Rising developments in the medical therapy and disease prevention field are estimated to help the global vaccines market to expand at a CAGR of 6% during the forecast period of 2017 to 2025.
Global Vaccines Market: Overview
Rising developments in the medical therapy and disease prevention field are estimated to help the global vaccines market to expand at a CAGR of 6% during the forecast period of 2017 to 2025. Hence, the market for vaccines is projected to gain a valuation of US$ 48.0 Bn by 2025.
The report by Transparency Market Research (TMR) offers in-depth study of different factors impacting the growth of the global vaccines market. Thus, this document provides comprehensive assessment of factors such as expansion opportunities, growth drivers, restraints, challenges, and key regions in the market for vaccines. Furthermore, it enlightens readers on present and historical trends and ongoing research activities in the industry.
The experts at TMR have performed the segmentation of the global vaccines market on the basis of many crucial facets including vaccine, valance, route of administration, indication, distribution channel, and region. In terms of valance, the market is classified into monovalent and multivalent. Based on route of administration, the segmentation of the vaccines market is performed into three main parts, namely, injectable, oral, and others.
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Hepatitis, influenza, meningococcal disease, polio, DTP, pneumococcal disease, MMR, human papilloma virus, and rotavirus are some of the diseases for prevention of in which vaccines are used. Different types of vaccines including live attenuated, inactivated, conjugate, and toxoid are available at distribution channels such as hospital pharmacies, retail pharmacies, and institutional sales.
With the ongoing rapid changes in the healthcare industry globally, organizations in the industry are not being limited to provide diagnosis of and treatment for different diseases, they are also playing important role in spreading awareness on the importance of vaccination. This factor is resulting in growing number of vaccination drives in many nations, and thereby boosting the demand for vaccines from all across the globe.
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Increase in Cases of Coronavirus Disease Boosts Sales in Vaccines Market
The emergence of COVID-19 pandemic has resulted into disruption in day-to-day activities of people from across the globe. The steep rise in the number of people infected with coronavirus has highlighted the need for development of novel and advanced vaccines that can help in the disease prevention. Thus, government as well as non-government organizations globally have increased financial support to researches, which are focused on the development of more effective vaccines to prevent the coronavirus spread. This factor is boosting the sales growth in the global vaccines market.
Market to Observe Prominent Growth Prospects in the U.S. and Asia Pacific
North America, Europe, Asia Pacific, Latin America, and Middle East and Africa are some of the prominent regions in the global vaccines market. Among all, countries such as the U.S. are estimated to play key part in the expansion of the vaccines market owing to developments in the healthcare industry and ongoing medical research activities in the country.
The market is prognosticated to gain revenue-generation opportunities in Asia Pacific. Governments of many regional nations such as India are growing efforts to prevent the occurrence of many diseases such as measles, small pox, and polio. Thus, they are organizing vaccination camps for these diseases, which in turn, is creating demand for vaccines in this country.
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Companies Focus on Investing in R&D Projects to Stay Ahead in Competition
The list of key players operating in the vaccines market includes Janssen Pharmaceutical Company, CSL Ltd, Pfizer, Inc., GlaxoSmithKline plc., Sanofi Pasteur SA, and Mitsubishi Tanabe Pharma Corporation.
The presence of many international-level players in the vaccines market makes its competition landscape highly intense, which is promoting companies to use different strategies such as mergers, acquisitions, joint ventures, partnerships, and collaborations in order to stay ahead in the competition. Furthermore, companies are increasing investments in R&D projects.
Players in the vaccines industry are performing their regular activities while following all safety norms implemented by the regional government bodies. Moreover, they are also focused on strengthening their production capabilities to cater to the rising demand for coronavirus vaccines from all across the globe.
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