The vendor landscape of the global market for human vaccines features a markedly high level of consolidation, with the companies Merck & Co, Inc., GlaxoSmithKline plc., and Sanofi, Pfizer, Inc., collectively accounting for over 70% of the overall market in 2015, notes Transparency Market Research in a recent report. To outplay competitors, companies are focusing on establishing ties with national and international healthcare bodies, strengthening distribution chains, and investing funds in the development and deployment of innovative and more efficient storage and transportation techniques.
Transparency Market Research states that the global human vaccines market will exhibit a promising 11.2% CAGR from 2016 through 2024, rising from a valuation of US$28.3 bn in 2015 to US$72.5 bn by 2024.
Combination Vaccines to See Increased Rate of Adoption
Based on the type of vaccine, the market for human vaccines has been examined in the report for conjugate vaccines, recombinant vaccines, inactivated vaccines, combination vaccines, and attenuated vaccines. Of these, the segment of conjugate vaccines contributed the bulk of revenue to the global market in 2015. Although the segment will continue to be one of the leading product varieties, the segment of combination vaccines will expand at an outstanding pace over the forecast period.
From a geographical standpoint, the North America human vaccines market dominated in 2015 and is expected to retain dominance throughout the forecast period, thanks to the presence of some of the world’s leading human vaccine manufacturers. The regional market is expected to reach a valuation of US$28.0 bn by 2024. In the forthcoming years, the Asia Pacific market is expected to emerge as the region with the most promising growth opportunities. The region will exhibit a 12.5% CAGR over the report’s forecast period.
High Level of Consumer Confidence about Minimal Side Effects Bolster Market’s Growth Prospects
It has been established over the several decades of their use that vaccines present a significantly low risk of fatal and serious side effects. This confidence happens to be the key factors associated with the immense popularity of vaccines for the treatment of a number of diseases among consumers as well as among healthcare practitioners. Several notable healthcare organizations also recommend the use of vaccines to tackle a number of conditions and international agencies such as WHO place massive attention on the state of development of ongoing research activities in the area of human vaccines.
High Costs of Products Could Hinder Growth Prospects across Cash-sensitive Regional Markets
The research, development, clinical trials involved in bringing to market a new vaccine is a highly expensive affair. Moreover, the storage and transportation of human vaccines require specialized and advanced equipment, adding to the overall cost of marketing these products. Moreover, strict regulatory hurdles involved in the process of approval of human vaccines and bulk purchases by government bodies also bring down profitability of the human vaccines market. These factors are especially more challenging in developing and less-developed economies, wherein high cost of products could lead to reduced consumption and demand.
This review of the market is based on a recent market research report published by Transparency Market Research, titled “Human Vaccines Market (Vaccine Type - Conjugate, Recombinant, Inactivated, Combination, and Attenuated; Product - Pneumococcal, Influenza, Hepatitis, HPV, Meningococcal, Rotavirus, Measles, Typhoid, and Combination; Age Group - Pediatrics, Adolescents, Adults, and Geriatrics; Distribution Channel - Hospital Pharmacies and Drugstores) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
For the study, the global human vaccines market has been segmented as follows:
Global Human Vaccines Market, by Vaccine Type
Global Human Vaccines Market, by Product
- Measles and Mumps
Global Human Vaccines Market, by Age Group
Global Human Vaccines Market, by Distribution Channel
- Hospital Pharmacies
Global Human Vaccines Market, by Geography
- North America
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Latin America (LATAM)
- Rest of LATAM
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
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