Portland, OR -- (SBWire) -- 10/25/2017 --Global Vaccines Market was valued at $31,216 million in 2016 and is expected to reach $65,148 million in 2023, registering a CAGR of 10.9% from 2017 to 2023. The vaccine is a biological preparation that is administered to produce acquired immunity in patients. Administration of vaccines aids in enhancing the immune response against a specific pathogen. Vaccinations play a crucial role in maintaining the sustainable health of people across different countries; hence, they are employed in various regional disease-prevention strategies. The demand for vaccinations has increased over the last few years, owing to the increase in the incidence of both viral and bacterial infectious diseases. Vaccinations are essentially administered to people of different age groups, which strengthens their immune system throughout the lifetime and offers protection against different types of infectious diseases.
Vaccination administration employs antigenic components, which aid in strengthening an individual's immune system. This process assists in the development of adaptive immunity to a pathogen and thereby prevents morbidity from infection. Vaccination plays an important role in the prevention strategies of infectious diseases adopted by several countries. Demand for vaccines is high in countries susceptible to epidemic diseases, contributing to the significant market growth.
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High prevalence of diseases requiring administration of vaccines and emerging vaccines for different infectious diseases, such as HIV, dengue, and Zika virus infection, and different technologies employed in the development of effective vaccines are expected to drive the growth of the global vaccines market in the future. In addition, the focus of governments on immunization programs aids in creating awareness among people about safety and availability of vaccines. However, it takes approximately 11-12 years for a single vaccine to be introduced in the commercial market. This prolonged procedure of vaccine development restrains the development of new vaccines, thereby hampering the market growth. In addition, high monetary inputs in the development of vaccines decrease their adoption, limiting the growth further.
The pneumococcal disease segment is anticipated to maintain its dominance during the forecast period, accounting for maximum market revenue throughout the forecast period, owing to the fact that Streptococcus pneumoniae (a pathogenic bacteria) are the leading cause of infectious diseases globally. In addition, the high prevalence of these diseases in pediatric and geriatric population and growth in demand for varied serotype coverage propel the growth of this segment. However, human papillomavirus (HPV) indication is growing at the highest CAGR of 12.4% from 2017 to 2023, as it is the most common type of sexually transmitted disease, specifically in women, which causes cervical cancer, the fourth most common type of cancer prevailing in women.
Key players operating in the vaccines market have adopted product launch as their key developmental strategy, and focus on launching innovative products to cater to the consumer requirements and strengthen their market share. The major companies profiled in the report include Astellas Pharma Inc., AstraZeneca Plc. (Medimmune, LLC.), CSL Limited, Emergent Biosolutions, Inc., GlaxoSmithKline Plc., Johnson & Johnson, Merck & Co., Inc., Pfizer Inc., Sanofi Pasteur, and Serum Institute of India Pvt. Ltd.
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Some key findings of the market:
-The recombinant vaccines segment is anticipated to grow at the highest growth rate during the forecast period.
-The human papillomavirus (HPV) vaccines segment is expected to grow at a rapid rate, registering a CAGR of 12.4% from 2017 to 2023.
-North America dominated the global vaccines market, accounting for a maximum share of the overall market in 2016.
-Asia-Pacific is exhibited to grow at a high growth rate of 12.0%, owing to the high demand for vaccination in densely populated area, such as India and China.
Asia-Pacific has witnessed highest growth rate for vaccines and is expected to continue this trend. This is attributed to increase in sizeable population, the rise in the incidence of HIV & cancer cases, healthcare infrastructural development, and huge market potential, owing to the new arrival of preventive, therapeutic, and adult vaccines by key players focusing on the emerging markets.
Vaccines Market Size, Share and Forecast, 2023