Vaccines Market worth over $83.5bn by 2027
Published Date: June 2, 2021 Authors: Sumant Ugalmugle, Rupali Swain
Vaccines Market size is set to surpass USD 83.5 billion by 2027, according to a new research report by Global Market Insights, Inc.
Various vaccines intended for prevention and treatment of diseases are marketed across the globe. Although available vaccines have potential to eliminate threat of pathogenic diseases to a greater extent, there are still unknown and emerging pathogens affecting human life that will drive the research activities in the industry. Advancement in its development technologies has offered innovative solutions to address existing challenges in the market. Along with traditional methods, novel development approaches such as nanoparticle vaccines, DNA/RNA vaccines and rational design will offer unprecedented growth opportunities to the market. Thus, launch of new vaccines targeting rapidly emerging infectious diseases including COVID-19 will propel the market growth during the forecast period.
The coronavirus outbreak has drastically increased the demand for effective preventive vaccines to offer protection against life-threatening infection. Number of market players operating in the industry are emphasizing to innovate preventive vaccine. Further, government organizations and manufacturers in the market entered into several collaborative agreements to mitigate disruption in global vaccine supply. Additionally, regulatory authorities have fastened approval process to provide vaccine in the market over shortened period.
However, COVID-19 has impacted the routine immunization activities in some regions during pandemic due to the risk of infection, thereby hampering the overall market revenue.
Immunization policies with reference to travelling across active transmission areas will offer growth opportunities for the vaccines market
Adults vaccine segment held considerable revenue share in 2020 led by the awareness and accessibility of preventive vaccines to reduce the risk of severe infections in adults. Policies and regulations on vaccination while travelling to some countries has further boosted vaccination rate in adults.
Browse key industry insights spread across 210 pages with 216 market data tables & 9 figures & charts from the report, “Vaccines Market Size By Age Group (Pediatric, Adult), By Disease (Cancer, Hepatitis, Pneumococcal Disease, DTP, Dengue, Influenza, Human Papilloma Virus, Meningococcal Disease, Polio, Rotavirus, COVID-19), By Technology (Conjugate, Live, Inactivated, Recombinant, Toxoid), COVID19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027” in detail along with the table of contents:
Protection against development of cancer in individual will positively impact the HPV vaccine demand
Human papilloma virus (HPV) segment in the vaccines market accounted for more than USD 1.5 billion in 2020. HPV infection can lead to several types of cancer. Thus, HPV vaccination is recommended for preteens, teens as well as younger adults to avoid infection that causes cancer in later life. According to the Centers for Disease Control and Prevention, approximately 14 million Americans, including teens, are expected to be infected with HPV each year. Moreover, vaccination against human papilloma virus prevents prevalence of cervical cancer in women. Thus, its benefit in elimination of risk associated with cancer will contribute to the segment revenue.
Risk of elimination of pathogenic reversal activity to improve safety and efficacy will create demand for inactivated vaccines
Inactivated vaccines market exceeded USD 1 billion in 2020. Ability of inactivated vaccines to destroy replication of pathogens has offered effective protection against dreadful diseases such as influenza, hepatitis A, rabies and polio among several others. Advantages associated with these vaccines over live attenuated technology include prevention of reversal activity to more pathogenic phenotype and avoidance of interference with other molecules during combination therapies. In addition, ease in storage and transportation of these vaccines, as the pathogen is dead and can be stored without refrigeration, will continue to increase its demand in the coming years.
Implementation of strategic initiatives by the government to support regional vaccine development industry will foster the growth for European region
Europe vaccines market captured over 26% of revenue share in 2020 owing to the adoption of new treatment technologies and awareness about preventive therapies in the region. Government and regulatory authorities are also exhibiting certain strategies to broaden accessibility for several emerging infectious disease treatments. For instance, the European Commission has introduced EU vaccine strategy aimed towards development, manufacturing and distribution of COVID-19 vaccines. Furthermore, the European Innovative Medicines Initiative (IMI), a public-private partnership in the field of life sciences, has resulted in breakthroughs, thereby benefiting development in the industry.
Collaborative initiatives by market players will fortify companies’ business performance
Some of the participants operating in the vaccines market are GlaxoSmithKline, Abbott, Merck & Co. Inc., AstraZeneca, Pfizer, Johnson & Johnson, and Sanofi among others. These companies are introducing new technologies and collaborating with other organizations to set their footprint in the market.