In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Hepatitis B is a liver disease suffered mainly by adults, is passed from person to person generally through infected blood during blood transfusions if blood is not screened before transmission for contamination. This disease is predominant in high risk populations such as drug addicts, health care workers exposed to blood, prisoners, heterosexual and homosexual adults and babies born to infected mothers during a C-section or vaginal delivery.
Hepatitis B vaccine is used to prevent hepatitis B disease. For an infant, the first dose is recommended within 24 hours of birth with 2 or 3 doses given after the first dose. This involves infants with poor immune function from HIV/AIDS and those having premature birth. Currently, the vaccines are produced with recombinant DNA techniques. They are available by themselves and in combination with other vaccines as well. Serious side effects from hepatitis B vaccine are not common and this may include pain at the site of injection. It is safe for use while breastfeeding or during pregnancy.
Increasing number of cases of hepatitis B infection is expected to drive the market growth at a significant rate. Additionally, rise in population and increase in awareness among people for improved healthcare facilities and innovations in some new type of medications with better efficiency is leading to an increase in the market growth. Various types of vaccines are being made available in the market, for instance recombinant DNA vaccines which is produced by inserting hepatitis B virus. Growth in economies and demographics in the developing countries are projected to offer better opportunities for the market. Companies in the global hepatitis B vaccine market are getting into mergers & acquisitions, improving their R&D activities and launching new products to improve their market share and to retain their position in the market. Moreover, there is an increased focus on combination vaccines owing to their ability to confer protection against multiple causative agents and thus decreasing the cost incurred in packaging and administering individual vaccines.
The global hepatitis B vaccine market is anticipated to record a CAGR of around 5.8% over the forecast period i.e. 2019-2027. The market is segmented by type, dose & end users. The market is segmented by type into single antigen hepatitis B vaccine and combination vaccines out of which, the combination vaccine segment is anticipated to have significant growth on account of their ability to give protection against multiple causing agents and decreasing the cost of administering individual vaccines.
The market is further segmented by dose into 3-dose schedule, 2-dose schedule and alternate schedule out of which, 3-dose schedule is anticipated to have leading shares on account of infants being at high risk of developing lifelong infection in case they are exposed to hepatitis B virus. Presently, 1/3rd of infected adults were exposed to this virus in childhood. Moreover, alternate schedule which is recommended for adolescents is expected to have significant growth owing to their potentially experimental lifestyle choices which place them at high risk of getting infected to hepatitis B virus. On the basis of end users, the market is segmented into hospitals, clinics and others.
Government is continuously working and taking initiatives on decreasing the cases of hepatitis B and creating awareness among people. For instance, Ministry of Health and Family Welfare under Government of India, launched National Viral Hepatitis Control Program on the occasion of World Hepatitis Day, 28 July 2018 aiming to end viral hepatitis by 2030. These initiatives are driving the growth of the hepatitis B vaccine market during the forecast period.
The hepatitis B treatment is very costly. People belonging to low income and middle income groups may not be able to afford it which ultimately, creates non willingness among people and leads to severe effects of such viral infections. This may lead to death of large proportion of people across the globe. This factor may retrain the growth of the hepatitis B vaccine market during the forecast period.
Our-in depth analysis of the hepatitis B vaccine market includes the following segments:
On the basis of regional analysis, the hepatitis B vaccine market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America region is anticipated to dominate the market owing to increased prevalence of cases and improvements in the healthcare facilities in the region. Additionally, government is taking various initiatives to educate people and developing awareness among people. Asia Pacific is projected to witness high growth during the forecast period. India and China are anticipated to be the fastest growing markets in the Asia Pacific region on account of huge investments by companies in these countries.
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The hepatitis B vaccine market is further classified on the basis of region as follows: