New York, June 02, 2021 (GLOBE NEWSWIRE) -- Market Size – USD 42 Billion in 2020 Market Growth – 7.3% Market Trends – Expanding pharmaceutical industry and drive to vaccinate all
The global vaccines market size is expected to reach USD 73.78 billion in 2028, registering a CAGR of 7.3% over the forecast period, according to the latest report by Reports and Data. Major factors driving market revenue growth are rising prevalence of infectious diseases, increasing government funding for vaccine production, and growing emphasis on immunization.
Immunization is a global success story in terms of health and growth, saving millions of lives each year. Vaccines minimize the chances of a human body contracting a disease by bolstering its natural defenses. Over 20 life-threatening diseases can now be prevented with vaccination, allowing people of all ages to live longer, healthier lives. Every year, vaccines prevent 2-3 million deaths from diseases such as diphtheria, tetanus, pertussis, influenza, and measles.
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Increasing efforts to vaccinate all children and adults would drive the growth of vaccines market. Immunization is an indisputable human right and an essential part of primary health care. More than 1 billion children have been vaccinated over the last decade. Vaccines are also essential for preventing and controlling infectious disease outbreaks. They help fight against antimicrobial resistance and underpin global health security. The Global Vaccine Action Plan (GVAP), which was endorsed by the 194 Member States of the World Health Assembly in May 2012, is a mechanism for preventing millions of deaths by 2020 by providing equal access to current vaccines to people from all walks of life.
Coronavirus infection has recently infected millions of people all over the world. In certain areas, community transmission has resulted in an increase in casualties. Biopharmaceutical and biotechnological companies succeeded in bringing an efficient vaccine against the virus that causes SARS-Cov-2 to market in 2021. The COVID-19 pandemic has generated unprecedented demand and companies are heavily investing in R&D activities along with governments worldwide to meet the increasing demand for vaccines. The market's growth prospects will be bolstered by the expansion of manufacturing facilities to meet the rising demand.
Despite significant progress, various people around the world still lack access to vaccines, including nearly 20 million babies per year. Progress has slowed or even reversed in some nations, and there is a real danger that complacency will undo previous achievements. Furthermore, high vaccine storage and transportation costs can stifle market supply to some degree. Such factors are expected to hamper the revenue growth of market to a certain extent during the forecast period.
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Some Key Highlights in the Report:
- The conjugate vaccines segment had the largest share of the vaccines market in 2020. Increased government funding and growing company investments in conjugate vaccine production can be due to this segment's large share.
- Owing to the growing immunization concerns against a number of predominant infectious diseases, which are the major causes of mortality and morbidity, most disease indication segments have registered considerable growth.
- The intramuscular and subcutaneous administration segment accounted for the largest revenue share in the vaccines market in 2020.
- The pediatric patients segment accounted for the largest revenue share among other patient type segments in 2020.
- In 2020, North America had the largest share of the vaccines industry. North America's substantial share of the global vaccines market can be attributed to increased public awareness of the risks of infectious diseases, as well as increased government and non-government expenditures in vaccine production and widespread distribution.
- The fastest growth is expected in Asia Pacific region over the forecast period, owing to a rising target population base with high unmet clinical needs.
The major players in the global vaccines market are:
- GlaxoSmithKline plc
- Pfizer, Inc
- Merck & Co., Inc.
- Sanofi Pasteur
- CSL Limited
- Emergent BioSolutions, Inc.
- Johnson & Johnson
- Serum Institute of India
- AstraZeneca
- Bavarian Nordic
- Mitsubishi Tanabe Pharma Corporation
- Daiichi Sankyo Company, Limited.
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Segments Covered in the Report
For the purpose of this study, Reports and Data has segmented the global vaccines market on the basis of technology, type, disease indication, route of administration, patient type, and region:
Technology Outlook (Revenue, USD Billion, 2018 - 2028)
-
- Conjugate vaccines
- Inactivated and subunit vaccines
- Live attenuated vaccines
- Recombinant vaccines
- Toxoid vaccines
Type Outlook (Revenue, USD Billion, 2018 - 2028)
-
- Monovalent vaccines
- Multivalent vaccines
Disease Indication Outlook (Revenue, USD Billion, 2018 - 2028)
-
- Pneumococcal disease
- DTP
- Influenza
- HPV
- Meningococcal disease
- Polio
- Rotavirus
- Hepatitis
- MMR
- Varicella
- Herpes zoster
- Other disease indications
Route of Administration Outlook (Revenue, USD Billion, 2018 - 2028)
-
- Intramuscular and subcutaneous administration
- Oral administration
- Other routes of administration
Patient Type Outlook (Revenue, USD Billion, 2018 - 2028)
-
- Pediatric patients
- Adult patients
Regional Outlook (Revenue, USD Billion, 2018 - 2028)
-
- North America
- The U.S.
- Canada
- Europe
- Germany
- The U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- MEA
- South Africa
- Saudi Arabia
- Rest of MEA
- North America
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