The vaccine market size accounted for $32.46 billion in 2019, and is expected to reach $54.15 billion by 2027, registering a CAGR of 6.6% from 2020 to 2027.
Rise in the prevalence of infectious diseases, increase in immunization programs across the globe, and surge in R&D activities to develop new vaccine drive the growth of the global vaccine market.
Vaccination is generally considered as one of the greatest public health achievements in industrialized countries during the 20th century, reducing morbidity and mortality from a broad range of vaccine-preventable diseases. Globally, over 5.9 million deaths are prevented annually through vaccination against nine major infectious diseases, including varicella, diphtheria, tetanus, pertussis, Haemophilus influenzae type b (childhood), hepatitis B, measles, and polio. According to CDC, in Canada, immunization has saved more lives over the last 50 years than any other health intervention.
The recombinant vaccines & conjugate vaccines segment to maintain its dominant share during the forecast period
Based on technology type, the recombinant vaccines & conjugate vaccines segment accounted for the highest market share, accounting for around two-fifths of the global vaccine market in 2019, and will maintain its dominant share in terms of revenue during the forecast period. In addition the segment is expected to grow at the highest CAGR of 7.7% from 2020 to 2027, owing to rise in prevalence of infectious disease and the increasing numbers of regulatory clearances.
North America to dominate the market throughout the forecast period-
Based on region, North America held the highest market share in 2019, contributing to around two-fifths of the global vaccine market in 2019. Surge in prevalence of infectious diseases such as influenza, MMR, DTP and others and surge in awareness related immunization and development of new vaccines drive the growth of the market in this province. On the other hand, the Asia-Pacific region is expected to register the largest CAGR of 8.1% during the forecast period. This is owing to presence of large untapped opportunities such as expanding healthcare budgets and increase in disposable income. In addition, rise in demand for vaccine, owing to growth in number of geriatric population further fuels the market growth.
Leading market players
- Serum Institute of India Pvt. Ltd.
- Pfizer
- Johnson & Johnson
- AstraZenecea plc
- GlaxoSmithKline plc
- Sanofi Aventis
- Merck & Co., Inc.
- Emergent BioSolutions Inc.
- CSL Limited
- Novavax, Inc.
Key Findings Of The Study
- The study provides an in-depth analysis, current trends, and future estimations of the global vaccine market to elucidate the imminent investment pockets.
- Comprehensive analysis of factors that drive and restrict the vaccine market growth is provided.
- It provides an extensive analysis of key segments to understand the type of products and indications used globally.
Press-release: https://www.alliedmarketresearch.com/press-release/vaccines-market.html
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