The global vaccines market size stood at around USD 46.88 billion in 2019 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of xx% during the forecast period.
Vaccines are the most powerful and cost-effective way to protect billions of populations around the world. Vaccine development has the potential to transform health by eliminating the burden of life-threatening infectious diseases among the population of the affluent nations. World Health Organization (WHO) states that immunization awareness and government initiatives have helped in preventing 2-3 million deaths annually. Greater investments coupled with merging and partnerships of companies are boosting the production and sales of products all over the world. One of the biggest challenges faced by organizations and companies around the world is the ongoing trial and error for effective vaccines to fight diseases such as malaria, HIV, and tuberculosis. Government and pharmaceutical companies are making enormous efforts in establishing arrangements for the development of products for such diseases.
Market Drivers and Restraints
One of the crucial and significant drivers for the vaccines market growth is the increasing supply of products across the globe to meet the unmet needs and abide by the immunization policies to eradicate endemic diseases. Pharmaceutical companies, government foundations, international organizations, and hospitals are strongly focused on providing cost-effective and regular immunization to people worldwide. Government surveillance in all the countries has become active in ensuring that every individual is vaccinated by recommended ones at a minimum cost or no cost.
Another critical factor driving the vaccine market is the competitive pipeline, including products of major as well as emerging players. Being a vast and heterogeneous market, the players are struggling in getting approvals from the regulatory bodies for their products.
Despite, higher prevalence of chronic and infectious diseases, certain factors are limiting the adoption of products. Among them is the high cost associated with the per dose vaccine volume. Though international organizations are playing their best part in supplying millions of volume doses to every corner of the country, still there are many parts to receive vaccination amid their high cost.
Vaccines 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). 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 new-born as well as booster doses for pediatrics.
Viral diseases segment is forecasted to have the highest CAGR owing to the upcoming launch of viral vaccines and an increasing demand for sales of HPV and influenza products. Recently, Janssen Pharmaceutical Companies announced providing 200,000 Ebola vaccines regimen to the citizens of Rwanda in East Africa, aiming to prevent them from Ebola outbreak.