The global therapeutic and preventive vaccine market is estimated to grow at an impressive growth rate of 9.3% during the forecast period. Increasing funding for activities for DNA vaccinations is primarily driving therapeutic and preventive vaccine market in North America. As an instance, In January 2018, Bill and Melinda Gates Foundation has granted $1.4 million to the Wistar Institute (Philadelphia) to develop a synthetic DNA-based vaccine for malaria. Wistar Institute will collaborate with the Inovia Pharmaceuticals, Inc. and Johns Hopkins Malaria Research Center for this research initiative.
With this research funding from the Gates Foundation, the Wistar Institute along with its collaborating partners will plan to develop a vaccine against Plasmodium falciparum. The synthetic vaccine is created to instruct the body in order to produce malaria-specific antigens. As a result, it will activate the immune system to create a highly effective immune response. Such efforts drive the global therapeutic and preventive vaccine market growth.
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In addition, according to WHO, in 2016, the governments of epidemic countries offered $800 million, accounting for 31% of overall funding. The US was the major contributor to international funding for a malaria control program in 2016. The country offered $1 billion that accounted for 38% of whole malaria funding, followed by other key donors, such as UK, France, Germany, and Japan.
According to the CDC (Centers for disease control and prevention), nearly 1700 cases of malaria are reported in the US every year. Such a higher prevalence of malaria is the major reason encouraging North America to provide support to the companies for conducting research activities that enable them to combat malaria; thereby, expanding global therapeutic and preventive vaccine market size.
Strict Regulations in China Mandating Vaccination is Expanding the Market Size of the Global Therapeutic and Preventive Vaccine Market
In China, it is mandatory to inject the hepatitis B vaccine (HBV) and tuberculosis-TB (BCG) vaccine immediately to the child after birth as per Chinese law. This escalates the global therapeutic and preventive vaccine market growth in China. China began its expanded program on Immunization (EPI) in 1992. It involves a mandatory 11-vaccine schedule that must be given to children from 0 to 6 years. The vaccination schedule is compulsory for Chinese citizens.
The compulsory vaccines in China are Hepatitis B (HBV), Japanese Encephalitis (JE) and Hepatitis A (HAV). Along with this, the recommended vaccines are Chickenpox, Rotavirus, and Rabies. In 2014, WHO renewed China’s National Regulatory Authority (CNRA) vaccine regulatory oversight standards qualification. China’s Food and Drug Administration (CFDA) under the CNRA issues vaccine-manufacturing had provided the license to 34 companies that meet the required international manufacturing practice requirements.
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Current Market Trends Covered in the Global Therapeutic and Preventive Vaccine Market Report
- On the basis of the type, the preventive vaccine segment is estimated to hold a dominating market share during the forecast period.
- North America is estimated to dominate the global therapeutic and preventive vaccine industry during the forecast period.
Global Therapeutic and Preventive Vaccine Market Segmentation
By Type
- Therapeutic Vaccine
- Preventive Vaccine
By End-User
- Human
- Animal
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
