The Australian Vaccines market size stood at around USD xx billion in 2019 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of xx% during the forecast period.
Vaccines, also known as immunizations, inject a weakened form of a disease into a person so the body begins producing antibodies or immunity against the disease. Effective immunization has eradicated several diseases, like polio and smallpox, with high death rates. Vaccinations play a crucial role to maintain the sustainable health of people across different countries; hence, they are employed in various regional disease-prevention strategies. The demand for vaccinations has increased over the past few years, owing to an increase in the incidence of both viral and bacterial infectious diseases. World Health Organization (WHO) states that immunization awareness and government initiatives have helped in preventing 2-3 million deaths annually.
The growth of this market is majorly attributed to the high prevalence of infectious diseases, increasing company initiatives to enhance vaccine R&D, growing government support for vaccine development, and the rising focus on immunization. The vaccine market is the competitive pipeline, including products of major as well as emerging players.
Vaccine by Disease Indication
Based on disease indication, the market can be segmented into viral diseases (hepatitis, influenza, human papillomavirus, measles/mumps/rubella, rotavirus, herpes zoster, and others) and bacterial diseases (meningococcal disease, pneumococcal disease, diphtheria/tetanus/pertussis, and others). The bacterial diseases segment holds the dominant position in the market revenue owing to higher sales of pneumococcal, meningitis, and DTP across the globe. These are the first-line immunization for a newborn as well as booster doses for pediatrics.
The viral diseases segment is forecasted to have the highest CAGR owing to the upcoming launch of viral vaccines and the increasing demand for sales of HPV and influenza products.