Hepatitis C Virus (HCV) Vaccine Market Size, Forecast [2031]

Report Description

Market Outlook:

The global Hepatitis C Virus (HCV) Vaccine market is projected to reach USD 1,180.9 Million by 2026, at a CAGR of 10.8% during the forecast period. Hepatitis C Virus results in a liver infection. Hepatitis C ranges from a mild illness lasting a few weeks to a serious, long-term illness. The launch of hepatitis C virus vaccine is expected to cure the inflammation caused and is anticipated to boost the recovery in patients. Research and development are inhibited for generation of hepatitis C virus vaccine, due to rising liver infections and liver diseases.

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Hepatitis C is classified as acute and chronic. The acute type infection is considered as a mild and new infection, while the chronic infection is considered as a long-term infection. Acute hepatitis C occurs within six months after someone is exposed to the hepatitis C virus. Hepatitis C is a short-term illness, but for most people, acute infection leads to chronic infection. Chronic hepatitis C is a lifelong infection if left untreated. Chronic hepatitis C causes serious health problems, including liver damage, cirrhosis (scarring of the liver), liver cancer, and death. Hepatitis C is transmitted through contact with blood from an infected person. A number of people become infected with the hepatitis C virus by sharing needles or other equipment used to prepare and inject drugs. Chronic hepatitis C results into life-threatening health problems such as cirrhosis and liver cancer.

People suffering with chronic hepatitis C often do not reflect symptoms. In most cases, the symptoms occur at advanced liver disease. No vaccines are available for hepatitis C in the market, hence, the best way is to prevent the cause and spread of hepatitis C virus. Hepatitis C infection found in chimpanzees is similar to an infection in humans. However, ethical reasons and expenses limit medical research with these animals. Researchers are still working to develop an effective vaccine and these new medications and vaccines are expected to cure nearly everyone who is infected with hepatitis C.

Macro-Economic Factors-

Healthcare Expenditure

Hepatitis C directly affects liver and abdominal health. Insurance companies offer term plans and policies, as the treatment of hepatitis C is expensive, as it cannot be diagnosed in early stages, due to minimum reflection of symptoms. High disposable income encourages millennials to invest in healthcare.

Prevalence of Hepatitis C

Hepatitis C is a viral infection that results in liver inflammation, sometimes leading to serious liver damage. The hepatitis C virus (HCV) spreads through contaminated blood. The U.S. Preventive Services Task Force recommends that all adults ages 18 to 79 years should be screened for hepatitis C, even if there are no symptoms present or known liver disease.

GDP

The production of vaccine is projected to have a huge impact on the overall GDP. Globally, the GDP of various countries has been hampered and is expected to decline, due to the outbreak of COVID-19. Initially, companies working on hepatitis C virus vaccine and therapeutics faced several challenges due to lockdowns. However, easing of restrictions and limitations is expected to increase R&D for hepatitis C virus vaccine.

Market Dynamics

The market is driven by rising awareness regarding adverse effects of hepatitis C virus. Rising prevalence of several liver diseases such as cirrhosis and cancer is expected to boost the hepatitis C virus (HCV) vaccine market during the forecast period. Time consumed in research and clinical trials associated with hepatitis C virus (HCV) vaccine is expected to hinder the market growth during the forecast period. Initiatives by various governments to raise health awareness and support for research and development are projected to create opportunities in the market during the forecast period.

Drivers

High Prevalence of Chronic Hepatitis C Infections

Occurrence of hepatitis C virus infection among the global population is increasing. This is mainly caused by sharing unsterilized medical equipment, needles, and blood transfusion filter from infected mother to newborn baby. A large number of Hepatitis C patients are registered in developing economies such as India and Brazil as compared to developed countries. This increases the demand for hepatitis C virus vaccine. Some countries and state governments initiated the control of hepatitis C infections by promoting drugs or providing special funds towards disease treatment programs. Several private NGOs create awareness and educate the population to help fight against hepatitis C virus infections. These factors are considered to drive the market in the near future.

Increasing Government Support for Vaccine Development

Vaccine development is a complex and long process with a combination of public & private investment and often last 10 years to 15 years. Late diagnosis or untreated hepatitis C viral infections are life-threatening. The severity of infection includes inflammation or liver cancer. Governments in various countries are focusing on providing funds to create a vaccine for hepatitis C virus. Such government support is anticipated to drive the market during the forecast period.

Restraints

High Cost Required for R&D of Hepatitis C Virus Vaccine

The research and development process is time-consuming, as it requires to study about the virus and its reaction towards the generated antibody. Governments of developing countries support pharmaceutical industries for study and generation of the vaccines. The generated vaccines need to pass a clinical trial before approval. High investments in R&D are considered to result in high cost for generation of vaccine. High cost is the top restraint for the market.

Opportunities

Increasing Need of Vaccine Development for Treating Hepatitis C Virus

Presently, no vaccines are available in the market for treating hepatitis C virus. The vaccines are considered to be more effective as compared to oral drugs. Vaccines are anticipated to cure chronic hepatitis C infections at a rapid pace. Players are focusing on generation of vaccine for prevention of hepatitis C as well as its cure.

Pipeline Overview

There are around 42 completed studies conducted by companies, universities and associations on Hepatitis C Virus (HCV) Vaccine. However, there are around 4 recruiting studies in the pipeline.

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Regional Outlook

On the basis of regions, the Hepatitis C Virus (HCV) vaccine market is segmented as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounts for a significant share of the market. The market in Europe is projected to expand at significant CAGR during the forecast period. Chronic infections cause liver cirrhosis and liver cancer. Liver transplantation is considered to be the only solution for individuals with acute or chronic liver failure due to hepatitis C infection.

According to estimates by the WHO, the hepatitis C viral infection caused 1.34 million deaths globally in the past few years. Global Health Sector Strategy on hepatitis C virus 2016–2021 (GHSS) was endorsed by the World Health Assembly. It offers a strategy to work towards the elimination of hepatitis C viral infection as a major public health threat by 2030. The action plan for the health sector response to hepatitis c virus in the World Health Organization (WHO) Europe region was developed and approved by the WHO Regional Committee. Severe liver diseases are considered to lead to liver transplantation, which is majorly adopted in North America. R&D for generation of vaccines for preventing, controlling, and curing hepatitis C is expected to grow at a rapid pace.

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The market in Asia Pacific is considered to grow a rapid pace, owing to the advancements in research and development. The regional development of Latin America is anticipated to attract researchers. R&D activities are growing at sluggish pace in the region. The penetration of R&D units in countries of Middle East and Africa is considered to create lucrative opportunities for vaccine development in the near future.

In 2017, according to national surveillance data, 11,592 hepatitis C diagnoses were reported to the Public Health Agency of Canada. According to national surveillance data, 61% of hepatitis C diagnoses were among males and 39% were among females in Canada. The Public Health Agency of Canada (PHAC) monitors the spread of infectious diseases, including measures of hepatitis C and associated risk behavior indicators. Large number of cases of hepatitis C infections are expected to propel the demand for the hepatitis C virus vaccine.

Key Benefits for Industry Participants & Stakeholders

• In-Depth Analysis of The Global Hepatitis C Virus (HCV) Vaccine Market.
• Forecast Market Size in Terms of Value.
• Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
• Industry Drivers, Restraints and Opportunities Covered in The Study
• Recent Industry Trends and Developments
• Competitive Landscape & Strategies of Key Players
• Neutral Perspective on From Global Hepatitis C Virus (HCV) Vaccine Market Performance