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India is one of the leading markets of vaccines in the Asia Pacific region. This can be attributed to the introduction of various favourable government initiatives to promote and strengthen indigenous vaccine research and development (R&D) activities. Moreover, the development of cost-effective vaccines in the region is augmenting the market growth. The presence of the leading vaccine manufacturing companies in the country is providing further impetus to the growth of the vaccine industry. For instance, Serum Institute of India Pvt. Ltd. is the world’s largest vaccine manufacturer, the vaccines of which are used in around 170 countries. In addition, various vaccination drives initiated by the federal and state governments, especially for children, to enhance the immunity of its citizens is expected to drive the growth of the market in the forecast period.
Bharat Biotech and Pfizer Inc. (NYSE: PFE) are the leading market players in the industry. The former company, which is one of the leading companies in the industry, announced the efficacy and safety data analysis from clinical trials of phase III of COVAXIN in July 2021. The vaccine is a virion inactivated vaccine that is developed in partnership with NIV Pune and ICMR. The trials were initiated due to the emergence of 130 asymptomatic cases of COVID-19 infections after receiving the second dose of its vaccine, COVAXIN. The report found no safety concerns regarding the administration of the vaccine. This also makes the vaccine the first to report efficacy against asymptomatic symptoms of the COVID-19 infection to aid in the reduction of disease transmission. Moreover, the research also demonstrates that the vaccine provides 65.2% protection against the B.1.617.2 variant of SARS-CoV-2. Such developments are expected to drive the market growth.
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The major players in the Asia Pacific vaccine market are CSL Limited, Bharat Biotech, GlaxoSmithKline plc, Novartis AG. Pfizer Inc., and AstraZeneca plc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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