London, March 02, 2020 (GLOBE NEWSWIRE) -- “The global vaccines market is expected to grow at a CAGR of 5.2% from 2019 to 2027 to reach $62.16 billion by 2027”.
Vaccines represent one of the greatest achievements of science and medicine in the fight against infectious diseases. Vaccines are biological agents that elicit an immune response against a specific antigen derived from the disease-causing pathogen. The development of vaccine has led to the eradication of various infectious diseases such as smallpox and polio, which are now completely eliminated from many countries, including countries located within North & Latin America and Europe. Further, with the advancements in vaccine production techniques and an increase in adoption, it is speculated that the other pandemic diseases will soon be eliminated like other diseases.
Vaccination is based on the principle of altering immunity by inducing the multiplication of specialized cells, mainly lymphocytes, which either kill virus-infected cells by direct contact or through proteins they secrete. The induced immune response against disease-causing organisms through vaccine configures the body’s immune cells in such a way so that they become capable of quickly recognizing and reacting to the same antigen in a more powerful manner when encountered again. Thus, due to the vaccine’s high potential in the prevention of diseases, the development of new vaccines is growing exponentially with incessant launch of new vaccines and many candidates in pipelines. According to the World Health Organization (WHO), as of September 2018, across all cases of infectious diseases, around 463 products are in pipeline. The top products in pipelines include vaccines 240 in number when compared to 138 as of May 2017 followed by diagnostics (93) and medicines (81). Similarly, according to Pharmaceutical Research and Manufacturers of America (PhRMA), in 2018, around 1,100 medicines and vaccines were in the development stage in the U.S. for cancer treatment as compared to 900 medicines and vaccines in 2012.
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The global vaccines market is expected to grow at a CAGR of 5.2% from 2019 to 2027 to reach $62.16 billion by 2027. The growth in this market is majorly driven by factors such as strong pipeline for vaccines, increasing government focus on immunization programs, and technological progress in vaccine administration. In addition, increasing epidemic potentials and growing focus on therapeutic vaccines, and growth prospects in emerging markets are expected to offer significant growth opportunities for the players operating in the vaccines market. However, the high cost associated with vaccine development and longer timelines for vaccine manufacturing hinders the growth of this market.
The global vaccines market studied in this report is segmented on the basis of indication (Pneumococcal disease, Influenza, Human Papilloma Virus (HPV), DTP, meningococcal disease, rotavirus, poliomyelitis, MMR, hepatitis, and others), route of administration (intramuscular, subcutaneous, oral, others), antigen type (subunit & conjugate, inactivated, live-attenuated, toxoid, combination), valence (multivalent, monovalent), and geography.
On the basis of indication, the pneumococcal disease segment commanded the largest share of the global vaccines market in 2019. The major share of this segment is primarily attributed to the rising incidence of pneumococcal diseases like pneumonia, meningitis, febrile bacteraemia, otitis media, and sinusitis; the development of quality vaccines such as PPSV23; and initiatives by government organizations and private sectors to prevent and control the outbreak of pneumococcal diseases. Owing to these reasons, the demand for pneumococcal vaccines is consistently increasing globally, thereby driving the growth of this market.
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On the basis of the route of administration, intramuscular vaccines accounted for the largest share of the overall vaccines market in 2019. The major share of this segment is attributed to its easy accessibility, unaided administration, larger muscle capacity, and precise control of dose and administration rate.
On the basis of antigen, subunit or conjugate vaccines accounted for the largest share of the overall vaccines market in 2019, mainly attributed to the low risk of immunogenicity and long-term immunity.
On the basis of valence, multivalent vaccines accounted for the largest share of the overall vaccines market in 2019. The major share of this segment is primarily attributed to the consistent new multivalent vaccine launches in recent years and increasing focus and investment by the key players on producing multivalent vaccines.
Geographically, the global vaccines market is segmented into five major regions, namely, North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa with a further analysis of major countries in these regions. North America commanded the major share of the global vaccines market in 2019, followed by Europe and the Asia-Pacific region. The major share of the North American region is mainly attributed to the increasing burden of infectious diseases, increasing R&D expenditure, and various government initiatives supporting immunization. Asia-Pacific region is projected to grow at the highest CAGR during the forecast period, owing to the high prevalence of various diseases, government investments to boost immunization, growing approval of vaccines, increasing investments to improve vaccine production facilities, and increasing investments by the major players in this region. In addition, increasing disposable income and growing awareness about health are further propelling the demand for vaccines in the APAC region.
Some of the key 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 (U.K.) among others.
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