The U.S. vaccines market has gained immense traction in the last few years and is projected to witness high competition throughout the forecast period, states a research report by Transparency Market Research (TMR). Kay players in the animal vaccine market as well as in the human vaccine market are making remarkable efforts to enhance their market presence and expand their business horizon across the globe. The introduction of new and effective vaccines is predicted to accelerate the growth of the vaccines market in the U.S. in the next few years. Leading players operating in the human vaccine market include GlaxoSmithKline plc., Sanofi, Novartis International AG., and Pfizer, Ltd. On the other hand, some of the prominent players in the animal vaccine market are Merck & Co., Inc., Boehringer Ingelheim, Zoetis, Inc., and Merial.
As per the research study by Transparency Market Research (TMR), the U.S. vaccine market is likely to witness high growth and register a healthy 4.30% CAGR between 2014 and 2020.
Pneumococcal and Canine Segments to Witness High Growth in Near Future
The research study has categorized the U.S. vaccine market broadly into human and animal vaccine market. Among the key product types of the human vaccines in the U.S., the combination vaccines segment led the overall market on the basis of revenue in 2013. However, a substantial increase in the sale of Prevnar 13, the pneumococcal segment is anticipated to witness robust growth in the near future, states a TMR analyst. This segment is projected to account for a large share of the U.S. human vaccine market and attain a leading position by the end of 2020. The meningococcal segment is projected to witness significant growth in the next few years.
Furthermore, the animal vaccine market in the U.S. has been classified into livestock and companion vaccines. As per the research study, in 2013, the canine segment accounted for a large share of the overall market in terms of revenue. The high growth of this segment can be attributed to the high average cost of canine vaccines in comparison with other vaccines. In the same year, the bovine sub-segment in the livestock vaccine segment held a massive share of the market and is expected to continue its dominance throughout the forecast period. However, the poultry segment is predicted to register a substantial growth rate in the coming few years.
Low Risk of Side Effects to Boost Demand for Human and Animal Vaccines in U.S.
The tremendously rising consumption of chicken across the U.S. is considered as one of the key factors anticipated to encourage the growth of the poultry vaccines in the next few years. In addition, the rising awareness regarding the occurrence of different diseases among humans as well as animals is expected to fuel the growth of the vaccine market in the U.S. The extremely low risk of fatal and serious side effects of different vaccines is further estimated to contribute significantly towards the development of the market in the near future.
Furthermore, the introduction of several educational programs and government and non-profit organization initiatives to create an awareness regarding the benefits of vaccines is expected to boost the demand in the coming years. Moreover, the rising cases of zoonotic diseases are likely to accelerate the growth of the animal vaccine market in the U.S.
Introduction of DNA Vaccines to Encourage Market Growth
The U.S. vaccine market, on the other hand, is estimated to witness several challenges, which are likely to restrict the growth of the market in the in the near future. The high cost of vaccine storage, handling, and transportation is one of the major factors predicted to hamper the growth of the market. In addition, the strict regulatory pathway and the rising cost of developing new vaccines are projected to curb the growth of the market in the next few years. Nevertheless, the emergence of DNA vaccine for a large number of animal and human diseases is expected to create promising opportunities for prominent players operating in the U.S. vaccine market.
This information is based on the findings of a report published by Transparency Market Research (TMR) titled “ Vaccine Market - U.S. Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020.”
The U.S. Vaccine market has been segmented as follows:
U.S. Vaccine Market, by Product Type
U.S. Human Vaccine Market, by Antigen
- Hepatitis (A & B)
- Human Papillomavirus (HPV)
- Combination Vaccines (DTaP, DTaP-Hep B-IPV, DTaP-IPV and DTaP-IPV)
U.S. Animal Vaccine Market, by Animal Type:
- Companion Animal Vaccine Market
- Livestock Vaccine Market
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