Upgradation in process
Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
Introduction to Rotavirus Vaccine
Rotavirus is the double stranded RNA virus of Reoviridae family. It is transmitted through faecal-oral route, infects the cell lining of small intestine and leads to gastroenteritis. Rotavirus vaccine is used to protect children against rotavirus infections, which causes severe diarrhea. It is an oral vaccination involving few drops of liquid given with the help of a dropper into the mouth and requires giving 2 or 3 doses around 6 weeks of age to the infants.
These vaccines are safe and is even used to cure people suffering from HIV/AIDS. In the developing countries, the vaccine prevents 15-34% of severe diarrhea and in the developed countries, the vaccine prevents 37-96% of severe diarrhea. The vaccine decreases the risk of death that is caused due to diarrhea among young children. WHO recommended that rotavirus vaccines should be included in national routine vaccination programs, particularly in the countries, with high versatility to the disease. This can be done while promoting breastfeeding, hand washing, clean water, and good sanitation.
Market Size and Forecast
According to the data of May 2016, 81 countries have introduced Rotarix and RotaTeq vaccines in their national immunization program. After the introduction of rotavirus vaccine, there was a swift decline in the severe rotavirus cases in many countries. Estimates have shown that there is a huge reduction in all-cause diarrhea hospitalizations in high-income countries which ranges from 20 to 50%, in middle-income countries from 17-55% and reduction in rotavirus cases ranging from 49 to 92% in high-income countries, 54 to 59% in middle-income countries and 69 to 81% in low income countries. These estimates show that there would be a significant growth in the rotavirus vaccines market during the forecast period.
The global rotavirus vaccine market is anticipated to record a CAGR of around 12.8% over the forecast period i.e. 2019-2027. The market is segmented by type & end users. The market is segmented by type into rotarix, rotavac, rotaTeq, rotavin-M1, Lanzhou lamb & others. Two vaccines that have been licensed for use in U.S. include Rotarix and RotaTeq. These two vaccines are anticipated to have leading shares on account of their wide adoption in various countries. These two vaccines have gained qualification from WHO in 2018. Rotavac is being manufactured in India and was licensed for use in 2014. CLICK TO DOWNLOAD FREE SAMPLE
The market is further segmented by end users into hospitals, clinics, academic & research and others out of which, the hospitals segment is anticipated to have leading shares owing to hospitals being considered more reliable and have large number of suppliers and government support.
Growth Drivers
Increase in Incidents of Rotavirus Infection
Rotavirus disease is highly transmitted disease and spreads very easily among children owing to their poor hygiene. The rotavirus vaccine is a common problem in clinics and hospitals. As of 2013, 215,000 deaths were recorded due to rotavirus. Considering the estimates, this increase in incidents is expected to drive the rotavirus vaccine market during the forecast period.
Support from Organizations
Various organizations such as UNICEF and GAVI have supported the adoption of rotavirus vaccine in various countries owing to large scale vaccination and accessing the vaccines at lower prices to reduce the cases of infection and leading to a healthy lifestyle. This factor is anticipated to drive the growth of the market.
Restraints
High Cost
The costs of the rotavirus vaccine is high and not affordable by low-income and middle income groups. Additionally, new vaccines invented are more expensive and expenditure pertaining to immunization have risen in the past decades. For instance, on an average, annual expenditure of vaccination in low-income countries was USD 6 per live birth which is not feasible in low-income countries. This factor is expected to hinder the growth of the rotavirus market during the forecast period.
Market Segmentation
Our-in depth analysis of the rotavirus vaccine market includes the following segments:
By Type
By End Users
By Region
On the basis of regional analysis, the rotavirus vaccine market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America is anticipated to have leading shares in the global rotavirus vaccines market and the U.S. is expected to have major market share in the region owing to the manufacturers launching innovative products in order to cure rotavirus infection among the children. The efficacy and safety of new products is ensured by pre-market approval through clinical trials. Europe is expected to be the second largest market owing to penetration of high income and health care. Asia Pacific region is anticipated to be the emerging market and experiencing significant growth during the forecast period on account of rise in government initiatives and favorable government laws in the region. Moreover, major manufacturers of rotavirus vaccines are undergoing advancements in the product and are located in Asia Pacific such as Bharat Biotech International Limited, manufacturer of Rotavac vaccine, is located in India and Lanzhou Institute of Biological Products, a manufacturer of Lanzhou Lamb vaccine is located in China. Emerging countries are witnessing rise in the prevalence of rotavirus infection which is offering significant growth opportunities to the rotavirus vaccine market.
The rotavirus vaccine market is further classified on the basis of region as follows:
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