The global neglected tropical diseases drugs and vaccines market size was valued at USD 81.7 million in 2020 and is anticipated to expand at a CAGR of 10.3% during the forecast period, 2021-2028. The growth of the market is attributed to the increase in awareness of neglected tropical diseases and the extensive research and development activities towards the feasibility of providing these cures on a globally massive scale.
Neglected tropical diseases are considered to be a large diverse group of infections, primarily tropical in nature, commonly found in low-income populations. The main reason for the widespread of these diseases is malnutrition. Compared to most of the developed countries, the regions having neglected tropical diseases have limited healthcare infrastructure and thereby cannot diagnose highly infectious diseases such as the HIV/AIDS, malaria, and tuberculosis. These regions do not have access to the vaccines and drugs that can cure such infectious diseases.
According to the World Health Organization or the WHO, along with the Global Alliance for Vaccines and Immunization or the GAVI, one sixth of the global population is affected by the neglected tropical diseases till and this will only scale to larger values owing to the spread of the coronavirus. The COVID-19 pandemic has hindered the growth of the global neglected tropical diseases drugs and vaccines market initially. However, upon further studies, researchers and scientists found out that the coronavirus has the viral gene of accelerating illness of the hosts. This steered to hospitals, clinics, and healthcare laboratories to focus more on the development of neglected tropical diseases drugs and vaccines for the prevention and treatment of diseases and this led to its market growth in the later stages of this pandemic.
Market Trends, Drivers, Restraints, and Opportunities
- Increase in spending and investing by the companies towards neglected tropical diseases drugs and vaccines is the primary reason for the projection of boosting the market growth during the forecast period, 2021-2028.
- Rapid growth of foreign investment along with foundations and charities can become a major factor in the boosting of the global neglected tropical diseases drugs and vaccines market during the forecast period.
- High prices for the development of neglected tropical diseases drugs and vaccines and high cost of services from the company’s perspective is anticipated to hinder the global market growth.
- Neglected tropical diseases drugs and vaccines are largely being contributed by developed nations which are examined under different climate conditions to the tropical environments. These medicines need to be calibrated according to these conditions and a wrong assumption could lead to failure of these cures. This uncertainty can hamper the global market growth.
- R&D investment and technological advancement are expected to offer significant opportunities for the market players. Merck & Co. Inc have offered to provide free vaccinations to the entire Japan population after the outbreak in 2017 for the period of five years, and currently even providing the vaccinations for the coronavirus.
Scope of the Neglected Tropical Diseases Drugs and Vaccines Market Report
The report on the global neglected tropical diseases drugs and vaccines market size includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Neglected Tropical Diseases Drugs and Vaccines Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Vaccines (Dengue, Zika, and Malaria)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Trends, and Revenue Forecast
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Key Players Covered in the Report
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GlaxoSmithKline plc; Takeda; Pfizer Inc.; Bayer AG; Sanofi; Merck & Co. Inc.; Bristol-Myers Squibb Company; Abbott; Novartis AG; Johnson & Johnson Services Inc.; Gilead Sciences Inc.; and Astellas Pharma Inc.
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Global Neglected Tropical Diseases Drugs and Vaccines Market Segment Insights
Dengue segment is projected to represent a large market share
Based on vaccines, the global neglected tropical diseases drugs and vaccines market is divided into dengue, zika, and malaria. The dengue segment is expected to constitute the major share in 2019. The major reason attributing to this market growth is the outbreak of this disease which happened in 2012-2013 to three continents. This increased the demand for this disease vaccine and the distribution of this vaccination is still going as of 2020.
Meanwhile the zika segment is anticipated to grow with a significant CAGR during the forecast period, 2021-2028, owing to the phase II and phase III uncertainty and this disease being lethal, even death. This along with the coronavirus spread has made the zika segment to propel even further.
Asia Pacific is anticipated to dominate the market
On the basis of regions, the global neglected tropical diseases drugs and vaccines market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific is expected to constitute a major share in 2020. This regional market growth can be attributed to the growing research & development expenditure along with the rising in adoption of the latest technology. The cost of expenditure is significantly lower in Asia Pacific than that of other economies. However, the market in Middle East & Africa is anticipated to expand at a significant CAGR during the forecast period, 2021-2028, as they have prioritized the cost-efficiency perspective of neglected tropical diseases drugs and vaccines combined with their growing population and increase in foreign investments.
Segments
The global neglected tropical diseases drugs and vaccines market size has been segmented in terms of
Vaccines
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- GlaxoSmithKline plc
- Takeda
- Pfizer Inc.
- Bayer AG
- Sanofi
- Merck & Co. Inc.
- Bristol-Myers Squibb Company
- Abbott
- Novartis AG
- Johnson & Johnson Services Inc.
- Gilead Sciences Inc.
- Astellas Pharma Inc.
Competitive Landscape
Major players competing in the global neglected tropical diseases drugs and vaccines market are GlaxoSmithKline plc; Takeda; Pfizer Inc.; Bayer AG; Sanofi; Merck & Co. Inc.; Bristol-Myers Squibb Company; Abbott; Novartis AG; Johnson & Johnson Services Inc.; Gilead Sciences Inc.; and Astellas Pharma Inc. These market players are involved in several business strategies such as mergers, acquisitions partnerships, collaborations, capacity expansion, and product launches to enhance their market shares. Takeda have announced the mass production of dengue vaccines to distribute on the global scale and have tied up with more than 30 distributors in 2020.
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