Vaccine Market Size Worth USD 77.90 Billion in 2028 as Advancements in technology
The global vaccine market size is expected to reach USD 77.90 Billion at a steady revenue CAGR of 7.1% in 2028, according to latest analysis by Emergen Research. An increase in prevalence of infectious diseases is a key factor driving global vaccine market revenue growth.
Rise in prevalence of infectious diseases globally increases the healthcare burden of diseases on countries and affects their socio-economic development. Emergence of drug-resistant microbial strains that have affected the fight against infectious diseases such as pneumonia, cholera, malaria, and diarrhea, among others. Rising demand for new drugs to replace those that have lost effectiveness and investment in research and development of vaccines is augmenting growth of the market. Increased funding from public and private organizations and favorable government regulations has also contributed to growth of the global vaccine market.
Need for immediate treatment to limit worsening of infectious diseases is propelling market growth. Governments all over the world are investing in rapid diagnostic testing kits to increase their rate of testing and prevent any sort of epidemic. Growing demand for immunization is driving the growth for vaccine market worldwide. SARS-Cov-2 has impacted vaccine market growth significant extent and is likely to affect market growth in the coming years. Pfizer, for instance, is investing in developing vaccines for new variant of COVID-19, which are emerging in different parts of the world. It is expected to submit an Emergency Use Authorization (EUA) application in August 2021 for booster doses given six months after the second dose. The booster dose is expected to improve response to the original and Beta variant, which emerged in South Africa and can reduce effectiveness of both antibody treatments.
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Furthermore, the report provides a comprehensive analysis of the factors that are likely to bolster or impede the growth of the market in the coming years. The report considers the COVID-19 pandemic that is currently unfolding as a key market influencer. The report provides a thorough estimation of the overall impact of the pandemic on the Vaccine market and its vital segments. The report also discusses the impact of the pandemic across different regions of the market. It also offers a current and future assessment of the impact of the pandemic on the Vaccine market.
Some Key Highlights from the Report
- In August 2021, Pfizer and BioNTech announced a collaboration with Brazil’s Eurofarma to manufacture COVID-19 vaccine doses for Latin American countries. COMIRNATY will be manufactured by Eurofarma with Pfizer’s and BioNTech’s COVID-19 vaccine manufacturing and supply chain network. Eurofarma will get raw materials for the drug from the U.S. and manufacturing will begin in 2022. Vaccine production is expected to exceed 100 million finished doses yearly which will be exclusively distributed within Latin America.
- Monovalent vaccine segment revenue is expected to register a significant growth rate during the forecast period. A monovalent vaccine is designed to immunize single microorganism and antigen (for example, measles vaccine). This type of vaccine is preferable for development of a strong immune response.
- Toxoid vaccines are administered to adults as well as children to protect them against tetanus and diphtheria. This vaccine is administered to induce an immune response to protect against disease caused by toxins secreted by specific bacteria. This vaccine is part of a course of multiple doses and booster shots are given when travelling to high-risk countries.
- Influenza segment accounted for a significant revenue in 2020. Influenza vaccines are seasonal flu shot that protects against the 3–4 types of influenza viruses such as viral respiratory illness that spreads quite easily. The flu can lead to serious health complications and even death. CDC recommends a yearly influenza vaccine for people six months and older. Pregnant women should also get the vaccine during each pregnancy.
- Vaccine market in North America accounted for the largest revenue share in 2020 due to the presence of major key players investing in R&D activities, growing awareness, and subsequent demand for vaccines in the region. High level of investment in COVID-19 vaccine from the region has contributed to the growth of the market significantly. Adequate policies for immunization of various diseases in the region is also driving market growth.
- Some major players in the market include Pfizer, Inc., CSL Limited, Merck & Co., Inc., AstraZeneca, Johnson & Johnson, Serum Institute of India Pvt., Ltd., GlaxoSmithKline PLC, Sanofi Pasteur SA, Emergent Biosolutions, Inc., and Biological E.
The report further divides the Vaccine market into key segments such as types, applications, end-user industries, technologies, and key regions of the market. The report also sheds light on the segment and region exhibiting promising growth in the Vaccine market.
Vaccine Market Segmentation
Type Outlook (Revenue, USD Billion; 2018-2028)
- Monovalent Vaccines
- Multivalent Vaccines
Patient Type Outlook (Revenue, USD Billion; 2018-2028)
- Pediatric Patients
- Adult Patients
Technology Outlook (Revenue, USD Billion; 2018-2028)
- Inactivated & Subunit Vaccines
- Conjugate Vaccines
- Recombinant Vaccines
- Live Attenuated Vaccines
- Toxoid Vaccines
Disease Outlook (Revenue, USD Billion; 2018-2028)
- Pneumococcal Disease
- Meningococcal Disease
- Herpes Zoster
Route of Administration Outlook (Revenue, USD Billion; 2018-2028)
- Oral Administration
- Intramuscular and Subcutaneous Administration
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Key Questions Answered by the Report:
Which region is expected to dominate the market in the coming years?
What are the recent technological and product advancements occurring in the market?
What are the key strategies adopted by the prominent players in the Vaccine market?
What are the key product types and applications of the Vaccine industry?
What is the outcome of SWOT analysis and Porter’s Five Forces analysis?
How is the competitive landscape of the Vaccine market?
Who are the key players in the industry?
What is the growth rate of the industry over the coming years?
What will be the valuation of the Vaccine Market by 2028?
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