Vaccines Market Rising prevalence of infectious diseases is expected to boost the market growth over the years
According to The Insight Partners market research study titled ‘Vaccines Market - Global Analysis and Forecasts by Technology, Disease Indication, Route of Administration, and Patient Type. The global vaccines market is expected to reach US$ 64,538.4 Mn in 2027 from US$ 36,998.8 in 2018. The market is estimated to grow with a CAGR of 6.5% from 2019-2027. The report highlights the trends prevalent in the global vaccines market and the factors driving the market along with those that act as deterrents to its growth.
A vaccine is a biological preparation that provides active acquired immunity against a particular disease. A vaccine consists of an agent that resembles or is a part of the disease-causing microorganism and is often made from weakened or killed forms of the microorganism, its toxins, or one of its surface proteins. The agent triggers the body's immune system to recognize the agent as a threat, destroy it, and to further recognize and destroy any of the microorganisms associated with that agent that it may encounter in the future.
The scope of the vaccines market includes technology, disease indication, route of administration, patient type, and region. The market for vaccinesis analyzed based on regions such as North America, Europe, Asia Pacific, Middle East & Africa, and South and Central America. The report offers insights and in-depth analysis of the vaccines market emphasizing on various parameters such as market trends, technological advancements, market dynamics, and competitive landscape analysis of leading market players across the world.
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Vaccines Market Competitive Landscape and Key Development
Some of the prominent players operating in vaccines market are PFIZER INC, GlaxoSmithKline plc, Merck & Co., Inc., Sanofi, Johnson & Johnson Services, Inc, Panacea Biotec Limited, Astellas Pharma Inc., NOVAVAX, INC., VBI Vaccines Inc, and Bavarian Nordic.
The market players are focused towards bringing new and innovative products and services to sustain their position in the market. For instance, in December, 2018, The European Commission has granted marketing authorization for Dengvaxia, Sanofi’s dengue vaccine. The marketing authorization follows the October 18, 2018, recommendation by the European Medicines Agency’s Committee for Medicinal Products for Human Use (CHMP) to approve use of the dengue vaccine in European endemic areas. The developments performed by the companies are helping the market to grow in the coming years.
Rising prevalence of infectious diseases is expected to boost the market growth over the years
In the current era, there are increasing concerns of spread of infectious diseases with the changing environment. These emerging infectious diseases are a burden on public health but have also an impact on global economies. The new diseases such as HIV, hepatitis, dengue have attracted a huge concern for the government of the respective countries. There is also resurgence of diseases which seemed to be under control such as malaria, cholera and many more. According to the Centers for Disease control and Prevention in 2015, 16.8 million people in the US visited hospitals due to infectious and parasitic diseases. In Africa, chronic viral hepatitis affects around 70 million Africans (60 million with Hepatitis B and 10 million with Hepatitis C). The disease impacts the most important part of the African population i.e. youths and earning African population which are causing tremendous rise in financial debts incurred for the treatment of advanced liver diseases and emotional distress.In developed countries, the cases of infectious diseases has decreased in the past decade, but there has been a rise of re-emerging diseases worldwide, such as severe acute respiratory syndrome (SARS), Middle East respiratory syndrome (MERS), measles, avian and pandemic influenza, chikungunya virus, Ebola virus disease (EVD) and Zika virus disease, which has attracted a renewed focus on infectious diseases around the developed countries. Thus the growing global prevalence of infectious diseases are expected to encourage the leading market players for the development of new and effective drugs and vaccines.
Increasing Support for Vaccine Development
In addition to the funds from traditional research-funding institutions, the Gates Foundation has invested hundreds of millions of dollars in R&D of new vaccines against the leading killers of children and adults everywhere. GAVI has established public-private partnerships to accelerate late-stage development and introduction of priority vaccines against diseases such as rotavirus and pneumococcus. These partnerships are designed to work with governments, donors, and industry to streamline demand, supply, and financing decisions. They coordinate and fund the efforts of partners supporting national decision makers whether to introduce these new products, ensuring a reliable and sustainable supply of affordable vaccine to developing countries, and reducing risks and creating incentives for private investment to ensure access to the product. Global Vaccine Fund commits $150 Million in vaccines and funding over five years to 13 developing countries. Countries will receive financial and technical assistance in order to strengthen basic immunization systems and to introduce newer, under-used vaccines such as hepatitis B and Haemophilusinfluenzae type b (Hib). Some countries will receive support in both areas. Thus the growing support for vaccine development is likely to favor market growth.
Technology Insights
The vaccines market by technology is segmented into recombinant vaccines, conjugate vaccines, live attenuated vaccines, inactivated vaccines, and toxoid vaccines. In 2019, the conjugate vaccines segment held a largest market share in the vaccines market, By Technology. This segment is also expected to dominate the market in 2027 as they are the most effective forms of immunization, used to prevent diseases in both infants and adults. Moreover, the similar segment is anticipated to also witness the fastest growth rate during the forecast period.
Patient Type Insights
The global vaccines market on the patient type is segmented into pediatric patients and adult patients. In 2019, the pediatric segment held a largest market share in the vaccines market, by patient type. This segment is also expected to dominate the market in 2027 as external immunization is necessary for the new borns. Moreover, vaccines have helped the children in staying healthy and been successful to save millions of lives for more than 50 years.
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