the hepatitis B virus. Vaccination is the core component of hepatitis B virus (HBV) prevention and a key intervention in the World Health Organization's (WHO) efforts to eradicate hepatitis B by 2030.
Following the approval of the first hepatitis B vaccine in 1981, there has been significant progress in hepatitis B vaccines. Furthermore, vaccine recommendations have evolved over several decades, culminating in the recommendation for universal hepatitis B immunization for all people under the age of 60. The market is expected to grow at a CAGR of 5.28% over the projected period of 2022-2027.
Market Segmentation Analysis:
The combination vaccines segment is anticipated to grow at the fastest rate during the forecasted period, due to its properties of protection against multiple causal agents. The combination vaccine also reduces the cost of packaging for individual vaccines, which would contribute to the segment market growth. For example, the Twinrix combination vaccine can protect against both hepatitis B and hepatitis A.
In the report, the global hepatitis B virus (HBV) vaccine market is divided into five regions: The US, China, Europen Union, Japan, and ROW. The US accounted for the maximum share of the global market in 2021. The hepatitis B vaccine market in the US is a significant market, with a high demand for the vaccine due to the ongoing threat of hepatitis B virus (HBV) infection.
The market is expected to continue to grow in the coming years, driven by factors such as the increasing prevalence of HBV, government initiatives and policies to promote vaccination, technological advances in vaccine production, and increasing healthcare expenditure.
There are several manufacturers of the HBV vaccine in the US, including GlaxoSmithKline, Merck & Co., Inc., and more. These manufacturers offer a range of HBV vaccines, including monovalent (mono-HBV) vaccines and combination (combo-HBV) vaccines. The specific vaccines available and their prices may vary depending on the manufacturer and the distribution channel.
European Union and the UK market is expected to expand significantly during the forecast period. Various reasons such as improved healthcare infrastructure, an active government drive to track HBV, and a well-established reimbursement system for hospitals, are expected to drive the growth of the market in European Union.
In addition, Public Health England is constantly updating the country's HBV infection burden, relating it to economic burden, statistical modelling, and estimating vaccination cost-effectiveness. These types of studies are also expected to propel the growth of the market in EU. Furthermore, the market's growth is projected to be influenced by ongoing technological advancements, greater accessibility, and rising disposable income.
The favorable environment for new vaccines, as well as government legislation, are foreseen to assist the market's growth. Companies would adjust to changing market conditions and tailor their business plans and practices to aid in the growth of the HBV vaccination in the region.
Growth Drivers: One of the key drivers of the market's expansion is the increasing geriatric population. The demand for hepatitis B virus (HBV) vaccine may increase as the population ages, as the risk of HBV infection and complications increases with age. Older people are more likely to have underlying health conditions that may increase their risk of HBV infection and complications.
Older people may also be more likely to have certain behaviors or exposures that increase their risk of HBV infection. Other significant growth factors of the market include, rising prevalence of hepatitis B virus, rapid urbanization, increasing healthcare expenditure, growing instances of HBV among infants and increase in liver cancer and cirrhosis deaths due to HBV.
Challenges: However, some challenges are impeding the growth of the market such as high cost of vaccine development and inequitable access to vaccines. Inequitable access to vaccines have been observed and is a critical issue in the market, particularly in impoverished areas where awareness programs and initiatives have either failed to permeate or have not penetrated sufficiently. Furthermore, the development and distribution of HBV vaccines and antibodies in deprived areas is unequal, which is considered as a stumbling block to the market's growth.
Trends: The market is projected to grow at a fast pace during the forecast period, due to use of AI in vaccine and drug design, technological advancements in vaccine administration and favorable government initiatives and policies. Government initiatives are considered the most important trend for the growth of the vaccine market.
For instance, The Global Alliance for Vaccines and Immunization (GAVI), founded in early 2000 with funding from the Bill and Melinda Gates Foundation and now supported by a number of partners, has played an important role in promoting universal hepatitis B vaccination in low and middle-income countries.
Global hepatitis B virus (HBV) vaccine market is moderately concentrated, with increasing acquisitions, collaboration, and product launches. Past decades have seen rise in studies on characteristics of anti-HBs antibodies, pertaining to neonates, infants, adults, and immune suppressed patients.
Due to the concentration of key players in developed regions, regional partnerships and distribution agreements have become major strategic initiatives for a number of key players. Numerous new entrants and established players also eye potential avenues in chronic HBV infected patients and intend to conduct more research on therapeutic vaccination.
In March 2022, VBI Vaccines Inc. received the US Food and Drug Administration approval for the only 3-antigen HBV vaccine for adults in the US, PreHevbrio for hepatitis B.
Top players have been trying to incorporate the results of multicenter studies in a bid to improve response to HBV vaccination, with a direct focus on HBV mutants.
Global Market Analysis
Global Hepatitis B Virus (HBV) Vaccine Market: An Analysis
End User Analysis
Global Adult Hepatitis B Virus (HBV) Vaccine Market: Composition Analysis
The key players in the global hepatitis B virus (HBV) vaccine market are:
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