Rise in demand for vaccine, owing to growth in number of geriatric population further fuels the market

 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.

According to the report, the global vaccine industry generated $ 32.46 billion in 2019, and is expected to reach $54.15 billion by 2027, witnessing a CAGR of 6.6% from 2020 to 2027.

Covid-19 Scenario-

• Covid-19 outbreak led to increase in investments and R&D activities in the industry for vaccines as well as drugs against the novel corona virus.
• The government organizations all across the globe along with world health organizations (WHO) are initiating to increase the potential for vaccine generation and global supply.

The pediatric vaccine segment to maintain its lead position during the forecast period

Based on end-user, the pediatric vaccines segment accounted for the highest market share in 2019, contributing to nearly half of the global vaccine market, and is estimated to maintain its lead position during the forecast period. This is due to rise in demand for pediatric medicine owing to its ability to protect against multiple diseases. However, the traveler vaccines segment is projected to witness the fastest CAGR of 7.3% from 2020 to 2027, owing to its crucial role in minimizing the risk of exposure to different diseases associated with people traveling to various regions.

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.