Enterovirus Vaccine Market Size, Share, Growth, Global Industry Analysis by Type (Coxasckievirus A, Coxasckievirus B, Human Enterovirus 71, Echovirus, and Others) By Application (Hospital, Research Institutes, and Others) and Covid-19 Impact, Latest Trends, Segmentation, Driving Factors, Restraining Factors, Key Industry Players, Regional Insights, and Forecast From 2024 To 2031

Updated On: 01 April 2024

ENTEROVIRUS VACCINE MARKET REPORT OVERVIEW

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The global enterovirus vaccine market size was USD 130.24 million in 2021 and is expected to reach USD 638.44 million in 2031, exhibiting a CAGR of 17.24% during the forecast period.

Enterovirus is a single-stranded RNA virus with a positive strand that is parasitic in the intestine and is linked to human and mammalian disorders. Hand, foot, and mouth disease (HFMD) was first documented in New Zealand in 1957, and it primarily affects young children, peaking around the age of two. Picornaviruses, most commonly of the human enterovirus species A, most notably the Coxsackie A viruses and Enterovirus A71, are the causal agents of HFMD (EV71). Picornaviruses are small non-enveloped viruses with a single-stranded positive-sense RNA genome of roughly 7500 nucleotides that belong to the Picornaviridae family.

The advent of novel and re-emerging infectious diseases, increasing industry initiatives to improve vaccine R&D, growing government support for vaccine development, and a growing focus on immunization are all driving market expansion. However, the high capital expenditures required to manufacture vaccines, and poor purchasing power in developing nations, may limit enterovirus vaccine market growth.

COVID-19 Impact: Halt on Manufacturing Operations to Slower Market Growth

Due to the COVID-19 pandemic, the majority of healthcare, pharmaceutical, and biotechnology companies have focused on diagnostic kits, safety wearables, and novel coronavirus treatment vaccines and medications. The majority of the major pharmaceutical companies are concentrating their efforts on developing a novel coronavirus vaccine. Furthermore, medical experts are involved in COVID-19-related services. Therefore, other areas of healthcare are being neglected. Furthermore, pharmaceutical companies are emphasizing COVID-19-related diagnostics, therapies, health technologies, and vaccinations, as well as evaluating the efficacy of existing treatments. All of these factors are expected to have an impact on the global enterovirus vaccine market in the future.

LATEST TRENDS

"Growing Prevalence of Infectious Disease to Boost Market Growth"

People are traveling much more frequently and over much longer distances than in the past, living in more densely populated places, and coming into closer contact with wild animals, so the potential for new infectious diseases to spread quickly and trigger global epidemics is a serious concern. Furthermore, diseases could occur due to deliberate introduction of pathogens into human, animal, or plant populations for terrorist goals. Future pandemics and outbreaks, experts warn, might be even more deadly than COVID-19. The expanding prevalence of these infectious illnesses will ensure a continuous and growing demand for vaccines in coming years. Furthermore, the advent of new diseases will result in increased R&D spending, a robust pipeline, and new vaccination prospects for big populations.

ENTEROVIRUS VACCINE MARKET SEGMENTATION

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• By Type Analysis

By type, the market is segmented into Coxasckievirus A, Coxasckievirus B, Human Enterovirus 71, Echovirus, and Others.

Enterovirus 71 is the leading segment in the market share. Enterovirus 71 (EV-71) is a dangerous new virus that affects children under the age of five. Hand-foot-and-mouth disease, herpangina, and serious neurological problems can all result from EV-71 infection in newborns and young children. These factors are likely to foster market growth during the upcoming years. 

• By Application Analysis

Based on application, the market is divided into Hospital, Research Institutes, and Others. 

DRIVING FACTORS

"Technological Advancement to Boost Industry Progress"

Vaccine technology has advanced dramatically in the recent decade, altering the future of vaccine development significantly. Many improvements in vaccine development programs have been spurred by the introduction of genetic engineering, resulting in new products. These approaches have been used to generate a number of virus vaccines that exploit the virus's attenuated form. In addition, modern technologies allow for faster virus detection and the maintenance of virus concentration levels high enough to elicit an immune response. The desire to reduce response times to emerging threats and make vaccinations ready for rapid deployment has motivated recent vaccine developments. In the vaccines sector, the increased need to create vaccines against tough targets and improve delivery mechanisms for optimum efficacy is also driving innovation.

"Increasing Demand from Emerging Markets to Foster Growth "

Due to their large patient populations and rising disposable incomes, emerging regions such as India, China, and Southeast Asia provide attractive potential for the vaccination business. Major market companies have been enticed to invest in these economies because of their potential for growth. Various organizations and institutions, such as GAVI, are also working to improve vaccine use in impoverished countries, for example, by distributing vaccines at reasonable prices. As a result, these countries have become key growth hotspots in the vaccine market. Another emerging-market trend is the increased need for low-cost vaccinations. To expand the reach of immunization programs in these economies, companies are investing in and focusing on creating inexpensive, low-cost vaccines.

RESTRAINING FACTORS

"High Pricing and Environmental Concerns to Impede Market Growth"

The success rate of vaccine development is extremely low, making it difficult for producers to secure early funding and manage operational expenditures. Vaccines have a greater storage and distribution cost than any other pharmaceutical product because they require specific equipment and monitoring systems. Vaccine quality might be harmed by a lack of suitable storage and delivery facilities. Therefore, market expansion is being stifled by the high cost of vaccine development and storage.

ENTEROVIRUS VACCINE MARKET REGIONAL INSIGHTS

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"Adoption of New Technologies to Facilitate Market Growth in the Asia Pacific"

Asia-Pacific is expected to dominate the enterovirus vaccine market share due to rising vaccination awareness and increased immunization programs, the region presents lucrative prospects for key players in the vaccines industry. Furthermore, the market expansion in this region may be attributed to an increase in vaccination demand due to an increase in the senior population, increased awareness, and continued government support for vaccine development. Other considerations include the densely populated region, with India and China being the most populous countries. Due to the large population, the rise in infectious illness instances is predicted to propel the vaccines market in the region.

North America to hold the second-largest enterovirus vaccine market share of the vaccines market. The high prevalence of infectious illnesses, government organization’s increased investments in vaccine development, market participants' expanding R&D investments, and mandated reporting are some of the important drivers driving the vaccines market in North America.

KEY INDUSTRY PLAYERS

"Companies Invest Heavily in Research and Development Activities to Improve Brand Position"

To capitalize on the potential opportunities presented by the COVID-19 pandemic, some of the leading players in the vaccination management solution market are focusing initiatives such as new product releases, collaboration, and mergers and acquisitions.

INDUSTRY DEVELOPMENT

Infosys, an Indian multinational information technology corporation, said in February 2020 that it will purchase Simplus, a Utah-based startup, for US$ 250 million. The purchase will aid the company's ability to provide vaccine management solutions.

"List of Market Players Profiled"

• Beijing Minhai Biotechnology (China)
• Sinovac Biotech (China)
• Shanghai Zerun Biotechnology (China)
• Sentinext Therapeutics (Malaysia)

REPORT COVERAGE

The research report has included the analysis of several aspects that contribute to the enterovirus vaccine market’s growth. It consists of market trends, restraints, and drivers that positively or negatively impact the market. This section also discusses the many sectors and applications that may impact the market in the future. The data is based on current trends and historical milestones. This section also includes an analysis of the global enterovirus vaccine market's production volume.