Burdening occurrence of dengue fever across the Asia-Pacific region has prompted the demand for effective vaccines and medications to supress this viral malaise. While several pharmaceutical companies are striving to develop a cure for dengue, the fever’s incidence rate in Asia-Pacific is rising at an alarming rate. A recent report published by Future Market Insights predicts that in 2017, an estimated 70.3% of global dengue vaccines market will be dominated by Asia-Pacific. Through 2027, the region will continue to be the largest market for dengue vaccines, procuring a majority revenue share and projecting revenue growth at a 17.4% CAGR.
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Future Market Insights also observes Latin America as the second-largest market for dengue vaccines, and is expected to rake in US$ 288.7 Mn towards the end of 2027. The report, titled “Dengue Vaccines Market: Global Industry Analysis and Opportunity Assessment, 2017-2027,” expects that more and more pharmaceutical giants from across the globe will be partaking in the market’s growth in the years to come. Currently, the market is witnessing active participation of French drugmaker, Sanofi S.A., while vaccines being formulated by companies such as Biological E. Limited, Takeda Pharmaceutical Company Limited, GlaxoSmithKline plc, Merck & Co. Inc., Vabiotech, Butantan Institute, and Panacea Biotech Ltd. are under multiple phases of development.
The report further reveals that government institutes will remain the largest end-users of dengue vaccines in the world. Through 2027, a little less than US$ 650 Mn worth of revenues is expected to arise from sales of dengue vaccines across government institutes. Meanwhile, hospitals will also dominate the market by registering a 17.3% revenue CAGR. The market, at present, will witness sales of the sole of vaccine, Dengvaxia, developed by Sanofi.
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Furthermore, factors shaping up the dynamics of global dengue vaccines market, also compiled in the report, are:
- Apart from the burdening outbreak of dengue in several countries, the economic turmoil in Latin America is projected to impact the global market’s growth at a macroeconomic level
- Live attenuated vaccines are being developed & produced economically, thereby comforting vaccine makers as well as patients
- However, lack of skilled professionals and unavailability of optimum diagnostic systems has given rise to cases where dengue fever is being treated as an undistinguished febrile disease
- The global market for dengue vaccines holds an opportunistic breakthrough when drugmakers will be able to successfully develop effective vaccines for all age group