Portland, OR , May 04, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied market Research, the global Vaccines Market was pegged at $32.46 billion in 2019, and is anticipated to hit $54.15 billion by 2027, registering a CAGR of 6.6% from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
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. However, longer timelines required for vaccine production and high cost related to the development of vaccines hinder the market growth. On the other hand, growth opportunities in emerging market and rise in healthcare spending creates new prospects in the coming years.
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Due to the COVID-19 pandemic, majority of healthcare, pharmaceutical and biotechnology organizations have concentrated on diagnostics kits, safety wearables and treatment vaccines and medication against Novel coronavirus.
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.
Rise in immunization programs worldwide is one of the major factors that boost the growth of the vaccine market. In addition, factors such as surge in awareness related to the use of vaccines and increase in adoption of vaccination across the globe fuel the growth of the vaccine market. However, high monetary inputs associated with manufacture of the products restrains the growth of the market. On the contrary, growth potential in emerging economies is expected to create lucrative opportunities for the market during 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 populations further fuels the market growth.
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The key players operating in the vaccine industry include Serum Institute of India Pvt. Ltd., Pfizer, Johnson & Johnson, AstraZenecea plc, GlaxoSmithKline plc, Sanofi Aventis, Merck & Co., Inc., Emergent BioSolutions Inc., and CSL Limited, Novavax, Inc.
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We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.