A vaccine is a careful medical preparation used to prevent the contraction of a particular disease by triggering an immune response to that disease. Because of the large number of deadly diseases that have been eradicated through the proliferation of effective vaccines, vaccination is generally viewed as one of the greatest public health achievements during the 20th century.
Vaccines Market Size and Growth Rate:
The global vaccines market was valued at $36045 Million in 2017, and is expected to reach $47643 Million by 2022 growing at a CAGR of 8.5% during the forecast period 2017 to 2022.
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Vaccines Market Growth Drivers and Restraints:
The demand for vaccinations has increased over the last few years, due to the increase in incidence of both viral and bacterial infectious diseases. The global vaccines market is driven by the rise in prevalence of infectious diseases, as it is considered to be the best way to prevent such diseases. In addition, emerging vaccines (Zika vaccines, dengue vaccines, cancer vaccines, and others), production of technologically advanced vaccines, advancements in vaccine delivery devices, and increase in immunization programs complement the market growth.
However, longer timelines required to produce vaccines and high monetary inputs associated with the same hinder the market growth. There also exist risks associated with using all immunobiologics and no vaccine is 100% safe or effective. Therefore, issues like product safety, supply shortages, the use of vaccines to prevent pandemics and address bioterrorism, and innovations in vaccine delivery systems are still reasons of concern.
Geographical Overview of Vaccines Market:
North America is expected to dominate the market in the coming years. The large market share of this geographical segment is attributed to factors such as increasing investments by government organizations and companies to promote immunization as well as develop new vaccines. Europe is expected to hold the second largest share owing to factors like availability of funding and venture capital investments for the development of new vaccines and increasing government initiatives.
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Key Players of Vaccines Market:
Some of the leading market players of Vaccines Market are Pfizer, GlaxoSmithKline, Merck, Sanofi Pasteur, CSL Limited, Emergent Biosolutions, Johnson & Johnson, Medimmune, LLC (A Subsidiary of Astrazeneca), Astellas Pharma, Serum Institute of India and others
Vaccines Market Segmentation:
By Technology:
- Conjugate Vaccines
- Inactivated and Subunit Vaccines
- Live Attenuated Vaccines
- Toxoid Vaccines
- Recombinant Vaccines
By Type:
- Monovalent Vaccines
- Multivalent Vaccines
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