Vaccine Market to Reach USD 77.5 Billion by 2024
by Susan Hill Business ConsultantThe global vaccine market size valuation is expected to exceed
USD 77.5 billion by 2024, at a CAGR of 10.3% according to a new report by Grand
View Research, Inc. Development of various molecules to cater to the growing
demand for vaccines can drive market demand. Majority of the key players are
focused on vaccine development to gain an edge over competitors. For instance,
Pfizer, Inc., is developing vaccines for Clostridium difficile, Staphylococcus
aureus, and Meningococcal B.
Furthermore, the broad
coalition of governments, worldwide, working to promote the awareness of
vaccination benefits through immunization programs with the objective of
containing the propagation of communicable diseases that are associated with
high morbidity and mortality is expected to stimulate the market growth.
For instance, the ‘Immunize
Australia Program’ sponsors the immunization of individuals, which acts as a
preventative action in preventing disease occurrence and checks rampant disease
transmission thus protecting millions of Australians from severe diseases.
Another program that has been involved in achieving extensive immunization
coverage on the Indian continent is the National Immunization Program, a
government program that has focused on taking strong preventive measures to
offset vaccine-preventable diseases, particularly in children.
Further key findings from the study suggest:
- The inactivated vaccine type segment was
estimated to have over 14.5% market share in 2015 owing to the related
advantages including easy storage and transport due to the highly stable
nature of these vaccines. In December 2015, Sanofi Pasteur, Inc. launched
a new trivalent, inactivated polio vaccine in India.
- The DNA vaccine segment is presumed to be
the fastest growing type over the forecast period owing to the ease of
production compared to the cell-based vaccines and the promising, targeted
immunization outcomes coupled with the continual developments in the
biotechnology area. Other advantages associated are ease of production,
long lasting immunogenicity, and no risk of reversion.
- The cancer application segment is
expected to witness the fastest growth with a CAGR of over 11.8% in the
vaccinations market majorly attributable to the need for immunization
against cancer coupled with the increasing prevalence of various types of
cancer, such as cervical and colorectal cancers.
- North America dominated the market in
terms of revenue with over USD 12 billion in 2015, due mainly to the
presence of extensive research and development activities and the
existence of key participants of the industry in this region
- Asia Pacific is identified to witness a
lucrative growth with a CAGR of around 10.7% during the forecast period
due to the growing population base and the increasing economic growth of
countries, such as China, Japan, and India. Moreover, the availability of
skilled labors at a lower cost and the low manufacturing operations cost
provide a platform for clinical
trial outsourcing of the vaccinations under development to expedite
commercialization.
- Leading players in this industry, among
others are, Merck & Co., Inc., Emergent BioSolutions, Inc., Johnson
and Johnson, Sanofi Pasteur, Inc., Pfizer, Inc., Novartis AG, CSL Ltd.,
and GlaxoSmithKline Plc. Other prominent players include Abbott
Laboratories, Inc., AstraZeneca plc, Janssen Pharmaceuticals, Inc., Takeda
Pharmaceuticals Company Ltd., and Valeant Pharmaceuticals International,
Inc.
- In April 2016, VBI vaccines, Inc. entered
into a collaborative agreement with Sanofi Pasteur, Inc. to employ its
“Lipid Particle Vaccine” formulation technology to better the stability of
the Sanofi vaccines.
Access full research report on global vaccine
market:
www.grandviewresearch.com/industry-analysis/vaccine-market
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Created on Mar 22nd 2020 04:16. Viewed 506 times.