Exploring Key Insights of the Ticovac Market: Growth Prospects, Emerging Trends, and Opportunities
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What key factors are powering the surge in the ticovac market right now?
The market size of ticovac has seen substantial growth lately. Projected increase will be from $4,010 million in 2024 up to $4,310 million in 2025, with a Compound Annual Growth Rate (CAGR) that stands at 7.6%. The factors contributing to this expansion during the historical period include heightened awareness, an uptick in travel to endemic regions, escalating concerns in the veterinary sector, increases in the elderly population, and a rise in military and defense vaccinations.
How fast Is the ticovac market expected to grow, and what’s its future value?
In the coming years, the ticovac market is poised for robust growth, projected to reach a value of $5,700 million in 2029, with a compound annual growth rate (CAGR) of 7.3%. Factors contributing to this growth during the forecast period are an increase in outdoor workers, amplified healthcare spending, region-specific disease control focus, increased health insurance coverage, and a surge in tick-borne encephalitis (tbe) cases. Key trends during the forecast period comprise of technological advancements in vaccine production, the launch of new tbe vaccines, partnerships between governments and pharmaceutical companies, progress in genetic research, as well as advancements in surveillance and post-vaccination care.
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What are the leading drivers of growth in the ticovac market?
The escalating incidence of diseases spread by ticks is set to propel the ticovac market growth onward. Human infections from diseases conveyed by ticks are increasing due to climate change, the expansion of tick environments, more human exposure, and improved diagnostic methods. Ticovac offers preventative protection against tick-borne encephalitis (TBE), a potentially hazardous virus transmitted via tick bites. To emphasise the point, in February 2024, data from the Centers for Disease Control and Prevention, a US government organization, indicated that the overall Lyme disease incident rate was 18.9 cases per 100,000 population. This was 68.8% higher than in prior years. In high-incidence areas, the median rate was 68.3 cases per 100,000, which is 58% higher, while the rate for children aged 5 to 9 years was 16.5 cases per 100,000, showing an 11.5% rise. Consequently, the increasing incidence of tick-borne diseases propels the growth of the ticovac market. Growth in the ticovac market is anticipated to be boosted by an upswing in research and development pursuits. Research and development (R&D) tasks include methodical analysis and novelty aimed at inventing new products, enhancing current ones, or evolving new technologies and solutions via scientific and technical study. The uptick in R&D activities is in response to the expanding demand for innovative solutions, progressive technological developments, and the urgency to tackle emerging universal trials across diverse industries. R&D pursuits positively affect TicoVac, leading to advancements in vaccine dosage formulation, boosting efficacy, and securing its constant capacity to counter emerging TBE strains. Furthermore, in July 2024, the Department of Health and Social Care, a UK government organization, reported that the business enterprise sector had spent $11.3 billion (£9.0 billion) on pharmaceutical R&D in 2022. This represented 0.36% of the UK’s GDP, with pharmaceutical R&D accounting for 18% of all business-related R&D, the most substantial proportion in all product sectors that year. Hence, this increase in research and development endeavors is fuelling the growth of the ticovac market.
What are the key segments defining the ticovac market?
The ticovacmarket covered in this report is segmented –
1) By Formulation: Inactivated Vaccines; Live Attenuated Vaccines
2) By Indication: Tick-Borne Encephalitis; Japanese Encephalitis; Rabies Encephalitis
3) By Distribution Channel: Hospital Pharmacies; Retail Pharmacies; Online Pharmacies
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Who are the key players steering the development of the ticovac market?
Major companies operating in the ticovac market include Pfizer Inc.
What emerging trends are influencing the growth of the ticovac market?
The ticovac market’s dominant trend is the concentration on unique formulations like suspension liquid to establish a strong market position. Suspension liquid is used as a vaccine solution against tick-borne encephalitis, which is offered as an intramuscular injection. With a dose of 0.5 mL, the suspension liquid is suitable for both adults and children. For example, Pfizer Inc., a pharmaceutical company headquartered in the US, introduced Ticovac in September 2024. This vaccine is designed to combat tick-borne encephalitis (TBE), a viral infection impacting the brain and spinal cord. Significantly, this is Japan’s first vaccine of this type, providing protection in areas where TBE is common. It is supplied in two versions, one for adults and one for children, both in a 0.5 mL intramuscular injection format.
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Which regions are most influential in expanding the ticovac market?
Europe was the largest region in the ticovac market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the ticovac market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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