Published: May, 2018
The focus of vaccine manufacturers on developing advanced vaccines for the treatment of various infectious diseases and the increased support of the governments, in terms of capital funding, has been boosting the global vaccines market, substantially, finds a new research study by Transparency Market Research (TMR). GlaxoSmithKline Plc, Pfizer Inc., Sanofi Pasteur SA, Merck & Co. Inc., Emergent BioSolutions Inc., Serum Institute of India Ltd., CSL Ltd., Novavax AB, Janssen Pharmaceutical Co., and Mitsubishi Tanabe Pharma Corp. are some of the key players operational in this market. These players are also emphasizing on the adoption of novel vaccine delivery systems in order to gain from the constant advancements in the technology, notes the market study.
As per the research estimations, the global market for vaccines was worth US$28.0 bn in 2016. Researchers anticipate the opportunity in this market to rise at a CAGR of more than 6% over the period from 2017 to 2025 and reach US$48 bn by the end of the forecast period. Among all types of vaccines, the conjugated ones have been registering a remarkably high demand are expected to continue doing so over the next few years. On the basis of valance, the multivalent segment is anticipated lead the global market in the years to come, states the research report.
North America to Dominate Global Vaccines Market
A geographical analysis of the worldwide vaccines market has also been offered in this research study. According to it, the Middle East and Africa, North America, Latin America, Europe, and Asia Pacific are the main regional market for vaccines across the world. Of these, North America has held the leading position is expected to remain dominant throughout the period of the forecast. The rise in the investments for the development of new vaccines, together with frequent launches of novel products, is projected to assist North America in maintaining its dominance over the next few years.
The market for vaccines in Asia Pacific, on the other hand, is predicted to gain momentum in the near future, thanks to the increasing number of initiatives by local governments to expand vaccination coverage in various countries, such as China and India. The Asia Pacific market for vaccines is expected to register a CAGR of 7.0% between 2017 and 2025, reports the research study.
Increased Pace of Product Approval Supports Market’s Growth
“The global market for vaccines is benefitting tremendously from the increased pace of product approvals from regulatory authorities and the subsequent product launches,” states a TMR analyst. The upsurge in investment from drug makers and local governments, as well, to increase research and development activities in the field of vaccines is also supporting the growth of this market, significantly. However, the high cost incurred in vaccine development and production and the presence of stringent regulations and policies regarding the usage of vaccine may hamper the market in the years to come, states the market report.
The review is based on a report by Transparency Market Research (TMR), titled “Vaccines Market (Vaccine Type - Inactivated, Live Attenuated, Toxoid, Conjugate; Valance - Monovalent, Multivalent; Route of Administration - Oral, Injectable; Indication - Influenza, Hepatitis, Polio, Meningococcal Disease, Pneumococcal Disease, DTP, Rotavirus, MMR, Human Papilloma Virus; Distribution Channel - Institutional Sales, Hospital Pharmacies, Retail Pharmacies) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025.”
The global vaccines market is segmented into:
By Vaccine Type
- Live Attenuated
By Route of Administration
- Meningococcal Disease
- Pneumococcal Disease
- Human Papilloma Virus
By Distribution Channel
- Institutional Sales
- Hospital Pharmacies
- Retail Pharmacies
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- GCC countries
- Rest of MEA
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