Global Vaccine Market Analysis

Market Segmentation

By Type:

The vaccine type segment of the market is categorized into recombinant /conjugate/subunit, inactivated, live attenuated, and toxoid vaccines. Ability to elicit an appropriate immune response, long term protection, and simplified large scale manufacturing are responsible for higher production, sales, and demand of recombinant/subunit/conjugate. These are also generally preferred as they pose no risk of pathogenicity. Additionally, the recombinant/conjugate/subunit is anticipated to have a higher CAGR as well owing to the availability of various delivery systems options. Recently, USFDA approved Vaxelis, a combination vaccine against DTP. It was developed by Sano and MSD under joint-partnership.

By Route of Administration:

Based on the route of administration, the market is segmented into parenteral and oral. The maximum supply and sales of the parenteral route across the globe have led to the generation of larger revenue by parenteral products in the year 2019. This dominance is likely to remain constant throughout the forecast period owing to the increasing prevalence of bacterial and viral diseases. Moreover, higher procurement volume by governmental organizations is likely to increase the demand for parenteral dose reflecting higher revenue generation during the forecast period.

The oral segment is predicted to witness a comparatively slower growth rate owing to challenges faced in developing countries. These are required to overcome the harsh gastrointestinal environment and avoid tolerance induction to achieve effectiveness. This is the current pharmaceutical challenge for all the companies before planning to launch into the market.

By Age Group:

The age group segment is classified as paediatric and adults. Paediatric Injections hold the highest vaccines market share in terms of value. The potential size of these are mainly dependent on two factors; worldwide growing birth cohort and increasing paediatric vaccination doses. According to the World Health Organization (WHO), during 2018 about 86% of the infants worldwide received 3 doses of DTP-3 injections that protect against diphtheria-tetanus-pertussis.

Adult injection products are anticipated to register a higher CAGR owing to a rise in research & development of this segment, and a strong pipeline with upcoming product launch is likely to increase the growth of the segment during the forecast period.

By Distribution Channel:

Based on the distribution channel, the market can be segmented into hospital & retail pharmacies, government suppliers, and others. Hospital & retail pharmacies are anticipated to have a dominant revenue share because vaccinations are a shorter duration procedure often conducted at smaller institutions. Also, people prefer nearby vaccination access. Hospital and retail pharmacies across the globe are under government surveillance to ensure the demand is met and have adequate volume stock.

By Region:

North America generated a revenue of USD 24.88 billion in 2019 and is anticipated to emerge dominant in the global market during the forecast period. Steady and dominant growth of the market in North America due to the number of factors that includes vaccination awareness, the presence of strong manufacturers, and secure government policy regarding health welfare. It also has a focus on implementing immunization across the North American countries through adequate financing policies.

Asia Pacific is expected to witness tremendous growth in the market value across the region. The countries of Asia Pacific have heterogeneous classes of economic development, which results in varied approaches to immunization. Japan dominates Asia Pacific market with the highest market share. The increasing population of countries such as China and India is the major factor responsible for the demand for injections.

On the other hand, Europe is projected to witness steady growth in the market. The high-growth countries such as Germany and France are likely to contribute to the expansion of the European market. Latin American and Middle East & Africa are expected to register slightly higher growth owing to the increasing demand for immunization to cater to the prevalence of chronic diseases requiring vaccination specifically in the African countries. Additionally, the launch of immunization implementation programs by the government is also likely to increase the sales-generating higher market value.

Top 5 Major Players

The global market is dominated by large suppliers across the globe. The top market key players, such as GlaxoSmithKline plc, Sanofi, Pfizer Inc., Merck & Co., Inc. and Novartis AG account for the majority of the market. These companies have a strong product portfolio, the capability of strategic decisions, and focus on resolving the unmet needs in eradicating complex diseases through vaccination.