Vaccine Market worth over $81.5bn by 2026
Published Date: October 9, 2020 Authors: Sumant Ugalmugle, Rupali Swain
Vaccine Market size is set to surpass USD 81.5 billion by 2026, according to a new research report by Global Market Insights, Inc.
According to the Centers for Disease Control and Prevention (CDC), around 4 million people suffering from parasitic and infectious diseases visit emergency department for the treatment. Infectious diseases caused by pathogenic microorganism such as viruses, bacteria, fungi or parasites have directly or indirectly affected millions of people resulting into high mortality rate.
COVID-19 pandemic will create new opportunities for the vaccine industry
As per recent data, more than 4,00,000 deaths have been reported due to COVID-19 pandemic, resulting into high demand for preventive vaccines. Moreover, rapid growth is also attributed to technological advancements, rising production for low-cost products and increasing demand for combination vaccine, offering immunization in more effective way. There are several new companies and research institutes that are emphasizing on rapid development of novel vaccine for COVID-19 that will lower the infection transmission.
Growing pediatric population susceptible to infectious diseases
Pediatric vaccine segment held over USD 24 billion in 2019 owing to rising awareness campaigns and initiatives by government bodies such as the World Health Organization (WHO) and UNICEF. Routine vaccination camps and increasing reach of companies to immunize children in developing countries will contribute towards market revenue. Furthermore, growing prevalence of chronic disorders including blood cancer, and increasing incidence of infectious diseases such as polio, hepatitis and influenza among pediatric population will escalate the demand for vaccines.
Browse key industry insights spread across 208 pages with 216 market data tables & 9 figures & charts from the report, “Vaccine Market Size By Age Group (Pediatric, Adult), By Technology (Conjugate, Attenuated, Inactivated, Recombinant, Toxoid), By Disease (Cancer, Hepatitis, Pneumococcal Disease, DTP, Dengue, Influenza, Human Papilloma Virus, Meningococcal Disease, Polio, Rotavirus), Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Innovations and regulatory approvals for conjugate vaccine
Conjugate technology segment will witness growth of around 14.4% through 2026 led by development and approval of newer conjugate vaccines. For instance, in April 2020, Sanofi Pasteur approved the Biologics License Application for MenQuadfiTM. The Meningococcal (Groups A, C, Y, W) vaccine is indicated for preclusion of invasive meningococcal disease in child aged 2 years and above. In addition, growing investment in research and development by government and major industry players will further drive the market share.
Widespread prevalence of cancer worldwide will offer unprecedented growth potential
Cancer segment revenue exceeded USD 1.5 billion in 2019. According to World Health Organization (WHO), cancer is the second leading cause of mortality worldwide. In 2018, about 9.6 million people died suffering from cancer. Additionally, cancer causing infectious diseases such as human papilloma virus (HPV) and hepatitis account for 25% deaths of cancer cases. Thus, rising investment by pharmaceutical companies for vaccine development and growing awareness among population will further augment the market demand.
Increasing healthcare expenditure by government and presence of major market players in Europe
Europe vaccine market accounted for around 28% of revenue share in 2019 impelled by growing awareness about children immunization, growing prevalence of infectious diseases and industry focus on new product development. For instance, outbreak of COVID-19 has affected millions of people in Europe region. In addition, growing government initiatives and campaigns regarding vaccination and immunization will further influence the market growth.
Increasing R&D investment and new product development will spur market size
Some of the notable companies operating in the market include Abbott Laboratories, AstraZeneca, Pfizer, GlaxoSmithKline plc, Boehringer Ingelheim, Novartis AG, Johnson & Johnson, and Merck & Co. Inc. Launch of advanced technology-based products and strategic collaborations are the major strategies implemented by these companies to enhance their market footprint and achieve substantial market share. For instance, in May 2020, Merck collaborated with IAVI, a nonprofit scientific research organization to develop an investigational vaccine against SARS-CoV-2. This collaboration will help the company in strengthening its market position by expanding its product portfolio.