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Japanese Encephalitis Vaccines Market by Type and Geography - Forecast and Analysis 2022-2026

  • Published: May 2022
  • Pages: 134
  • SKU: IRTNTR70257
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The Japanese encephalitis vaccine market size is projected to accelerate at a CAGR of 5.98% and reach an estimated value of USD 58.27 million by 2026.

This Japanese encephalitis vaccines market research report extensively covers market segmentation by type (inactivated vaccines, recombinant vaccines, and live attenuated vaccines) and geography (Asia, ROW, Europe, and North America).

The Japanese encephalitis vaccines market report also offers information on several market vendors, including Adimmune Corp., Bharat Biotech Ltd., Biological E. Ltd., KM Biologics Co. Ltd., Medigen Inc., Panacea Biotec Ltd, Sanofi, Shandong Hengye Biotechnology Co. Ltd., VA Bio+Tech Park, and Valneva SE among others. One of the key highlights of this report is the valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches.

What will the Japanese Encephalitis Vaccines Market Size be During the Forecast Period?

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Japanese Encephalitis Vaccines Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The inclusion of a national immunization plan is notably driving the Japanese encephalitis vaccines market growth, although factors such as demand-supply imbalance may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the Japanese encephalitis vaccine industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Japanese Encephalitis Vaccines Market Driver

  • One of the key factors driving the Japanese encephalitis vaccine market growth is its inclusion in the national immunization plan.
  • The increasing number of indications caused by deadly viruses has encouraged the governments to come up with national immunization plans. For instance,
    • In 1978, the Ministry of Health and Family Welfare, Government of India, introduced the Expanded Programme of Immunization, which was changed to the Universal Immunization Programme in 1985.
    • The aim of this program was to ensure that the population in the affected parts of the country were immunized against infectious diseases.
  • The global demand for the Japanese encephalitis vaccine is estimated to be in the range of 75-100 million doses per year, with a majority of the demand coming from China, India, Japan, and South Korea.
  • Asian countries such as Thailand, Malaysia, and the Philippines are also contributing to the increasing demand for Japanese encephalitis vaccines which, in turn, would fuel the market growth in the forecast years.

Key Japanese Encephalitis Vaccines Market Trend

  •  Novel vaccine technology is one of the key Japanese encephalitis vaccine market trends that is expected to impact the industry positively in the forecast period. 
  • There are different types of vaccines are available for the prevention of the indication, however, the market still witnesses an unmet need for highly effective vaccines for the prevention of the indication.
  • Researchers are conducting studies on micro ribonucleic acid (microRNA) as a potential therapeutic candidate for Japanese encephalitis.
  • Various studies are being conducted to understand the ability of microRNAs within the viral genome of an attenuated virus. For instance;
    • The studies show that microRNA-155 can regulate the inflammatory response caused by the Japanese encephalitis virus.
  • Investment in R&D is expected to further support the market growth in the coming years.

Key Japanese Encephalitis Vaccines Market Challenge

  • Demand-supply imbalance is one of the key challenges hindering the Japanese encephalitis vaccine market growth.
  • As most cases of Japanese encephalitis are seasonal, various manufacturers tend to manufacture the vaccines in large quantities and store them.
  • Japanese encephalitis vaccine, despite being produced in large quantities, faces the risk of low shelf life, as most of these vaccines (on average) have a shelf life of fewer than two years.
  • The market faces issues with storage, as these vaccines are required to be stored in cold chain storage.
  • The cost of storing vaccines is very high, which leaves various small and mid-sized vendors with manufacturing the vaccines only when the demand is high in the market.
  • Japanese encephalitis vaccines also take a long time to manufacture and deliver to the required region, which is creating a gap between the demand and the supply in the market.
  • Such factors may limit the market growth in the coming years.

This Japanese encephalitis vaccines market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Which are the Key Regions for Japanese Encephalitis Vaccines Market?

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72% of the market’s growth will originate from Asia during the forecast period. China, India, Japan, and South Korea (Republic of Korea) are the key markets for Japanese encephalitis vaccines in Asia. Market growth in this region will be faster than the growth of the market in North America and ROW.

The increase in the risk of the indication, as Asian countries, including India and China are currently at the highest risk of coming into contact with the Japanese encephalitis virus, will facilitate the Japanese encephalitis vaccines market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

Due to the outbreak of the COVID-19 pandemic, the Japanese encephalitis vaccine market in APAC witnessed a negative impact on its growth both in 2020 and 2021. As Japan and India are the major manufacturers of these vaccines, the outbreak of the pandemic adversely impacted several countries that rely on the import of the vaccines from these countries. However, the ongoing vaccination drives for COVID-19 are anticipated to bring about a pragmatic change in the operations and R&D activities of pharmaceutical companies. As a result, the regional Japanese encephalitis vaccine market will witness moderate growth during the forecast period.

What are the Revenue-generating Type Segments in the Japanese Encephalitis Vaccines Market?

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The Japanese encephalitis vaccine market share growth by the inactivated vaccines will be significant during the forecast period. The need for booster injections for inactivated vaccines is expected to help the segment grow in terms of both volume and value in the coming years.

This report provides an accurate prediction of the contribution of all the segments to the growth of the Japanese encephalitis vaccines market size and actionable market insights on post COVID-19 impact on each segment.

Who are the Major Japanese Encephalitis Vaccines Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

  • Adimmune Corp.
  • Bharat Biotech Ltd.
  • Biological E. Ltd.
  • KM Biologics Co. Ltd.
  • Medigen Inc. 
  • Panacea Biotec Ltd
  • Sanofi
  • Shandong Hengye Biotechnology Co. Ltd.
  • VA Bio+Tech Park
  • Valneva SE

This statistical study of the Japanese encephalitis vaccine market encompasses successful business strategies deployed by the key vendors. The Japanese encephalitis vaccines market is concentrated and the vendors are deploying growth strategies such as investment in R&D to compete in the market.

Product Insights and News

  • Adimmune Corp. - The company offers infant nutrients such as Similac Probiotic Tri-Blend, Similac organic with A2 milk, Pure Bliss for essential protein, minerals, and other nutrients to support an infant's growth.
  • Adimmune Corp. - Under the established pharmaceuticals products segment, the company manufacturers branded generic pharmaceuticals for established and emerging markets.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The Japanese encephalitis vaccines market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Parent Market Analysis

Technavio categorizes the global Japanese encephalitis vaccines market as a part of the global pharmaceuticals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the Japanese encephalitis vaccines market during the forecast period.

Japanese Encephalitis Vaccines Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the Japanese encephalitis vaccines market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Japanese Encephalitis Vaccines Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 5.98%

Market growth 2022-2026

$ 58.27 million

Market structure

Concentrated

YoY growth (%)

5.38

Regional analysis

Asia, ROW, Europe, and North America

Performing market contribution

Asia at 72%

Key consumer countries

China, India, Japan, South Korea (Republic of Korea), and Australia

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Adimmune Corp., Bharat Biotech Ltd., Biological E. Ltd., KM Biologics Co. Ltd., Medigen Inc. , Panacea Biotec Ltd, Sanofi, Shandong Hengye Biotechnology Co. Ltd., VA Bio+Tech Park, and Valneva SE

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

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What are the Key Data Covered in this Japanese Encephalitis Vaccines Market Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive Japanese encephalitis vaccines market growth during the next five years
  • Precise estimation of the Japanese encephalitis vaccines market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the Japanese encephalitis vaccines industry across Asia, ROW, Europe, and North America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of Japanese encephalitis vaccines market vendors

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
    • Exhibit 06: Executive Summary – Chart on Incremental Growth
    • Exhibit 07: Executive Summary – Data Table on Incremental Growth
    • Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 09: Parent market
    • Exhibit 10: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 11: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 12: Market segments
  • 3.3 Market size 2021
    • 3.4 Market outlook: Forecast for 2021-2026
      • Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
      • Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 17: Five forces analysis - Comparison between 2021 and 2026
    • 4.2 Bargaining power of buyers
      • Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
    • 4.3 Bargaining power of suppliers
      • Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
    • 4.4 Threat of new entrants
      • Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
    • 4.5 Threat of substitutes
      • Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
    • 4.6 Threat of rivalry
      • Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
    • 4.7 Market condition
      • Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

    5 Market Segmentation by Type

    • 5.1 Market segments
      • Exhibit 24: Chart on Type - Market share 2021-2026 (%)
      • Exhibit 25: Data Table on Type - Market share 2021-2026 (%)
    • 5.2 Comparison by Type
      • Exhibit 26: Chart on Comparison by Type
      • Exhibit 27: Data Table on Comparison by Type
    • 5.3 Inactivated vaccines - Market size and forecast 2021-2026
      • Exhibit 28: Chart on Inactivated vaccines - Market size and forecast 2021-2026 ($ million)
      • Exhibit 29: Data Table on Inactivated vaccines - Market size and forecast 2021-2026 ($ million)
      • Exhibit 30: Chart on Inactivated vaccines - Year-over-year growth 2021-2026 (%)
      • Exhibit 31: Data Table on Inactivated vaccines - Year-over-year growth 2021-2026 (%)
    • 5.4 Recombinant vaccines - Market size and forecast 2021-2026
      • Exhibit 32: Chart on Recombinant vaccines - Market size and forecast 2021-2026 ($ million)
      • Exhibit 33: Data Table on Recombinant vaccines - Market size and forecast 2021-2026 ($ million)
      • Exhibit 34: Chart on Recombinant vaccines - Year-over-year growth 2021-2026 (%)
      • Exhibit 35: Data Table on Recombinant vaccines - Year-over-year growth 2021-2026 (%)
    • 5.5 Live attenuated vaccines - Market size and forecast 2021-2026
      • Exhibit 36: Chart on Live attenuated vaccines - Market size and forecast 2021-2026 ($ million)
      • Exhibit 37: Data Table on Live attenuated vaccines - Market size and forecast 2021-2026 ($ million)
      • Exhibit 38: Chart on Live attenuated vaccines - Year-over-year growth 2021-2026 (%)
      • Exhibit 39: Data Table on Live attenuated vaccines - Year-over-year growth 2021-2026 (%)
    • 5.6 Market opportunity by Type
      • Exhibit 40: Market opportunity by Type ($ million)

    6 Customer Landscape

    • 6.1 Customer landscape overview
      • Exhibit 41: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 42: Chart on Market share by geography 2021-2026 (%)
      • Exhibit 43: Data Table on Market share by geography 2021-2026 (%)
    • 7.2 Geographic comparison
      • Exhibit 44: Chart on Geographic comparison
      • Exhibit 45: Data Table on Geographic comparison
    • 7.3 Asia - Market size and forecast 2021-2026
      • Exhibit 46: Chart on Asia - Market size and forecast 2021-2026 ($ million)
      • Exhibit 47: Data Table on Asia - Market size and forecast 2021-2026 ($ million)
      • Exhibit 48: Chart on Asia - Year-over-year growth 2021-2026 (%)
      • Exhibit 49: Data Table on Asia - Year-over-year growth 2021-2026 (%)
    • 7.4 Rest of World (ROW) - Market size and forecast 2021-2026
      • Exhibit 50: Chart on Rest of World (ROW) - Market size and forecast 2021-2026 ($ million)
      • Exhibit 51: Data Table on Rest of World (ROW) - Market size and forecast 2021-2026 ($ million)
      • Exhibit 52: Chart on Rest of World (ROW) - Year-over-year growth 2021-2026 (%)
      • Exhibit 53: Data Table on Rest of World (ROW) - Year-over-year growth 2021-2026 (%)
    • 7.5 Europe - Market size and forecast 2021-2026
      • Exhibit 54: Chart on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 55: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 56: Chart on Europe - Year-over-year growth 2021-2026 (%)
      • Exhibit 57: Data Table on Europe - Year-over-year growth 2021-2026 (%)
    • 7.6 North America - Market size and forecast 2021-2026
      • Exhibit 58: Chart on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 59: Data Table on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 60: Chart on North America - Year-over-year growth 2021-2026 (%)
      • Exhibit 61: Data Table on North America - Year-over-year growth 2021-2026 (%)
    • 7.7 China - Market size and forecast 2021-2026
      • Exhibit 62: Chart on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 63: Data Table on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 64: Chart on China - Year-over-year growth 2021-2026 (%)
      • Exhibit 65: Data Table on China - Year-over-year growth 2021-2026 (%)
    • 7.8 India - Market size and forecast 2021-2026
      • Exhibit 66: Chart on India - Market size and forecast 2021-2026 ($ million)
      • Exhibit 67: Data Table on India - Market size and forecast 2021-2026 ($ million)
      • Exhibit 68: Chart on India - Year-over-year growth 2021-2026 (%)
      • Exhibit 69: Data Table on India - Year-over-year growth 2021-2026 (%)
    • 7.9 Japan - Market size and forecast 2021-2026
      • Exhibit 70: Chart on Japan - Market size and forecast 2021-2026 ($ million)
      • Exhibit 71: Data Table on Japan - Market size and forecast 2021-2026 ($ million)
      • Exhibit 72: Chart on Japan - Year-over-year growth 2021-2026 (%)
      • Exhibit 73: Data Table on Japan - Year-over-year growth 2021-2026 (%)
    • 7.10 Republic of Korea - Market size and forecast 2021-2026
      • Exhibit 74: Chart on Republic of Korea - Market size and forecast 2021-2026 ($ million)
      • Exhibit 75: Data Table on Republic of Korea - Market size and forecast 2021-2026 ($ million)
      • Exhibit 76: Chart on Republic of Korea - Year-over-year growth 2021-2026 (%)
      • Exhibit 77: Data Table on Republic of Korea - Year-over-year growth 2021-2026 (%)
    • 7.11 Australia - Market size and forecast 2021-2026
      • Exhibit 78: Chart on Australia - Market size and forecast 2021-2026 ($ million)
      • Exhibit 79: Data Table on Australia - Market size and forecast 2021-2026 ($ million)
      • Exhibit 80: Chart on Australia - Year-over-year growth 2021-2026 (%)
      • Exhibit 81: Data Table on Australia - Year-over-year growth 2021-2026 (%)
    • 7.12 Market opportunity by geography
      • Exhibit 82: Market opportunity by geography ($ million)

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • 8.3 Impact of drivers and challenges
          • Exhibit 83: Impact of drivers and challenges in 2021 and 2026
        • 8.4 Market trends

          9 Vendor Landscape

          • 9.1 Overview
            • 9.2 Vendor landscape
              • Exhibit 84: Overview on Criticality of inputs and Factors of differentiation
            • 9.3 Landscape disruption
              • Exhibit 85: Overview on factors of disruption
            • 9.4 Industry risks
              • Exhibit 86: Impact of key risks on business

            10 Vendor Analysis

            • 10.1 Vendors covered
              • Exhibit 87: Vendors covered
            • 10.2 Market positioning of vendors
              • Exhibit 88: Matrix on vendor position and classification
            • 10.3 Adimmune Corp.
              • Exhibit 89: Adimmune Corp. - Overview
              • Exhibit 90: Adimmune Corp. - Business segments
              • Exhibit 91: Adimmune Corp. - Key news
              • Exhibit 92: Adimmune Corp. - Key offerings
              • Exhibit 93: Adimmune Corp. - Segment focus
            • 10.4 Bharat Biotech Ltd.
              • Exhibit 94: Bharat Biotech Ltd. - Overview
              • Exhibit 95: Bharat Biotech Ltd. - Product / Service
              • Exhibit 96: Bharat Biotech Ltd. - Key news
              • Exhibit 97: Bharat Biotech Ltd. - Key offerings
            • 10.5 Biological E. Ltd.
              • Exhibit 98: Biological E. Ltd. - Overview
              • Exhibit 99: Biological E. Ltd. - Product / Service
              • Exhibit 100: Biological E. Ltd. - Key news
              • Exhibit 101: Biological E. Ltd. - Key offerings
            • 10.6 KM Biologics Co. Ltd.
              • Exhibit 102: KM Biologics Co. Ltd. - Overview
              • Exhibit 103: KM Biologics Co. Ltd. - Product / Service
              • Exhibit 104: KM Biologics Co. Ltd. - Key offerings
            • 10.7 Medigen Inc.
              • Exhibit 105: Medigen Inc. - Overview
              • Exhibit 106: Medigen Inc. - Product / Service
              • Exhibit 107: Medigen Inc. - Key offerings
            • 10.8 Panacea Biotec Ltd.
              • Exhibit 108: Panacea Biotec Ltd. - Overview
              • Exhibit 109: Panacea Biotec Ltd. - Product / Service
              • Exhibit 110: Panacea Biotec Ltd. - Key offerings
            • 10.9 Sanofi
              • Exhibit 111: Sanofi - Overview
              • Exhibit 112: Sanofi - Business segments
              • Exhibit 113: Sanofi - Key news
              • Exhibit 114: Sanofi - Key offerings
              • Exhibit 115: Sanofi - Segment focus
            • 10.10 Shandong Hengye Biotechnology Co. Ltd.
              • Exhibit 116: Shandong Hengye Biotechnology Co. Ltd. - Overview
              • Exhibit 117: Shandong Hengye Biotechnology Co. Ltd. - Product / Service
              • Exhibit 118: Shandong Hengye Biotechnology Co. Ltd. - Key offerings
            • 10.11 Valneva SE
              • Exhibit 119: Valneva SE - Overview
              • Exhibit 120: Valneva SE - Business segments
              • Exhibit 121: Valneva SE - Key offerings
              • Exhibit 122: Valneva SE - Segment focus

            11 Appendix

            • 11.1 Scope of the report
              • 11.2 Inclusions and exclusions checklist
                • Exhibit 123: Inclusions checklist
                • Exhibit 124: Exclusions checklist
              • 11.3 Currency conversion rates for US$
                • Exhibit 125: Currency conversion rates for US$
              • 11.4 Research methodology
                • Exhibit 126: Research methodology
                • Exhibit 127: Validation techniques employed for market sizing
                • Exhibit 128: Information sources
              • 11.5 List of abbreviations
                • Exhibit 129: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
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              The japanese encephalitis vaccines market market growth will increase by $$ 58.27 mn during 2023-2026.
              The japanese encephalitis vaccines market market is expected to grow at a CAGR of 5.98% during 2023-2026.
              Technavio has segmented the japanese encephalitis vaccines market market by type (Inactivated vaccines, Recombinant vaccines, and Live attenuated vaccines) ,geography (Asia, Rest of World (ROW), Europe, and North America) , and geographic (Asia, ROW, Europe, and North America).
              Adimmune Corp., Bharat Biotech Ltd., Biological E. Ltd., KM Biologics Co. Ltd., Medigen Inc., Panacea Biotec Ltd., Sanofi, Shandong Hengye Biotechnology Co. Ltd., Valneva SE are a few of the key vendors in the japanese encephalitis vaccines market market.
              Asia will register the highest growth rate of 72% among the other regions. Therefore, the japanese encephalitis vaccines market market in Asia is expected to garner significant business opportunities for the vendors during the forecast period.
              • Australia
              • China
              • India
              • Japan
              • Republic of Korea
              The key factors driving the japanese encephalitis vaccines market market growth are:
              • Inclusion in national immunization plan
              • Novel vaccine technology
              The japanese encephalitis vaccines market market vendors should focus on grabbing business opportunities from the inactivated vaccines segment as it accounted for the largest market share in the base year.
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