New York, March 04, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Vaccines Global Market Report 2022" - https://www.reportlinker.com/p06241970/?utm_source=GNW
Ltd., Biological E Limited, BiondVax Pharmaceuticals Ltd., Bristol-Myers Squibb, Inovio Pharmaceuticals Inc., Madison Vaccines Incorporated, NOVARTIS AG, Novavax Inc., Panacea Biotec, Sinovac Biotech Ltd., Valneva SE and VBI Vaccine Inc.
The global vaccines market is expected to grow from $92.70 billion in 2021 to $105.20 billion in 2022 at a compound annual growth rate (CAGR) of 13.5%. The growth is mainly due to the outbreak of COVID-19 that has led to deferment of immunocompromised treatments. The market is expected to reach $163.89 billion in 2026 at a CAGR of 11.7%.
The vaccines market consists of sales of vaccines and related services.This industry includes establishments that produce anti-infective vaccines, autoimmunity vaccines and vaccines for cancer and other diseases.
Vaccines create antibody-antigen reaction that helps in attaining resistance to the disease causing organism. Vaccines include recombinant vaccines, conjugate vaccines, live attenuated vaccines, inactivated vaccines, toxoid vaccines and others.
The main types of vaccines are Single antigen vaccines, combination vaccines, pediatric vaccines, adult vaccines, therapeutic vaccines and preventive vaccines.Combination vaccines are vaccines that protect against two or more diseases in one shot.
The various technologies of vaccines include conjugate vaccines, inactivated and subunit vaccines, live attenuated vaccines, recombinant vaccines, and toxoid vaccines that are administered through intramuscular (IM), subcutaneous (SC), oral, and others. The different valance of vaccines are monovalent and multivalent which are distributed by institutional sale, hospital pharmacies, and retail pharmacies.
North America was the largest region in the vaccine market in 2021.Middle East is expected to be the fastest growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Rising awareness on immunization and vaccination benefits in emerging markets is consistently driving the global vaccines market growth.World Health Organization (WHO) is taking initiatives to increase awareness of immunization through global vaccine action plan (GVAP) and global Immunization vision and strategy (GIVS).
They aim to strengthen routine immunization, control morbidity and mortality from vaccine preventable diseases and help countries to immunize more people with a greater range of vaccines.The Organization accomplishes this work through its biological programme, the WHO Collaborating Centers, and the WHO Expert Committee on Biological Standardization (ECBS).
In 2019, according to the WHO, approximately 85% of infants globally (116 million infants) received 3 doses of diphtheria-tetanus-pertussis (DTP3) vaccine, protecting them against infectious diseases that can cause serious illness and disability or be fatal. Furthermore, 125 countries reached at least 90% coverage of the DTP3 vaccine in 2019.
The vaccines market growth is limited due to severe shortage of skilled healthcare professionals for developing biologics drugs which requires specialized skillsets.These skillsets are limited to some research organizations and medical equipment companies in the USA and Europe, this is expected to be a major restraint on the market.
According to a study conducted by the consulting firm Mercer, the United States will face significant healthcare worker shortages in the coming decade.The firm predicts a shortage of more than 400,000 home health aides and 29,400 nurse practitioners by 2025 .
This shortage also led to rise in competition and salaries for the limited talent pool available for biologics talent, thereby further limiting growth of the market.
The vaccines market has been witnessing multiple strategic initiatives and mergers and acquisitions in the recent years.Top companies in the market are strategically acquiring start-ups and mid-sized companies to broaden products and services.
For instance, in February 2019, Bharat Biotech acquired Chiron Behring Vaccines, a clinical biotechnology company, one of the leading manufacturers of rabies vaccines across the globe. Similarly, in September 2021, Sanofi, a France based healthcare company, acquired Translate Bio, an mRNA therapeutics company developing potentially transformative medicines to treat diseases caused by protein or gene dysfunction, for a deal amount of $3.2 billion to develop mRNA vaccines . Companies in the industry are increasingly realigning their portfolios and pursuing profitable inorganic growth opportunities. Additionally, M&A interest is also being fueled by stronger corporate balance sheets, liquid debt markets, and continued favourable interest rates globally.
The Food and Drug Administration (FDA) is the National Regulatory Authority (NRA) in the United States responsible for assuring quality, safety, and effectiveness of all vaccines for human use.Center for Biologics Evaluation and Research (CBER) within the US FDA is responsible for regulating vaccines market.
Governments across the world are encouraging the research and development of biologics in order to develop more targeted therapies and vaccines for various diseases.In May 2014, the US’s FDA announced a fast-track initiative to review its drugs and biologics policy to speed the availability of therapies to patients with serious conditions, orphan drugs for rare disease, while preserving the safety and efficacy standards.
In 2016, FDA also removed a rule (Section 610.21 of the FDA code) which specified minimal potency limits for certain antibodies and antigens. In addition, FDA is also updating regulations (Section 610.53 of FDA code) regarding storage periods and storage conditions for biologics.
In May 2020, Novavax, a US-based late-stage biotechnology company specialising in next-generation vaccines, announced the acquisition of Praha Vaccines, a subsidiary of the Cyrus Poonawalla Group, for a deal amount of $167 million.With this acquisition, Novavax increased its annual capacity of more than one billion doses of antigen for NVX-CoV2373, Novavax’s COVID-19 vaccine candidate.
Praha Vaccines was a subsidiary of the Cyrus Poonawalla Group, which is the parent company of Serum Institute of India and specialises in the production of immuno-biologicals.
The countries covered in the vaccine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06241970/?utm_source=GNW
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