What are Vaccines?
Vaccines are preparations that contain a weakened or killed form of pathogen or their part or any other form such that it is no longer virulent (ability to cause disease) to imbibe active immunity in a person in which it is administered by triggering the adaptive immune response.
What is the Global Vaccines Market?
The global vaccines market will grow at a CAGR of −11.47% during the forecast period from 2022 to 2027 to reach USD 65,074.86 million by 2027. The vaccines market is witnessing positive market growth owing to the factors such as the rising prevalence of cancers such as liver, cervical, and others that are contributing to the growing demand for therapeutics as well as prophylactic cancer vaccines. Moreover, the growing focus on reducing childhood morbidity and mortality rates due to preventable diseases in children is another prominent factor responsible for the growth of the vaccine market. Additionally, the COVID-19 pandemic also presented opportunities for growth for the vaccines market across the globe as it created an exigency for the COVID-19 vaccines.
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What are the Drivers for Global Vaccines Market?
The vaccines market is witnessing positive market growth owing to the factors such as the rising prevalence of cancers that are contributing to the growing demand for therapeutics and prophylactic cancer vaccines. Moreover, the growing focus on reducing childhood morbidity and mortality rates due to preventable diseases in children is another prominent factor responsible for the growth of the vaccine market. Additionally, the COVID-19 pandemic also presented opportunities for growth for the vaccines market across the globe as it created an exigency for the COVID-19 vaccines.
Recent Developmental Activities in the Vaccines Market:
· In February 2022, the Medicines and Healthcare products Regulatory Agency (MHRA) of the United Kingdom granted regulatory approval to Novavax for their COVID-19 vaccine Nuvaxovid.
· In October 2021, the World Health Organization announced the recommendation of the first malaria vaccine for children- Mosquirix, which was considered a breakthrough by the U.N. agency as a "historic moment."
· In October 2021, Seqirus received regulatory approval from the U.S. Food and Drug Administration (FDA) for their FLUCELVAX® QUADRIVALENT (Influenza Vaccine), which is the company's cell-based quadrivalent influenza vaccine, for an expanded age indication for children as young as six months old.
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What is the Vaccines Market Dynamics?
One of the key aspects driving the vaccine market can be attributed to the surge in the prevalence of infectious diseases such as tuberculosis, typhoid, influenza, diphtheria, and others. The rising tuberculosis cases worldwide are a potent market driver for the vaccine. According to World Health Organization 2021, around 10 million people worldwide have tuberculosis, including 5.6 million men, 3.3 million women, and 1.1 million children in 2020, thus increasing the demand for Bacillus Calmette–Guérin (BCG) vaccine for protection against tuberculosis. Moreover, the WHO (2022) estimated that 1.5 million children under the age of 5 lose their lives to vaccine-preventable diseases every year across the globe. Immunization can prevent the suffering and death associated with infectious diseases like polio, measles, and pneumonia. The WHO factsheet (2022) further stated that immunization currently prevents 3.5-5 million deaths every year from diseases like diphtheria, tetanus, pertussis, influenza, and measles. Thus, the growing need for vaccines in preventing morbidity and mortality associated with infectious diseases in the pediatric as well as the adult population is expected to drive the global demand for vaccines ultimately boosting the growth of the global vaccines market.
Who are the key players operating in Global Vaccines Market?
Some of the key market players operating in the vaccines market include GlaxoSmithKline, Bharat Biotech, AstraZeneca, Bavarian Nordic A/S, BioNTech, Sanofi, Merck & Co., Inc, Pfizer Inc, Moderna, Meiji Holdings Co., Ltd., EMERGENT, CSL Limited, Johnson & Johnson, VBI Vaccines Inc., Valneva SE., Novavax, CanSinoBIO, Biokangtai, Dynavax Technologies, Zhi Fei Biological, and others.
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What region has the highest share in Vaccines Market?
Among all the regions, North America is estimated to amass a significant revenue share in the global vaccines market. This can be ascribed to the increasing prevalence of cancer and extensive vaccination programs being conducted in the region, particularly in the United States. Furthermore, high disposable income, sophisticated healthcare infrastructure, and an extensive focus on therapy development are other factors that act as a supportive factor for North American vaccine market growth.
What is the Vaccines Market Segment Analysis?
Vaccines Market by Type (Inactivated Vaccines, Live-Attenuated Vaccines, Subunit Vaccines, Recombinant Vaccines, Messenger RNA Vaccines, Toxoid Vaccines, Viral Vector Vaccines, and Combination Vaccines), Indication (Cancers, Viral, and Bacterial), Age Group (Adults and Pediatrics), End-Users (Hospitals, Clinics, and Vaccination Centers), and Geography (North America, Europe, Asia-Pacific, and Rest of the World).
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