Cholera Vaccine Market size is forecast to reach $239.6 million by 2026, growing at a CAGR of 7.9% during the forecast period 2021-2026. Cholera is caused via the consumption of contaminated food and water by Vibrio Cholerae. It leads to dehydration which in turn may lead to death if not attended properly. It is anticipated to be a global threat to public health that lacks social development and so it is essential to control cholera. Various products that are used for controlling cholera includes Dukoral, Euvichol, Vaxchora, and Shanchol among others. According to international organizations such as WHO, vaccinations have proved to be one of the best methods to treat cholera and has recommended that cholera vaccines should be taken at least 2 weeks gap between the doses. Rising prevalence of chronic diseases and growing awareness on immunization are the major factors driving the growth of the market. Increasing focus of the key pharmaceutical players to develop vaccines and rising government focus on immunization programs is set to further enhance the overall market development of the Cholera Vaccine Market for the period 2021-2026.
Cholera Vaccine Market Segment Analysis – By Product Type
Dukoral held the largest share in the Cholera Vaccine Market in 2020 and is estimated to grow at a CAGR 7.3% during the forecast period 2021-2026. This is attributed to the established stockpile by WHO and it is the only vaccine that provides protection caused by heat toxin producing E. coli. Dukoral offers benefits such as minimum adverse effects and single dose live attenuated immunization. FDA approved single dose Vaxchora that is indicated for use in adult and is carried out in U.S. and Australia where 90% of adults vaccinated and developed antibodies that provides immunity against the disease. Vaxchora is estimated to register the highest CAGR over the period 2021-2026.
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Cholera Vaccine Market Segment Analysis – By End Users
Hospital held the largest share in the Cholera Vaccine Market in 2020 and is estimated to grow at a CAGR 8.1% during the forecast period 2021-2026. This is attributed to the fact that it offers minimally invasive procedures for cholera along with the high end technological products. Growing demand for immunization, availability of highly skilled and qualified medical professionals in the hospitals along with the rising incidences of cholera is increasing the demand of the hospitals. Favorable reimbursement policies for hospital procedures and improvements in healthcare facilities are increasing the demand of cholera vaccines in hospitals. Hospitals are estimated to register the highest CAGR over the period 2021-2026.
Cholera Vaccine Market Segment Analysis – By Geography
Asia Pacific dominated the Cholera Vaccine Market with a major share of 36.5% in 2020. This is attributed to the rising incidences of cholera and rising awareness about immunization. Growing healthcare expenditures, favorable reimbursement policies, and presence of key players is also increasing the growth of the market in this region. However, North America is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the lack of proper sanitation and consumption of contaminated food. Rising government focus on immunization programs and growing awareness about immunization is also increasing the growth of the market in this region.
Cholera Vaccine Market Drivers
Increasing Prevalence of Cholera Disease
Increasing prevalence of chronic disease is expanding the growth of the Cholera Vaccines Market. Cholera is an infectious disease which is caused by eating food or drinking water that is contaminated with bacterium, Vibrio Cholerae. It affects both children and adults and potentially infect other people. The transmission of cholera is linked to inadequate access to clean water and sanitation facilities. According to WHO, there are almost 1.5 to 5 million cases of cholera. Thus, increasing the growth of the Cholera Vaccine Market during the forecast period 2021-2026.
Rise in awareness of immunization
Rise in awareness of immunization is increasing the growth of the Cholera Vaccines Market. A single dose live oral cholera vaccine Vaxchora is approved for adults. Major advance in reducing cholera is that the oral rehydration therapy which is highly effective treatment and it led to a shift in interest away from injected vaccines. The cholera vaccine works by exposing a little dose of live cholera bacteria that causes the body to develop immunity to the diseases and cannot treat a lively infection that has already developed in the body. Thus, increasing the growth of the Cholera Vaccine Market during the forecast period 2021-2026.
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Cholera Vaccine Market Challenges
Lack of Proper Sanitation and High Cost Associated with the Development of Vaccines
Some of the factors that are set to impede the growth of the Cholera Vaccine Market are lack of proper sanitation and high cost associated with the development of vaccines. Risk of adverse effects along with the time taken for regulatory approval is also set to hinder the growth of the market.
Cholera Vaccines Market Landscape
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Cholera Vaccines Market. In 2020, the Cholera Vaccines Market share is consolidated by the top ten players present in the market. The Cholera Vaccines Market, top 10 companies are Valneva SE, Sanofi, Johnson & Johnson, Celldex Therapeutics Inc., Merck & Co., GlaxoSmithKline Plc., Emergent BioSolutions Inc., and Astellas Pharma Inc. among others.
Key Takeaways
Asia-Pacific dominated the Cholera Vaccine Market in 2020 owing to the increase in the prevalence of cholera disease and rise in the awareness of immunization. The Cholera Vaccine Market scope for different regions will be provided in the final report.
Favorable medical reimbursement policies and growing adoption of combination vaccines in prevention strategies by government are likely to aid the market growth of the Cholera Vaccine Market report.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Cholera Vaccine Market report.
Lack of proper sanitation and high cost associated with the development of vaccines is poised to create the hurdles for the Cholera Vaccine Market.
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