Varicella Virus Vaccine Market Segments: By Vaccine (Monovalent Varicella Vaccine and Combination Varicella Vaccine); By Application (Chickenpox Immunization, Herpes Zoster Immunization and MMRV Immunization); and Region - Global Analysis of Market Size, Share & Trends for 2014 - 2020 and Forecasts to 2030
Varicella Virus Vaccine Market to surpass USD $2.94 billion by 2030 from USD $5.3 billion in 2020 at a CAGR of 6.00 % in the coming years, i.e., 2020-30.
Varicella often referred to as chickenpox is an infection that easily spreads from one person to another and is caused by the varicella-zoster virus. The disease is identified by the appearance of itchy, blister-like rashes on the surface of the chest, back, face, and rest of the body. Chickenpox is generally a mild infection, but can sometimes cause serious problems, such as pneumonia, brain inflammation, and Reye's syndrome, a rare disease. The only way to avoid the illness is to get a vaccine against varicella or chickenpox. Varicella vaccine is also known as a chicken-pox vaccine because it provides immunity against the varicella-zoster virus, the virus causing chickenpox. This vaccine is produced from life but weakened or attenuated virus. The vaccine works by allowing the body to create its defenses i.e. antibodies against the virus. Varicella vaccine is given in two doses, the first shot at age of 12-18 months and a second shot at age of 4-6 years.
Global Varicella Virus Vaccine Market to surpass USD $2.94 billion by 2030 from USD $5.3 billion in 2020 at a CAGR of 6.00 % in the coming years, i.e., 2020-30. Factors such as rising awareness regarding the usage of varicella vaccines, increasing government participation in immunization programs, and a surge in the adoption of varicella vaccines are driving varicella vaccine market growth. Furthermore, rising reportable cases of chickenpox have raised the demand for varicella vaccines worldwide which is anticipated to support the market growth.in addition, the growing geriatric population is another factor contributing to market growth.
Global Varicella Virus Vaccine Market is segmented by Vaccine into Monovalent Varicella Vaccine and combination Varicella Vaccine. Monovalent Varicella Vaccine, the segment held the largest market share of USD $5.3 billion in the year 2020 and will continue to dominate the market in the coming years. The monovalent vaccines comprise a single strain of a single varicella live vaccine, including a weakened strain of the varicella-zoster virus. As compared to combination vaccines, these vaccines display lesser chances of inducing febrile seizures in children. These vaccines are easily available and are utilized for chickenpox immunization and herpes zoster immunization.
Global Varicella Virus Vaccine Market is bifurcated by Application into Chickenpox Immunization, Herpes Zoster Immunization, and MMRV Immunization. Herpes Zoster Immunization segment held the largest market share of USD $5.3 billion in the year 2020 and will continue to dominate the market in the coming years. Herpes Zoster is a viral infection that occurs in the nerve ganglia of previously infected individuals when a dormant varicella-zoster virus (VZV) reactivates from its latent state. Headache, fever, and malaise are the early symptoms, accompanied by a burning pain sensation, itching, hyperesthesia, or paresthesia.
Increasing immunization programs
The active participation of the government in the immunization program is expected to drive the varicella virus vaccine market. Immunization programs are a profound way to regulate diseases and enhance the lives of many, particularly in the developing world. Immunization can help in the prevention of viral infection; thus immunization is crucial. In cooperation with Gavi, the World Bank, the WHO, and UNICEF, several manufacturers are committed to promoting immunization campaigns and speeding up the launch of new vaccines. The EPIC program is also being established by a few companies affiliated with Gavi to train health care providers to introduce and improve immunization programs in countries such as sub-Saharan African countries. All these factors are estimated to drive market growth in the coming years.
The surge in adoption of varicella vaccination Market
Increasing adoption of varicella vaccination worldwide is projected to boost the market growth over the forecast period. The rise in adoption is due to the increase in the hospitalization rate. There has been a recent surge in the adoption of varicella virus vaccines worldwide. This is due to the widespread, easy availability of these vaccines. Moreover, growing awareness among the populace regarding the usage of the varicella virus vaccine is also fueling market growth.
High production costs associated with varicella virus vaccines Market
The development of the varicella vaccine requires huge capital expenditure. The process of developing it is time-consuming which may restrict the market growth shortly. The production of the varicella vaccine consists of various phases. Phase 1 includes the research on a group of volunteers to assess the tolerance, safety, and immunological impact that is exhibited at different levels of doses. Though the research and development of the vaccine is an exhausting and time-consuming process.
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Global Varicella Virus Vaccine Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Global Varicella Virus Vaccine in North America held the largest market share of XX.X% in the year 2020. North America will continue to dominate the global Varicella Virus Vaccine Market. The growth in the region is attributed to the high population and rising awareness among the populace regarding the usage of the vaccine. Furthermore, the presence of key players involved in the production and commercialization of vaccines in the region is fueling market growth. As per the estimates of the Centers for Disease Control and Prevention (CDC), in the United States, more than 3.5 million cases of varicella, 9,000 hospitalizations, and approximately100 deaths are prevented by varicella vaccination each year. In addition, the well-established healthcare infrastructure and surging healthcare spending are expected to further stimulate the overall regional market growth.
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – the United States and Canada
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