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Vaccines Market Expected to Reach $72,129.61 Million by 2031 | CAGR of 6.6%

 

Report Code : A00168

quote Increase in prevalence of infectious diseases, surge in immunization programs across the globe, increase in R&D activities to develop new vaccine drive the Vaccines Market during the forecast period. quote

Onkar Sumant
Manager, Healthcare at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Global Vaccines Market by Technology Type, Indication, End User, and Region: Global Opportunity Analysis and Industry Forecast, 2021–2031," the global Vaccines Market accounted for $38,061.15 Million in 2021, and is expected to reach $72,129.61 Million by 2031, registering a CAGR of 6.6% from 2022 to 2031.

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. 

Vaccination was 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 past 50 years than any other health intervention.

High prevalence of diseases, such as influenza, pneumococcal disease, HPV, and other infections, requiring administration of vaccines are expected to drive the growth of the global vaccine 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 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 the major factor that boosts the growth of the Vaccines 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 market. 

However, high monetary inputs associated with manufacturing of the products restrict the growth of the market. Conversely, growth potential in emerging economies is expected to create lucrative opportunities for the market during the forecast period.

The Vaccines Market is segmented on the basis of technology type, indication, end user, and region. By technology type, it is categorized into recombinant & conjugate vaccines, live attenuated vaccines, inactivated vaccines, toxoid vaccines, and others. Depending on indication, it is classified into pneumococcal disease, influenza, human papilloma virus, meningococcal disease, rotavirus, varicella, diphtheria, pertussis & tetanus (DTP), polio, MMR, HPV, hepatitis, and other indications. According to end user, the market is segmented into pediatric, adults, and travelers. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).

By technology type, the recombinant & conjugate vaccines segment generated the highest revenue in the Vaccine Market in 2021 owing to increasing numbers of regulatory clearance, and significant role of recombinant vaccines like glycoconjugates vaccine in the market. By indication, the pneumococcal disease segment generated the highest revenue in the Vaccines Market in 2021, owing to introduction of novel pneumococcal vaccines in the market, initiatives taken by governments such various immunization programs for pneumonia, and rise in awareness among patients regarding pneumococcal vaccines. By end user, the pediatric vaccines segment generated the highest revenue in the Vaccines Market in 2021, owing to increase in the prevalence of numerous diseases, such as pertussis, influenza, diphtheria, and tetanus, pertussis, rise in government and non-government funding for the development of novel vaccines and surge in initiatives for raising awareness.

By region, North America accounted for the largest market share in the Vaccines Market in 2021 and is expected to retain its dominance throughout the forecast period. This is primarily attributed to investments made by the key players for various R&D activities as well as launch of new products in the U.S. In addition, extensive research in pharmaceutical and biotechnology companies is further anticipated to stimulate the growth of the vaccine market in North America.
Asia-Pacific witnessed the highest growth rate for the Vaccines Market and is expected to continue this trend throughout the forecast period, which is attributed to high burden of diseases, increase in affordability, and improvements in healthcare access in developing countries such as India and China. The report provides a comprehensive analysis of the key players that operate in the global Vaccine Market. 

Key Findings Of The Study 

  • On the basis of technology type, the recombinant & conjugate vaccines segment held 40.71% share in the global market in 2021.
  • On the basis of indication, the pneumococcal disease segment held the largest market share in 2021, and is expected to remain dominant throughout the forecast period. 
  • On the basis of end user, the pediatric vaccines segment held the largest market share in 2021, and is expected to remain dominant throughout the forecast period.
  • Region wise, North America is expected to experience the highest market share during the forecast period. This was attributed to higher healthcare infrastructure, high adoption rate for vaccine products, and sophisticated healthcare infrastructure.

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quote Vaccines Market by Technology Type (Recombinant & Conjugate Vaccines, Live Attenuated Vaccines, Inactivated Vaccines, Toxoid Vaccines, and Other Vaccines), Indication (Pneumococcal Disease, Influenza, Human Papilloma Virus, Meningococcal Disease, Rotavirus, Varicella, Measles, Mumps, & Rubella {MMR}, Diphtheria, Pertussis, & Tetanus {DPT}, Polio, Hepatitis, and Other Indications), and End User (Pediatric, Adults, and Travelers): Global Opportunity Analysis and Industry Forecast, 2021––2031 quote

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