PORTLAND, Ore., Dec. 8, 2020 /PRNewswire/ — Allied Market Research published a report, titled, “Vaccine Market By Technology (Conjugate Vaccines, Inactivated Vaccines, Live Attenuated Vaccines, Toxoid Vaccines, Recombinant Vaccines, and Other Vaccines), Indication (Pneumococcal Disease, Influenza, Human Papilloma Virus, Meningococcal Disease, Rotavirus, Varicella, Diphtheria, Pertussis, & Tetanus {DPT}, Polio, Hepatitis, Measles, Mumps, & Rubella {MMR}, and Other Indications), and End Use (Pediatric Vaccines, Adult Vaccines, and Traveler Vaccines): Global Opportunity Analysis and Industry Forecast, 2020–2027.” According to the report, the global vaccine industry generated $ 32.46 billion in 2019, and is expected to reach $54.15 billion by 2027, witnessing a CAGR of 6.6% from 2020 to 2027.
Drivers, restraints, and opportunities
Rise in the prevalence of infectious diseases, increase in immunization programs across the globe, and surge in R&D activities to develop new vaccine drive the growth of the global vaccine market. However, longer timelines required for vaccine production and high cost related to the development of vaccines hinder the market growth. On the other hand, growth opportunities in emerging market and rise in healthcare spending creates new prospects in the coming years.
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Covid-19 Scenario-
- Covid-19 outbreak led to increase in investments and R&D activities in the industry for vaccines as well as drugs against the novel corona virus.
- The government organizations all across the globe along with world health organizations (WHO) are initiating to increase the potential for vaccine generation and global supply.
The recombinant vaccines & conjugate vaccines segment to maintain its dominant share during the forecast period
Based on technology type, the recombinant vaccines & conjugate vaccines segment accounted for the highest market share, accounting for around two-fifths of the global vaccine market in 2019, and will maintain its dominant share in terms of revenue during the forecast period. In addition the segment is expected to grow at the highest CAGR of 7.7% from 2020 to 2027, owing to rise in prevalence of infectious disease and the increasing numbers of regulatory clearances.
The pediatric vaccine segment to maintain its lead position during the forecast period
Based on end-user, the pediatric vaccines segment accounted for the highest market share in 2019, contributing to nearly half of the global vaccine market, and is estimated to maintain its lead position during the forecast period. This is due to rise in demand for pediatric medicine owing to its ability to protect against multiple diseases. However, the traveler vaccines segment is projected to witness the fastest CAGR of 7.3% from 2020 to 2027, owing to its crucial role in minimizing the risk of exposure to different diseases associated with people traveling to various regions.
North America to dominate the market throughout the forecast period-
Based on region, North America held the highest market share in 2019, contributing to around two-fifths of the global vaccine market in 2019. Surge in prevalence of infectious diseases such as influenza, MMR, DTP and others and surge in awareness related immunization and development of new vaccines drive the growth of the market in this province. On the other hand, the Asia-Pacific region is expected to register the largest CAGR of 8.1% during the forecast period. This is owing to presence of large untapped opportunities such as expanding healthcare budgets and increase in disposable income. In addition, rise in demand for vaccine, owing to growth in number of geriatric population further fuels the market growth.
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Leading market players
- Serum Institute of India Pvt. Ltd.
- Pfizer
- Johnson & Johnson
- AstraZenecea plc
- GlaxoSmithKline plc
- Sanofi Aventis
- Merck & Co., Inc.
- Emergent BioSolutions Inc.
- CSL Limited
- Novavax, Inc.
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