In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Measles, mumps and rubella are three common contagious airborne diseases that are caused by virus, transmitted by sneezing and coughing of an infected person, which can arise to serious complications or death. Vaccines of these diseases are sold as attenuated viral vaccines, manufactured in a lyophilized formulation, which requires reconstitution with water for injection diluent and are available in two forms i.e. monovalent as well as combinational vaccines. Combinational MMR vaccines comprise of mixture of two or more viral strains. These vaccines are administered by subcutaneous injection to children as well as adults. It is mostly administered to children aged 1 year and second dosage can be administered as early as one month after the first dosage. According to Center for Disease Control and Prevention (CDC), two doses of MMR are 97% effective against measles and 88% effective against mumps.
Measles, Mumps and Rubella (MMR) causes cough, fever, rash, headache and severe complications such as inflammation of ovaries and testicles, deafness including death. To prevent birth defects due to rubella, pregnant women are vaccinated for MMR vaccines. The virus replicates in the respiratory tract and is transmitted to others via respiratory secretions through aerosolized droplets in closed areas such as schools and offices. The average appearance of the symptoms is 10-12 days after the infection, which is usually fever. However, the MMR vaccines should not be given to individuals who are on immunosuppressant as the virus can replicate and cause infections. Disease indication, included in the vaccines market include influenza, pneumococcal disease, Diphtheria, Tetanus and Pertussis (DTP), rotavirus, hepatitis, polio, varicella, meningococcal disease, MMR, Human Papilloma Virus (HPV) infection, and others. High incidence of pneumococcal infections is driving the growth of this market.
The market is observing significant growth on account of high incidences of pneumococcal infections and increasing government and non-government initiatives for vaccine R&D activities. The key segments for MMR vaccinations include vaccine manufacturers, vaccine research institutions, clinical laboratories, healthcare centers, vaccine product distributors, bulk purchasing organizations, vaccine raw material suppliers, immunization centers, hospitals and laboratories, biotechnology and pharmaceutical firms.
The WHO reported a 300% increase in measles cases in the first three months of 2019 compared with the same time last year. An estimated 7 million people were affected by the measles in 2016. The global measles deaths decreased 84%, dropping to 89,780 in 2016 from 550,100 in 2000.
Get more information on this report: Download Sample PDF
Vaccine manufacturers are focusing on partnering with organizations such as WHO, UNICEF and GAVI Alliance to improve their vaccination programs, in order to reach the maximum population to offer vaccines. In spite of several governmental initiatives, measles is leading cause of death among young children. Thus, increase in success rate of vaccination schemes depends on government initiatives of each country.
Rising air pollution levels owing to growing industrialization is leading to propel the airborne diseases globally such as measles which is a significant airborne disease. Initial symptoms related to this disease include fever, cough, redness in the eyes and running nose coupled with rashes in the body.
Side effects related to vaccinations could be a major factor restraining growth of the MMR vaccine market. For instance, in 1998, Japan stopped using trivalent combinational measles, mumps, and rubella vaccine owing to outbreak of non-viral meningitis and other damaging side effects which will restrict the MMR vaccine market growth. Moreover, high cost of single dosage of vaccine is another restraining factor for the market growth. Limited number of vaccines, stringent manufacturing and approval criteria along with gap between demand and supply during disease outbreak, and special storage and handling leading to high cost of measles, mumps and rubella vaccines are other factors affecting growth of the market.