According to a new report published by Allied Market Research, titled, “Vaccine Market by Technology, Indication, End User, and Region: Opportunity Analysis and Industry Forecast, 2020–2027," the vaccine market size accounted for $32.46 billion in 2019, and is expected to reach $54.15 billion by 2027, registering a CAGR of 6.6% from 2020 to 2027.
A vaccine is a substance that is introduced into the body to prevent infection or to control disease due to a certain pathogen, which is a disease-causing organism, such as a virus, bacteria, or parasite. The vaccine teaches the body how to defend itself against the pathogen by creating an immune response. Preventive vaccines work to protect an individual from infection or disease by introducing a small component or a non-harmful form of the pathogen (called the foreign antigen) into the body. The body produces an immune response to the pathogen by generating antibodies (via the humoral response), killer cells (via the cell mediated response), or both.
Most of the markets are dropping down, owing to the outbreak, including the vaccine market. The global vaccine market is negatively impacted by the pandemic as most countries adopted lockdown to combat the pandemic. In addition, most of the leading companies across the globe have slow down the manufacturing of other vaccines. Furthermore, the individual contributions companies are collaborating to accelerate the development, manufacture, and delivery of vaccines, diagnostics, and treatments for COVID-19.
Vaccination is generally considered as one of the greatest public health achievements in industrialized countries during the 20th century, reducing morbidity and mortality from a broad range of vaccine-preventable diseases. Globally, over 5.9 million deaths are prevented annually through vaccination against nine major infectious diseases, including varicella, diphtheria, tetanus, pertussis, Haemophilus influenzae type b (childhood), hepatitis B, measles, and polio. According to CDC, in Canada, immunization has saved more lives over the last 50 years than any other health intervention.
High prevalence of diseases requiring administration of vaccines and emerging use of vaccines for different infectious diseases, such as influenza, pneumonia, and rotavirus infection, are expected to drive the growth of the global vaccines market. In addition, focus of governments on immunization programs aids in creating awareness among people about safety and availability of vaccines. Further, different technologies employed in the development of effective vaccines boost the vaccine market growth. However, it takes approximately 11–12 years for a single vaccine to be introduced in the commercial market. These prolonged procedural timelines of vaccine development restrain 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.
Rise in immunization programs worldwide is one of the major factors that boost the growth of the vaccine market. In addition, factors such as surge in awareness related to the use of vaccines and increase in adoption of vaccination across the globe fuel the growth of the vaccine market. However, high monetary inputs associated with manufacture of the products restrains the growth of the market. On the contrary, growth potential in emerging economies is expected to create lucrative opportunities for the market during the forecast period.
The global vaccine market is segmented on the basis of technology, indication, end user, and region. Depending on technology, the market is classified into recombinant & conjugate vaccines, live attenuated vaccines, inactivated vaccines, toxoid vaccines, and others. By indication, the market is classified into pneumococcal disease, influenza, human papilloma virus, meningococcal disease, rotavirus, varicella, diphtheria, pertussis & tetanus (DPT), polio, hepatitis, measles, mumps, & rubella (MMR) and other Indications. According to end user, the market is segmented into pediatric, adults, and travelers.
Key Findings Of The Study
- The study provides an in-depth analysis, current trends, and future estimations of the global vaccine market to elucidate the imminent investment pockets.
- Comprehensive analysis of factors that drive and restrict the vaccine market growth is provided.
- It provides an extensive analysis of key segments to understand the type of products and indications used globally.
- Extensive analyses of key segments of the industry help understand the types of products and technologies used across various geographies.