What Fueled The Previous Growth In The Ticovac Market?
The ticovac market has seen considerable growth due to a variety of factors.
• In recent years, the Ticovac market has experienced significant growth. The market is projected to expand from $4,010 million in 2024 to $4,310 million in 2025, representing a compound annual growth rate (CAGR) of 7.6%.
Factors contributing to this growth during the historical period include increased awareness, more travel to endemic regions, growing concerns in veterinary health, an increase in the elderly population, and an uptick in military and defense vaccinations.
How Does the Forecast Look for the Ticovac Market?
The ticovac market is expected to maintain its strong growth trajectory in upcoming years.
• A significant expansion is projected for the ticovac market in the coming years, with predictions of reaching $5,700 million in 2029 and a compound annual growth rate (CAGR) of 7.3%.
This growth within the forecast period can be credited to factors such as an increased number of outdoor workers, higher healthcare spending, intensified focus on controlling regional diseases, an uptick in health insurance coverage, and a rising number of tick-borne encephalitis (tbe) cases. Additionally, the forecast period is expected to see certain trends come to the fore including technological improvement in vaccine production, the launch of new tbe vaccines, collaborations between governments and pharmaceutical entities, advancements in genetic study, and progress in post-vaccination monitoring and care.
What Are The Leading Drivers Of Growth In The Ticovac Market?
The surge in tick-borne diseases is predicted to propel the growth of the ticovac market. Illnesses caused by bacteria, viruses, or parasites, which human beings contract through the bite of infected ticks, are on the rise. Climate change, the expansion of tick habitats, increased human interaction with ticks, and advanced diagnostics are the reasons for this surge. Ticovac is indispensable in treating tick-borne diseases as it offers an active means of immunization against potentially severe viral infections like tick-borne encephalitis (TBE) transmitted through tick bites. For example, the Centers for Disease Control and Prevention, a US government agency, reported in February 2024 that the total Lyme disease instances were 18.9 cases per 100,000 population, a rate that is 68.8% higher than past years. In regions with high-incidence, the rate was 58% higher at 68.3 cases per 100,000 while children aged from 5 to 9 years had an incidence rate of 16.5 cases per 100,000, marking an increase of 11.5%. Thus, the surge in tick-borne diseases will stimulate the growth of the ticovac market. The ticovac market is also set to experience growth owing to increased research and development activities. Systematic innovation and investigations aimed at creating new products, enhancing existing ones, or emerging new technologies and solutions constitute the R&D activities. The demand for such activities has grown due to a desire for innovation, technological advancements, and the need to tackle emerging global dilemmas across various sectors. As a result, Ticovac benefits from R&D, leading to advancements in vaccine formulation, improvement in efficacy, and continued ability to tackle emerging strains of tick-borne encephalitis. For example, in July 2024, according to the Department of Health and Social Care, a UK-based government department, the business enterprise sector spent $11.3 billion (£9.0 billion) on pharmaceutical research and development in 2022, equivalent to 0.36% of the UK's GDP. The pharmaceutical R&D composed 18% of all R&D conducted in the business sector in the UK that year, the highest contribution among all product sectors. Therefore, the growth of R&D activities is a driving factor behind the expansion of the ticovac market.
How Are The Segments Defined Within The Global Ticovac Market?
The ticovac market 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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How Are New Trends Expected To Influence The Growth Of The Ticovac Market?
The principal trend in the ticovac market revolves around ground-breaking formulations such as suspension liquid to secure a competitive advantage in the sector. A vaccine formulation, suspension liquid is prepared to prevent Tick-borne encephalitis and can be administered through intramuscular injection. It is available in a dosage of 0.5 mL and is apt for both adult and pediatric uses. For example, Pfizer Inc., a pharmaceutical manufacturing company from the US, introduced Ticovac in September 2024. This vaccine is devised to counter Tick-borne encephalitis (TBE), a viral infection that damages the spinal cord and brain. This is a pioneering vaccine in Japan, offering safeguard against the prevalent disease in different regions. The vaccine is accessible in two forms, one for adults and the other for children, both of which are available as a 0.5 mL intramuscular injection.
Who Are the Key Players In The Ticovac Market?
Major companies operating in the ticovac market include:
• Pfizer Inc.
What Is The Most Dominant Region In 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.
