The malaria vaccines market is expected to reach USD 156.8 million by 2026 according to a new study published by Polaris Market Research.
The market for malaria vaccines globally has been divided based on vaccine type, agent, channel of distribution and region. Considering the vaccine type, the market is bifurcated into pre-erythrocytic vaccine, erythrocytic vaccine, and multi-antigen vaccine. The channel of distribution used for malaria vaccines include the hospitals, clinics and community centers. Considering the agent used in the malaria vaccines, the global market is divided into plasmodium falciparum, anopheles species, and plasmodium vivax. Geographically, the Asia Pacific region is expected to grow at the fastest rate among all the other regions with Middle-east & Africa and Latin America likely to be the other potential regions for malaria vaccines market. North America and Europe have considerable lower cases of malaria related diseases with regions such as Latin America and MEA monitoring some of the highest deaths of children related to malaria globally.
A few key factors boosting the malaria vaccines market are the growing incidences of malaria along with the presence of numerous companies that are introducing low profit margin vaccines across the world. Moreover, rising awareness related to the aftermaths of the disease, together with growing diagnosis and higher treatment rate are a few other driving factors boosting the malaria vaccines market globally. However, it is high price of vaccines, and weaker supply chain or distribution network in the developing countries among others that act as some of the major restraints for the market growth of malaria vaccines globally. It is expected that the ongoing research activities along with alarming death rates by malaria will further provide numerous opportunities for the growth of the malaria vaccines market in the upcoming years.
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A few key strategies adopted by companies operating in the malaria vaccines market are new technology and product development, and geographical expansion among the developing regions to focus on proving vaccines to the areas highly affected by the disease at lower cost. World Health Organization (WHO), in 2015, around 292,000 children died of malaria, at the young age of 5 years in Africa. There were around 306,000 fatalities associated with malaria that was reported worldwide in 2015, out of which around 90% cases were found in Africa. This scenario shows the rising need for empathy towards the disease as well as higher demand for low cost vaccinations.
The leading players operating in the malaria vaccines market globally are GlaxoSmithKline, GenVec, Inc., Nobelpharma, and Sanaria. Some other promising vendors are Cadila Healthcare Ltd., CellFree Sciences Co. Ltd., VLP Therapeutics LLC, and Genome ReS Ltd. among others.