Market Size of Global Encephalitis Vaccines Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.20 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Encephalitis Vaccines Market Analysis
The Encephalitis Vaccines market is projected to grow with a CAGR of 5.2% over the forecast period.
The COVID-19 pandemic had a substantial influence on the market studied in the early months of the pandemic because people were unable to acquire planned vaccinations due to lockdowns and restrictions on non-emergency hospital visits. However, once the COVID-19 epidemic was under control in 2021, immunizations resumed, allowing the industry to regain its momentum. Several studies revealed that COVID-19 vaccination caused few occurrences of encephalitis. According to the study published in February 2022, titled "Acute encephalitis after COVID-19 vaccination: A case report and literature review" due to the current global pandemic, vaccines against the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2, COVID-19) have been distributed worldwide; nonetheless, incidences of SARS-CoV-2 vaccination-related encephalitis have been documented infrequently. Thus, due to increasing incidence of encephalitis after COVID-19 vaccination significantly impacted the market.
The major factor attributing to the growth of the market is the high mortality and morbidity rate caused due to the incidence of encephalitis virus. Furthermore, increasing government initiatives for vaccination programs is boosting the market. For instance, according to the World Health Organization as of April 28, 2022, 37 human cases of Japanese encephalitis (25 laboratory-confirmed cases and 12 probable cases) had been documented in four Australian states. Moreover, according to the study titled "Global magnitude of encephalitis burden and its evolving pattern over the past 30 years" published in June 2022, there were 1,444,720 incident cases, 89,900 fatalities, and 4.80 million DALYs associated with encephalitis worldwide in 2019. As the number of cases and fatalities rises, individuals must take preventive measures such as immunisation, which increases demand for encephalitis vaccines, thereby boosting the market growth.
Additionally, various strategies adopted by the key market players such as product launches, mergers, and acquisitions are likely to boost the market growth. For instance, in August 2021, Pfizer Inc. revealed that the TICOVAC (tick-borne encephalitis (TBE) vaccine) was approved by the United States Food and Drug Administration (FDA) for active immunization to prevent TBE in individuals 1 year of age and older. TICOVAC is the one of the first FDA-approved vaccine to help protect United States adults and children against the TBE virus when visiting or living in TBE endemic areas.
Thus, owing to the abovementioned factors, the market is expected to project significant growth over the forecast period. However, the side effects of the vaccine and the challenges of the vaccine constrain market growth.
