Pune, India, May 23, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global Viral Vaccines Market size was valued at USD 90.02 billion in 2021 and is projected to grow from USD 89.90 billion in 2022 to USD 74.25 billion by 2029, exhibiting a CAGR of 2.7% during the forecast period. One of the most effective prevention measures for viral infections is viral vaccines. Viral infections cause several diseases, such as the flu and warts, common cold, and other severe diseases, including Ebola, human immunodeficiency virus (HIV/ AIDS), COVID-19, and influenza. Some viruses that need seasonal and geographical variation for their growth include Enteroviruses (EV71), Nipah virus, rabies, West Nile virus, Herpes simplex, and mumps. Fortune Business Insights™ shares this information in its report titled “Viral Vaccines Market, 2022-2029.”
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Key Industry Development:
November 2022: Sanofi and GSK's vaccine VidPrevtyn Beta has got approved by the European Commission, a vaccine as a booster dose to prevent the spread of the COVID-19 virus in teens and adults.
Key Takeaways:
- Viral Vaccines Market size in Asia Pacific was USD 26.03 billion in 2021.
- The market growth is expected to be driven by the rising prevalence of viral infections.
- Government immunization initiatives to fuel market growth.
- The liquid segment is expected to hold a major market share during the projected period.
Discover the Leading Players Featured in the Report:
- Merck & Co., Inc. (U.S.)
- GSK plc (U.K.)
- Sanofi (France)
- Pfizer Inc. (U.S.)
- SEQIRUS (CSL Limited) (Australia)
- Moderna, Inc. (U.S.)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 2.7% |
| 2029 Value Projection | USD 74.25 Billion |
| Base Year | 2021 |
| Viral Vaccines Market Size in 2021 | USD 90.02 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 124 |
| Segments covered | By Form, By Container Format and Geography |
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Drivers & Restraints:
Rising Initiatives by Governments for Immunization to Drive Market Growth
Governments are actively introducing new programs to prevent and eradicate viral diseases. Promoting viral vaccines and vaccination programs is anticipated to drive the market globally.
For example, the Centers for Diseases Control and Prevention (CDC) has introduced the Viral Hepatitis Program to attain progress toward global viral hepatitis elimination goals globally. The CDC has collaborated with several Ministry of Health departments, in-country CDC offices, and the WHO to evaluate viral hepatitis-related guidelines, plans, and programs. Such programs are expected to drive market growth.
Segmentation:
By Form
- Liquid
- Lyophilized
By Container Format
- Vials
- Prefilled Syringes
By Biosafety Level Type
- Biosafety Level 1
- Biosafety Level 2
- Biosafety Level 3
- Biosafety Level 4
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights:
Growing Government Initiatives about Vaccinations to Drive the Market in Asia Pacific
The Asia Pacific region is expected to dominate the viral vaccines market share during the forecast period, as it was valued at USD 26.03 billion in 2021. The rising occurrence of viral diseases, such as hepatitis, HPV, HIV, and COVID-19, is estimated to grow the market share.
North America held the second-largest market share in 2021. A rising number of initiatives about vaccinations and growing demand and usage of these products for viral diseases are anticipated to drive the viral vaccines market growth in this region.
Europe held a reasonable share due to the growing R&D initiatives for these products and rising government expenditure to prevent these diseases and viruses, thereby leading the market growth across this region.
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Competitive Landscape:
Market Players Focus on New Product Launches to Strengthen Market Position Leading companies in the market are competing to increase their market share by providing solutions that are specific to particular sectors. These players strategically work and take over local rivals to gain a solid regional footing. These companies prioritize developing innovative products and effective marketing strategies to capture a larger market share. It is projected that the growing volume of international trade will present lucrative opportunities for market players.
FAQs
What is the viral vaccines market growth?
Viral Vaccines Market size was USD 90.02 Billion in 2021. It is expected to reach USD 74.25 Billion by 2029.
How fast is the viral vaccines Market growing?
The Viral Vaccines Market will exhibit a CAGR of 2.7% during the forecast period, 2022-2029.
Related Reports:
Viral Vaccines Market Size, Share, Revenue Forecast and Opportunities
Influenza Vaccine Market Overview, Industry Share and Forecast
Hepatitis B Vaccine Market Size, Share, Opportunities & Analysis
Human Papillomavirus (HPV) Vaccine Market Analysis, Global Size and Industry Share Forecast
Recombinant Vaccines Market Size, Share, Overview and Analysis
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