Global Vaccines Market is expected to be valued at US$ 36,297.2 Mn in 2019 and is anticipated to grow at a 6.0% CAGR from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Vaccines Market Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global vaccines market is expected to be valued at US$ 36,297.2 Million in 2019 and is anticipated to grow at a CAGR of 6.0% from 2019 to 2030.
The growth of the vaccines market can be attributed to factors such as rising incidences of infectious diseases, namely malaria, ebola and influenza among others. Moreover, growing immunization drives worldwide conducted by several government and non-government establishments to spread awareness about diseases have been vital in contributing to the extensive growth if this market. Similarly, market players in association with various universities are conducting research to develop vaccine. For instance in September 2018, Johnson & Johnson announced the collaboration between Coalition for Epidemic Preparedness Innovations (CEPI) & Jenner Institute, University of Oxford and Janssen Vaccines & Prevention B.V., part of the Janssen Pharmaceutical Companies of Johnson & Johnson. The collaboration was aimed to develop and manufacture vaccines against Middle East Respiratory Syndrome Coronavirus (MERS-CoV). However, high developmental costs and requirement of specialized monitoring devices and equipment which further incurs costs is anticipate to impede the growth of the market in the coming years.
Rising prevalence and incidences of infectious diseases have been a major factor contributing to the extensive adoption of vaccines worldwide. Infectious diseases, more often considered to be a global crisis, is estimated to kill 17 million people every year. It is further estimated that nearly 50,000 women, men and children die every day of infectious disease which otherwise could be cured or prevented. Increasing burden of these diseases significantly affects the socioeconomic development of nations by crippling the prospects of better future. Moreover, emergence of drug-resistant microbial strains have extensively impacted the fight against infectious diseases, namely diarrhea, malaria, cholera and pneumonia among others. The need for new drugs to replace those which have lost their effectiveness have triggered the necessity of discovering novel cures. Research and development of advanced vaccines is one such prospect which has received immense support from government and non-government foundations in the recent years. Increasing funding, favorable government regulations and the regularly increasing number of immunization drives is anticipated to contribute to the global vaccines market in the coming years.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Vaccines Market by Technology (Conjugate Vaccines, Live Attenuated Vaccines, Toxoid Vaccines, Inactivated and Subunit Vaccines and Recombinant Vaccines), Strain/Serotype (Monovalent Vaccines and Multivalent Vaccines), Vaccine Type (Hepatitis, DT containing (including Polio), Pneumococcal Conjugate Vaccine (PCV), Meningococcal, Human Papillomavirus (HPV), Rotavirus, Influenza, Measles, Mumps, Rubella, Varicella, BCG, Cholera, IPV (Inactivated Polio Vaccine), OPV (Oral Poliovirus Vaccines), JE (Japanese Encephalitis), YF (Yellow Fever), Shingles, Typhoid, Rabies), Route of Administration (Oral Administration, and Intramuscular & Subcutaneous Administration) and Patient Type (Pediatric Patients, Adult Patients) – Analysis & Forecast 2019-2030, in detail along with the table of contents: https://www.marketindustryreports.com/vaccines-market/81
However, vaccine development is cost intensive & cumbersome procedure, also vaccine requires strict storage & handling guidelines that are major factors inversely affecting the prosperous growth of the market. Moreover, complexity of vaccine products, marketing approval procedures, and high cost of development among others, are known to affect the growth of the global vaccine market to a certain extent. For instance, high investment of capital in equipment, property, and high manufacturing costs as compared to conventional generic drugs coupled with complexity in manufacturing processes, are few factors limiting the growth of the global vaccines market. Similarly, strict guidelines for packaging, storing, handling and transportation of vaccine products are few factors which are likely to restrain the prosperous growth of this market.
Asia Pacific is estimated to witness the highest CAGR in the market during the forecast period. The growth of this region can be attributed to several factors, namely growing economy, rising focus of major market players, increasing population and supportive government healthcare regulations and norms. Moreover, rising incidences of infectious diseases and increasing awareness regarding importance of immunization are expected to present an attractive growth prospect for the global vaccines market in the coming years.
The prominent players in the global vaccines market are Pfizer Inc., GlaxoSmithKline plc., Merck & Co., Inc., Sanofi Pasteur Limited (Sanofi), AstraZeneca, CSL Limited, Bavarian Nordic, Panacea Biotec Limited, PT Bio Farma (Persero) and Serum Institute of India Pvt. Ltd. among others
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