According to estimates by Transparency Market Research, the global vaccines market was worth about US$28.0 bn in 2016.
According to estimates by Transparency Market Research, the global vaccines market was worth about US$28.0 bn in 2016. As per research experts, this revenue is expected to be worth at least US$48 bn by the end of 2025. This growth is projected to occur at a CAGR of more than 6% during the forecast period ranging from 2017 to 2025.
A dramatic increase in the spread of innumerable diseases all over the globe is primarily driving the global vaccines market. This is majorly due to a drastic requirement of curbing the spread of such diseases, wherein using vaccines is the best possible answer for the same. An increase in investments made by regional and international players to develop production of vaccines and their quality is also expected to drive the global vaccines market in the near future. Rise in geriatric population also causes prevalence of certain diseases to exist, some of which need the use of vaccines. This also has propelled the market to pick up rampant pace in recent times. Lastly, extensive advancements in the field of medicine also have been responsible for the market to depict extensive growth.
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Stringent Government Regulations in Some Countries Hinders Growth
However, in spite of these positive scenarios, the global vaccines market is expected to run across few growth hindrances.
- High costs required to set up manufacturing of various vaccines, as well as expensive research and development activities for the same is greatly hampering the market.
- Many underdeveloped and remote areas might depict a lack of trained professionals who are mainly required to deliver vaccines to treat diseases affecting people living there. This too is another significant factor hindering the global vaccinesmarket.
- Stringent rules and regulations imparted by many governments to produce vaccines is also hindering the global vaccines market.
Nevertheless, the picture is soon expected to change as numerous vaccine providers are gradually introducing cost-effective vaccines for utilization in various healthcare sectors. Thus, a sale of such low-cost products is consequently expected to dilute most restraints in the near future.
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Regular Entry of Players to Highly Increases Competitive Spirit
The global vaccines market mainly depicts the presence of a highly fragmented and competitive vendor landscape. This is majorly due to innumerable players operating in the market. With new players entering this sector on a regular basis, the competition is expected to increase dramatically during the upcoming future.
- Bringing about extensive product innovations, and striving towards making vaccine supplies to reach on time are prime strategies implemented by most businesses working in the global vaccines market.
- Many companies are developing advanced vaccines for treating highly infectious diseases. Such companies also are receiving tremendous support from most governments all over the globe, mainly in terms of funding required for research and technology.
- Numerous companies are adopting novel vaccine delivering techniques to gain constant advancements in technology.
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Merck & Co. Inc.,GlaxoSmithKline Plc, Pfizer Inc., Emergent BioSolutions Inc., Janssen Pharmaceutical Co.,Serum Institute of India Ltd., CSL Ltd., Sanofi Pasteur SA,Novavax AB, and Mitsubishi Tanabe Pharma Corp. are key players operating in the global vaccines market.
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