Pune, India, Nov. 28, 2023 (GLOBE NEWSWIRE) -- Global Vaccines Market Size was valued at USD 55.44 billion in 2020 and is projected to grow from USD 125.49 billion by 2028 exhibiting a CAGR of 10.8% during the forecast period. Vaccines are extremely useful to fight against several infections and reduce fatalities, It protects people from several infections globally.
The rising demand for effective immunization is likely to boost the product’s sales. Rising investments in the development of effective medications are expected to boost the product’s demand. The increasing prevalence of infections and disorders is expected to boost the product’s demand. The geriatric population and children are prone to infections, which, in turn, leads to the adoption of effective vaccination. United Nations Children’s Funds (UNICEF) and Pan American Health Organization (PAHO) supply millions of vaccines to countries that require the vaccine. The rising adoption of medical solutions has led to a sudden decline in the prevalence of several diseases. This factor is expected to boost market growth during the upcoming years.
This information is provided by Fortune Business Insights™ in its research report titled Vaccines Market, 2021-2028.
Key Industry Development-
- December 2021: UNICEF announced its COVID-19 Vaccine Market Dashboard for industry, partners, and countries. It is an interactive tool that provides fair and equitable access to countries globally.
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Key Takeaways –
- Vaccines Market size in North America was USD 29.43 billion in 2020
- Strong Supply Backed Up by Robust R&D to Drive the Vaccines Market
- Competitive Pipeline to Expand the Market Value during the Forecast Period
- The recombinant/conjugate/subunit segment is expected to hold a major market share during the projected period.
Discover the Leading Players Featured in the Report-
- GlaxoSmithKline plc. (Brentford, U.K.)
- Sanofi (Paris, France)
- Pfizer Inc. (New York, U.S.)
- Merck & Co., Inc. (New Jersey, U.S.)
- Novartis AG (Basel, Switzerland)
- Emergent BioSolutions, Inc. (Maryland, U.S.)
- CSL Limited (Melbourne, Australia)
- Inovio Pharmaceuticals, Inc. (Pennsylvania, U.S.)
- Bavarian Nordic (Denmark)
- Mitsubishi Tanabe Pharma Corporation (Osaka, Japan)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 10.8% |
| 2028 Value Projection | USD 125.49 Billion |
| Base Year | 2020 |
| Vaccines Market Size in 2020 | USD 61.04 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 156 |
| Segments covered | Type, By Route of Administration, By Disease Indication, By Age Group, By Distribution Channel and Geography |
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Drivers & Restraints:
Robust Supply and Rising R&D Activities to Drive Industry Growth
The rising prevalence of infections and disorders is expected to strengthen the supply of effective medical solutions. Hospitals, international organizations, government foundations, and pharmaceutical companies focus on providing effective immunization to the global population to reduce diseases and boost medical services’ effectiveness. The Universal Immunization Programme (UPI) provided the pneumococcal conjugate vaccination to approximately 21 lakh children in Bihar and Himachal Pradesh in India. Rising demand for effective immunization solutions from underdeveloped and developing countries is likely to boost vaccine demand. Further, the emergence of several industry players such as Pfizer, Inovio Pharmaceuticals, Nordic, and Novavax are likely to fuel competition and enhance the production of effective vaccinations. These factors are likely to drive the vaccines market growth.
However, higher costs per vaccine are likely to hinder the market's progress during the upcoming years.
Segmentation:
By Type
- Recombinant/Conjugate/Subunit
- Inactivated
- Live Attenuated
- Toxoid
By Route of Administration
- Parenteral
- Oral
By Disease Indication
- Viral Diseases
- Hepatitis
- Influenza
- Human Papillomavirus
- Measles/Mumps/Rubella
- Rotavirus
- Herpes Zoster
- Others
- Bacterial Diseases
- Meningococcal Disease
- Pneumococcal Disease
- Diphtheria/Tetanus/Pertussis
- Others
By Age Group
- Pediatric
- Adults
By Distribution Channel
- Hospital & Retail Pharmacies
- Government Suppliers
- Others
Regional Insights:
Presence of Major Manufacturers and Effective Health Welfare Policies to Fuel Market Growth in North America
North America is expected to dominate the vaccines market share because of the presence of major manufacturers and effective health welfare policies. The market in North America stood at USD 29.43 billion in 2020 and is expected to grow positively during the upcoming years. Further, rising awareness regarding the benefits of vaccination is expected to boost the product demand. In addition, rising medical expenditures and the availability of developed medical infrastructure are expected to boost the product’s demand. These factors are likely to boost market growth.
In Asia-Pacific, the presence of heterogeneous economic development classes is expected to boost the product demand. Further, the rising population in India and China is expected to boost the product adoption. These factors are likely to propel industry market development.
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Competitive Landscape:
Major Players Launch Novel Products to Boost Brand Image
Prominent companies operating in the market announce novel products licensed from organizations to provide effective vaccinations and boost their brand image. For example, The Serum Institute of India announced its plans to launch effective vaccines licenses with AstraZeneca once every quarter in September 2021. This development may enable the company to develop effective solutions and enhance its brand image globally. In addition, the incorporation of research and development may enable the companies to improve their services, use effective medicines and formulations to improve their product’s effectiveness. This strategy may allow companies to boost their market position.
FAQs
How big is the Vaccines Market?
Vaccines Market size was USD 61.04 billion in 2020. It is expected to reach USD 125.49 billion in 2028.
How fast is the Vaccines Market growing?
The Vaccines Market will exhibit a CAGR of 10.8% during the forecast period, 2021-2028.
Related Reports:
Pediatric Drugs and Vaccines Market Analysis, Global Size and Industry Share Forecast
Recombinant DNA Technology Market Size, Share, Revenue Forecast and Opportunities
Veterinary Vaccines Market Overview, Industry Share and Forecast
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