The global vaccine market accounted for USD 41.7 billion in 2019. The vaccines market is projected to grow at a CAGR of 7.0% during the forecast period.
The COVID-19 has affected all the business across globe. It has impacted vaccines market in a positive way. Corona virus outbreak has uplifted the vaccines market immensely. The corona virus can only be defeated by the use of vaccine against it. All the countries across the world are investing their time and money to produce vaccine for corona virus. This factor has attributed growth in vaccine market.
For more details, visit: Global Vaccines Market By Type(Subunit, Toxoid, others), By Route of Administration (Oral, Intramuscular & Subcutaneous, Others), By Application (Allergy, Cancer, Others), By Region–Forecast & Opportunities to 2026
The viral and bacterial infectious diseases have been increasing all over the world immensely. The demand for the vaccines has been increasing worldwide for the treatment of such viral and bacterial disease. Thus, drives the market to witness growth during forecast period.
On the basis of type the vaccine market is segmented into attenuated, inactivated, toxoid, conjugate, subunit, DNA vaccines and recombinant vector. The inactivated segment of vaccines market is estimated to register growth at highest CAGR during the forecast period. The inactivated vaccines have high stability and long self-life. Both these features are much in demand and leads to highest growth in market.
Based on the route of administration, the vaccines market is segmented into oral administration, intramuscular & subcutaneous and others. The intramuscular & subcutaneous administration segment accounted for maximum market share in 2019. It projected to register growth at highest CAGR during the forecast period. The intramuscular & subcutaneous route of administration provides better immune response and fewer side effects.
On the basis of application, the vaccines market is segmented into infectious disease, allergy, cancer and others. The infectious disease segment accounted for maximum market share. It is expected to register growth highest CAGR during forecast period. The major drivers of infectious disease cases are increasing incidence of this type of disease globally, immunization concerns against growing cases of infectious disease. Thus, drives the market towards growth during forecast period.
The North America region has accounted for maximum market share in the year 2019. This region is estimated to reach a value of USD XX billion by the end of 2026. The growth in this region is mainly because of government support for research funding and vaccine development at various stages. The developed healthcare infrastructure and facilities are other factors drives growth in North America region in vaccines market. The Asia-pacific region is estimated to register fastest growth in the vaccines market during the forecast period. The growth is driven by government initiatives for immunization along with rising investment in this industry.
The key market players in vaccine industry are Novartis AG, Merck & Co., Johnson & Johnson, Emergent bio Solution, Sanofi Pasteur, CSL Ltd., Pfizer, GlaxoSmithKline Plc, Abbott Laboratories, AstraZeneca Plc, Takeda Pharmaceuticals, Janssen pharmaceutical, Valeant Pharmaceuticals, Astellas Pharma Inc., and Serum institute of India Ltd. All this companies are focusing on research and developing new and technologically advanced products.
- What are the expected industry trends over the next three to five years?
- Which of the vaccine type is likely to lead by 2025?
- Which of the application segments is expected to have the maximum potential to during the forecast period?
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- What are different organic and inorganic strategies implemented by companies to gain increased market share?