London, June 24, 2021 (GLOBE NEWSWIRE) -- According to a new market research report, “Vaccines Market by Indication (Influenza, Rotavirus, DTP Vaccines), Route of Administration (Intramuscular, Subcutaneous, Oral), Type/Antigen (Conjugate Vaccine, Live Attenuated Vaccine), Valence (Multivalent, Monovalent Vaccines)-Global Forecast to 2028”, published by Meticulous Research®, the Vaccines Market is expected to reach $119.7 billion by 2028, at a CAGR of 10.9% during the forecast period of 2021 to 2028.
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A vaccine is a biological preparation that provides active acquired immunity to a particular infectious disease. Many dangerous infectious diseases can be prevented in this simple and effective way. Also, immunization is a way to build the body's natural immunity to a disease. Over the last decade, vaccine development has received huge support from the pharmaceutical industry and governments due to successful vaccination programs. As a result, vaccines are one of the most powerful and cost-effective health interventions available.
Governments worldwide are focused on minimizing the global disease burden, specifically for vaccine-preventable diseases. They are also partnering with private sector companies to enhance vaccine research & development for diseases that pose a serious potential threat. For instance, in March 2020, Operation Warp Speed was launched by the U.S. government. Warp Speed was commissioned to produce and deliver 300 million doses of safe and effective COVID-19 vaccines by January 2021. Operation Warp Speed (OWS) collaborated with several U.S. federal government departments, including Health and Human Services and its subagencies, Agriculture, Energy, Veterans Affairs, and the private sector.
The growth of the overall vaccines market is mainly attributed to the high prevalence of diseases, increasing government initiatives towards immunization, technological advancements in the vaccines industry, a strong pipeline for vaccines, and the impact of COVID-19. However, the high costs and long timelines of vaccine development are expected to hinder the growth of this market to a certain extent. Emerging markets are expected to offer significant growth opportunities for market players. However, product recalls and inadequate access to vaccines are major challenges for the growth of the global vaccines market.
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Based on indication, the vaccines market is segmented into eleven major categories, namely, pneumococcal disease, influenza, DTP, HPV, meningococcal disease, polio, MMR, rotavirus, hepatitis, coronavirus disease, and other indications, which include varicella, herpes zoster, chlorella, and rabies. In 2021, the pneumococcal disease segment is expected to account for the largest share of the overall vaccines market. The rising incidence of coronavirus disease across the globe, increasing efforts by governments and multinational organizations to accelerate vaccine R&D and manufacturing, and a shift in the focus of pharmaceutical and biotechnology companies towards the research and development (R&D) of COVID-19 vaccines are the key factors driving the growth of this segment.
Based on route of administration, the vaccines market is segmented into intramuscular (IM), subcutaneous (SC/SQ), oral, intradermal, and nasal routes. In 2021, the intramuscular segment is expected to account for the largest share of the overall vaccines market due to the ease of intramuscular administration and quick absorption of vaccines administered through the intramuscular route.
Based on valence, vaccines are classified as monovalent or polyvalent (multivalent). Vaccines containing a single strain of a single antigen are known as monovalent vaccines. They are designed to immunize individuals against a single strain; for example, measles vaccines; whereas, polyvalent or multivalent vaccines contain two or more strains/serotypes of the same antigen and are designed to immunize individuals against two or more strains/microorganisms; for example, oral poliovirus vaccines (OPV). Based on the number of strains, multivalent vaccines can be categorized as tetravalent, quadrivalent, or pentavalent vaccines.
In 2021, the multivalent vaccines segment accounted for the larger share of the overall vaccines market. The launch of newer multivalent vaccines, increasing investments by key players in the research & development of multivalent vaccines, and technological advancements in the production of multivalent vaccines are major factors contributing to the large share of this segment.
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Based on type, the vaccines market is categorized into five major segments—live-attenuated vaccines, inactivated vaccines, subunit and conjugate vaccines, toxoid vaccines, and combination vaccines. Different types of vaccines are designed specifically to guide the immune system in the fight against different kinds of causative agents and associated diseases. In 2021, the subunit and conjugate vaccines segment accounted for the largest share of the overall vaccines market due to the subunit and conjugate vaccines’ long-term immunity, high safety, and stability compared to vaccines with other antigens. However, the live-attenuated vaccines segment is expected to record the highest CAGR due to the vaccines’ ability to create a long-lasting and strong immune response, their ease of administration, no requirement for multiple doses, and the emergence of the coronavirus pandemic.
Geographically, the global vaccines market is segmented into five regions, namely, North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2021, North America is expected to account for the largest share of the global vaccines market, followed by Europe and Asia-Pacific. North America’s largest share is attributed to increasing efforts by governments and companies in the region to mandate vaccination and develop new vaccines. However, the vaccines market in Asia-Pacific is expected to grow at the highest CAGR due to the large patient population, rising public awareness regarding the importance of vaccination, and government support for immunization.
The global vaccines market is highly consolidated, which comprises several small & mid-size companies and international players. These companies are adopting various strategies to stay competitive and increase their market shares. As a result, the vaccines market has witnessed many product approvals, agreements, collaborations, expansions, and acquisitions in recent years. Most partnerships, collaborations, and agreements aimed to strengthen the geographic footprints and manufacturing & distribution capabilities, fulfill the growing needs of global customers, and improve their competitive positions in this market. In addition, the emergence of the coronavirus pandemic has increased the demand for vaccines, encouraging companies to focus more on vaccine development and distribution.
Some of the prominent players operating in the global vaccines market are Sanofi (France), Merck & Co., Inc. (U.S.), GlaxoSmithKline plc (U.K.), Pfizer Inc. (U.S.), Johnson & Johnson (U.S.), Daiichi Sankyo Co., Ltd. (Japan), Takeda Pharmaceutical Company Limited (Japan), CSL Limited (Australia), Emergent BioSolutions Inc. (U.S.), and AstraZeneca PLC (U.K.), among others.
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Scope of the Report:
Vaccines Market, by Indication
- Pneumococcal Diseases
- Influenza
- Human Papilloma Virus (HPV)
- DTP
- Meningococcal Disease
- MMR
- Rotavirus
- Poliomyelitis (Polio)
- Hepatitis
- Other Indications
(Note: Other indications include varicella, herpes zoster vaccines, chlorella, severe acute respiratory syndrome, and rabies diseases)
Vaccines Market, by Route of Administration
- Intramuscular
- Subcutaneous
- Oral
- Intradermal
- Nasal
Vaccines Market, by Type/Antigen
- Live Attenuated Vaccines
- Inactivated Vaccines
- Subunit and Conjugate Vaccines
- Toxoid Vaccines
- Combination Vaccines
Vaccines Market, by Valence
- Monovalent Vaccines
- Multivalent Vaccines
Vaccines Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- Japan
- India
- Rest of APAC (RoAPAC)
- Latin America
- Middle East & Africa
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