According to a new report by IMARC titled “Indian Vaccine Market Report and Forecast 2020-2025”, the Indian vaccine market reached a value of INR 94 Billion in 2019.
Vaccines refer to biological preparations consisting of an agent that is similar to a disease-causing pathogen to offer immunization against specific diseases. They are administered orally, by aerosol or through injections as a preventive measure for a number of diseases such as polio, measles, influenza and rabies. India currently represents one of the leading manufacturers and suppliers of vaccines in the world. It solely accounts for around 60% of the total vaccines supplied to the UNICEF, since the cost of manufacturing and clinical trials in India is relatively lower than in developed countries. Moreover, technological advancements and improved cold chain storage facilities have led to increased vaccine production capacity in the country.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
One of the major drivers of the Indian vaccine market is the strong government support to the manufacturers. Steady government funding and successful initiatives have resulted in considerable market development over the years. Also, various government-funded campaigns have created widespread health awareness among the masses. For instance, the Universal Immunization Program (UIP) introduced by the Government with the aim to increase immunization coverage against vaccine-preventable diseases in the country has significantly boosted the demand for vaccines.
Besides this, the growing investments from private sector players to develop and distribute vaccines throughout the country, as well as in the international market, has strengthened the present vaccine manufacturing infrastructure. Apart from this, continuous research and development (R&D) activities have enabled manufacturers to introduce new and improved vaccines in the market. Some of the other factors positively influencing the market growth are increasing population, elevating incomes, improving cold chain logistics and active NGO participation. Looking forward, the market value is projected to reach INR 252 Billion by 2025, expanding at a CAGR of 17.8% during the forecast period (2020-2025).
- The market has been analyzed on the basis of various monovalent and combined vaccines into Bacillus Calmette-Guerin (BCG), Haemophilus influenzae type b (Hib), Influenza, Varicella, Typhoid, Japanese Encephalitis, Measles, Tetanus Toxoid, Hepatitis A, Rubella, Diphtheria, Tetanus and Pertussis (DPT), Oral Polio Vaccine (OPV), Measles, Mumps and Rubella (MMR), Rotavirus, Hepatitis B, Pneumococcal, Meningococcal, Rabies, Human Papillomavirus (HPV), Hexavalent and Dengue.
- The competitive landscape of the market has also been examined, with some of the key players being: GlaxoSmithKline PLC (GSK), Sanofi (SNY), Serum Institute of India, Panacea Biotec Limited., Pfizer, Inc. (PFE)., Novartis AG (NVS), VHB Life Sciences Limited, Cadila Healthcare Ltd. (Zydus Cadila) and Merck & Co., Inc. NYSE: MRK & Dohme Corporation (MSD).
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