Viral Vaccines Market Size Estimated to Observe Significant Growth by 2031
Viral Vaccines Market: Introduction
Vaccines are biological preparations, generally produced from living organisms, which enhance immunity against a particular disease. Vaccines that prevent occurrence of a disease are called prophylactic vaccines and in some cases, those that treat diseases are called therapeutic vaccines.
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A vaccine is usually made from a weakened or killed form of the disease-causing microorganism
- Viral vaccines contain killed or attenuated virus or their product that can activate the immune system to produce antibodies against them. The five types of viral vaccines are: live whole viral vaccine, killed whole viral vaccine, subunit vaccine (purified or recombinant viral antigen), anti-idiotype antibodies, and DNA vaccine.
- Live viral vaccines are prepared by reducing virulence of pathogen, but keeping it alive. Killed viral vaccine consist of virus particle grown on culture and subsequently killed by using heat or formaldehyde. Subunit vaccines (purified or recombinant viral antigen) are created by exposing viral particle in bacteria, yeast, or mammalian cell (an alternative application of recombinant DNA technology for production of hybrid virus vaccines). Anti-idiotype antibodies have the ability to mimic foreign antigen approach that leads to their development as vaccine in order to induce immunity against virus in experimental animals. DNA vaccination involves direct introduction of genetically engineered DNA so that cells directly produce an antigen.
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Key Drivers and Restraints of Global Viral Vaccines Market
- Rise in prevalence of several infectious and non-infectious disease and technological advancements are projected to drive the global viral vaccines market during the forecast period
- According to the World Health Organization (WHO), various disease vaccines are in pipeline and undergoing clinical trials. Rise in number of vaccines in pipeline is expected to propel the global viral vaccines market.
- Additionally, a large number of vaccination programs, government and non-government initiatives, and an increase in the demand for combined vaccine boost the market
- However, the cost associated with storage and transportation of vaccines and limited reimbursement coverage are projected to restrain the global viral vaccines market during the forecast period
- Stringent government regulation for the approval of biological products is also likely to hamper the market in the next few years
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North America to Lead Global Viral Vaccines Market
- In terms of region, the global viral vaccines market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa
- North America is expected to account for a notable share of the global market from 2020 to 2031, due to an increase in initiatives by the United States Department of Health and Human Services (HHS). This is a key factor that encourages immunization programs in the U.S.
- Europe is expected to be the second-largest market for viral vaccines during the forecast period, due to a rise in prevalence of infectious diseases, government initiatives, and focused product development in the region
- The viral vaccines market in Asia Pacific is expected to expand rapidly during the forecast period. Expansion of the market in the region is attributed to an increase in awareness about prevention of viral diseases, rapidly development of healthcare infrastructure, and a surge in adoption of technology in the region.
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- Governments in Latin America and Middle East & Africa are taking initiatives in research & development of vaccines, which in turn is estimated to fuel the market in these regions at a moderate pace during the forecast period
- Economic development in countries in Africa is considerably sluggish; hence, the market in the region is projected to expand at a low growth rate during the forecast period
Key Players Operating in Global Viral Vaccines Market
Key players operating in the global viral vaccines market are:
- Seqirus (CSL Limited)
- Merck & Co., Inc.
- AstraZeneca plc
- Emergent BioSolutions Inc.
- Novartis, Inc.
- GlaxoSmithKline plc
- Pfizer, Inc.
- Serum institute of India Private Limited
- Novavax, Inc.
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