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The advent of new and reemergence of infectious diseases has pushed the need for vaccines. Continuous R&D activities to develop effective and safe vaccines is on peak. The enterovirus vaccine industry is estimated to grow, owing to rising support for immunization from governments and population globally. Development of vaccines requires high capital not only to manufacture them but also to distribute them. Enterovirus is a group of single-stranded RNA viruses that are associated with mammalian and human diseases. The market for enterovirus vaccines is expected to grow, owing to focus on immunization.
Technological advancements such as developments in vaccine development are anticipated to expand market share during the forecast period. Emergence of COVID-19 pandemic led to rise in the importance of immunization and is now expected to drive market growth. Progress in vaccine development programs has been on rise, owing to the introduction of genetic engineering, which resulted in the development of new products. Additionally, introduction of new technologies has allowed faster detection rates. Government support has led to increase in enterovirus vaccine development, which is expected to drive market growth during the forecast period.
Enterovirus 71 (EV-71) is a dangerous virus that affects children under the age of 5. The virus can be transmitted from herpangina, hand-foot-and-mouth diseases, and severe neurological problems. Such virus is expected to foster the demand for vaccines, thereby boosting market growth during the forecast period. Moreover, there is increasing demand from emerging markets, owing to a large population base and upsurge in disposable incomes. Such markets have become key prospects for development of vaccines.
According to Business Research Insights, the global enterovirus vaccine market size was valued at USD 93 million in 2019 is expected to reach USD 244 million by 2025 at a CAGR of 17.24% during the forecast period. The market has leading players like Beijing Minhai Biotechnology, Shanghai Zerun Biotechnology, Sentinext Therapeutics, and Sinovac Biotech.
Cessation on Production Activities Caused Slowdown in Market Growth During COVID-19
The COVID-19 pandemic imposed numerous restrictions on various global markets. Healthcare, biotechnology, and pharmaceutical companies focused on diagnosis and treatment of COVID-19. Major pharmaceutical companies concentrated on developing vaccines for coronavirus. Production of enterovirus vaccine was halted as the production of coronavirus vaccines gained traction.
Business Research Insights Lists Top 3 Enterovirus Vaccine Companies-
1. Beijing Minhai Biotechnology (China)
Beijing Minhai Biotechnology is a Chinese modern biotechnology company that specializes in vaccine production, R&D activities regarding vaccine development, and distribution of vaccines. Founded in 2004, the company is a privately-held wholly-owned subsidiary of Shenzhen Kangtai, with its head office in Daxing District, Beijing. The company has domestic research & development centers for vaccines and production bases for modern vaccines. It employs a total of 850 employees.
2. Shanghai Zerun Biotechnology Co. Ltd. (China)
Shanghai Zerun Biotechnology Co. Ltd. is a pharmaceuticals company based in China that develops, produces, and sells vaccines. The company was established in 2003 in Zhangjiang High-Tech Park in Pudong, Shanghai, China. It is a biotech company that has platforms dedicated for commercialization and development of vaccines. In 2012, the company merged with Walvax Biotechnology Co. Ltd. and successfully became a subsidiary of the latter company. During the pandemic, the company partnered with ZerunBio to develop vaccines for COVID-19 variants.
3. Sinovac Biotech (China)
Founded in 1999, Sinovac Biotech is a biopharmaceutical company that is based in Beijing, China. The company focuses on development, research, commercializing, and manufacturing of vaccines. Products of the company are sold and marketed in the People’s Republic of China and other countries. The company marketed vaccines such as Inlive, CoronaVac, Healive, Anflu, and other vaccines as well.
Frequency of Infectious Diseases to Propel Immunization in the Biotech Industry
Owing to globalization, traveling and tourism activities have gained traction and people started traveling to populated areas. People come in contact with wild animals, which can be a potential hotspot for transmission of infectious diseases. Diseases can occur due to introduction of pathogens. Importance of immunization was realized from the recent outbreak of COVID-19 pandemic. Spread of such infectious illness is expected to create continuous demand for vaccines during the forecast period.
The advent of new diseases is anticipated to propel R&D activities and heavy investments in R&D activities. New vaccination is predicted to increase as new infectious diseases arrive. Companies have been introducing immunization programs and focusing on creating cheap and economical vaccines. Governments have also been focusing by investing in making vaccines to spread awareness regarding immunization.