Albany, New York, Oct. 11, 2019 (GLOBE NEWSWIRE) -- Healthcare sector is developing rapidly these days. They are incorporating new technologies to develop new drugs that can cure majority of the diseases. Additionally, the industry is also thriving with the development of vaccines for viruses such as H1V1, encephalitis virus, and measles virus. These diseases have become the new epidemic that is killing more people than hepatitis and cancer put together. Hence, vaccine development is the new oil for the healthcare businesses these days. Based on the evolution of new viral diseases and growing investments by pharmaceutical companies in vaccine development, a recent Transparency Market Research report states that the global human vaccines market is anticipated to grow substantially from 2016 to2024.
Additionally, initiatives to promote vaccines by governments, coupled with marketing policies opted by the vaccination centers are also prominent driving factors responsible for the growth of global human vaccines market states the report.
Government Initiatives Propels the Market to US$ 72.5 Bn
Based on the consistent promotions by various governments along with numerous initiatives to educate the benefits of vaccines is drawing major attention these days. As a result, people are getting vaccinations regularly which is stimulating the vaccine producers to enhance their production capacity. Looking the rate at which people are adopting vaccines, the Transparency Market Research report states that the global human vaccines market is projected to bag US$ 72.5 bn by the end of 2024. Based on this projection, the human vaccines market is estimated to register a whopping 11.2% CAGR in the forecast period of 2016 to 2024.
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Consolidated Market Poses Tough Challenge for the New Players
At present the global human vaccines market is highly consolidated. This is because of there are only four companies that dominate the dynamics of the market. Due to this nature, the global human vaccines market poses a tough challenge for the new players to enter the market. This in turn, stimulates the new player to opt strategies such as collaboration and partnerships that can help them to enter and establish themselves in the global human vaccines market. These strategies allow the new players to use the technologies and other resources that can help them to continue their research and deliver a better product in the market.
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On the other hand, the already established players are acquiring various small and medium scale businesses to maintain their dominance over the global human vaccines market. With these acquisitions, the businesses can enhance the distribution network of their vaccines which in turn allows them to reach to larger pool of customers, influencing their sales. With this enhanced reach, the businesses can maintain their stronghold over the human vaccines market at a global level.
Moreover, research and development is one strategy that is adopted by both new and established players of the global human vaccines market. This strategy holds a special significance in the overall growth of the market because, a vaccine that can make humans immune to current plague-like diseases is in high demand. Companies are investing a huge amount in R&D so that they can bring new and improved vaccines in the global human vaccines market.
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Conjugate Segment to Drive Maximum Revenue
With the substantial growth in the case of Haemophilus influenzae type b and Hepatitis B diseases, there is a high demand for conjugate vaccines in the market. These vaccines combine a weak antigen with a strong antigen as a carrier and delivered to the human body. In response the body creates antibodies that help improving the immunity against that disease. As result of this the conjugate segment is likely to emerge as a dominant segment in global human vaccines market.
For instance, Pfizer, Inc’s Prevnar accounted for approximately US$ 6.2 bn in 2015 and is expected to play a crucial role in the maintaining the dominance of the segment in coming years.
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North America Maintains its Top Spot
On the regional front, North America dominates rest of the regions of global human vaccines market. This dominance is backed by the presence of prominent players in the U.S. along with growing healthcare industry. Moreover, considerable subsidiaries to the vaccine manufacturers by the U.S. government, is also a major factor that boosts North America to the top of the line in regional domain of global human vaccines market in the forecast period of 2016 to 2024.
The study presented here is based on a report by Transparency Market Research (TMR), titled, “Human Vaccines Market (Vaccine Type - Conjugate, Recombinant, Inactivated, Combination, and Attenuated; Product - Pneumococcal, Influenza, Hepatitis, HPV, Meningococcal, Rotavirus, Measles, Typhoid, and Combination; Age Group - Pediatrics, Adolescents, Adults, and Geriatrics; Distribution Channel - Hospital Pharmacies and Drugstores) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”
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