Since decades, vaccines, also referred as immunization, has been saving lives of people worldwide, especially among children and older individuals.
Since decades, vaccines, also referred as immunization, has been saving lives of people worldwide, especially among children and older individuals. Vaccines play an essential role in preventing the spread of infectious diseases by helping the body produce antibiotics against certain diseases.
According to a report published by Allied Market Research, the global vaccines market size is anticipated to reach $5.4 billion with a significant CAGR from 2020 to 2027. The Asia-Pacific region is expected to grow at the fastest rate, owing to growth in awareness about vaccination in highly populated countries like China & India. Due to huge population, there is a rapid rise in infectious disease cases among older people. Continuous funding from government for immunization programs in this, at the same time, drives the growth of the market to a great extent.
Starting from smallpox to COVID-19, vaccines have helped the world eradicate or decrease the burden of an array of diseases. Smallpox was a major concern in the 18th century. At that time, the British parliament introduced the Vaccination Act, making infant smallpox vaccination compulsory. However, in the 19th century, more than fifty million people globally suffered from smallpox out of which ten million people died, mostly in India & Africa. Finally, in by 1978, smallpox vaccines were launched and the disease was diminished from the world.
Download Sample Report at: https://www.alliedmarketresearch.com/request-sample/258
In addition, polio disease was more fearer as the virus attacks the nervous system and spinal cord, cause muscle weakness and ultimately lead to paralysis. It mainly affected children less than five years. Salk’s vaccine was the first effective polio vaccine that was developed in 1952 to cope up with the disease. After that, several vaccines were made to prevent diseases like swine flu, H1N1, and so many more.
The growth of the global vaccine market is attributed to increase in incidence of infectious diseases and promising vaccines in late stage of pipeline majorly drives the market growth. Furthermore, surge in investments by government on immunization programs and rise in awareness for immunization in developing countries further contribute toward the growth of the market
Rise in the prevalence of infectious diseases, increase in immunization programs across the globe, and surge in R&D activities to develop new vaccine drive the growth of the global vaccine market. However, longer timelines required for vaccine production and high cost related to the development of vaccines hinder the market growth. On the other hand, growth opportunities in emerging market and rise in healthcare spending creates new prospects in the coming years.
Impact of Covid-19 On Vaccine Market (Pre And Post Analysis)
Moreover, the outbreak of the COVID-19 pandemic has boosted the growth of the vaccine market in more than one way. A wide variety of vaccines are available to offer protection against coronavirus. Also, an additional primary dose and booster shots have been developed in order to provide super protection. Everyone ages 12 years and older who has completed their COVID-19 vaccine primary series should get a booster shot, as it enhances or restores protection against the virus which may have decreased over time. On the other hand, an additional primary dose is given to people who did not build enough or any protection from their primary vaccine series.
Covid-19 outbreak led to increase in investments and R&D activities in the industry for vaccines as well as drugs against the novel corona virus.
The government organizations all across the globe along with world health organizations (WHO) are initiating to increase the potential for vaccine generation and global supply.