The Indian Vaccines market size was valued at USD XX billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 18% from 2019 to 2028.
India has emerged as a global manufacturing hub for vaccines. The 60% of the total vaccines supplied to UNICEF because the lower cost manufacturing, and clinical trials in India, which is lower than those in developed countries. Above this, technical advancements and improved storage facilities for the cold chain have resulted in increased vaccine production capacity in India. India COVID-19 vaccines market has a growth rate of 25% over 2021-2028. The Indian vaccine industry has been instrumental in facilitating cost effective vaccination in India and also export of vaccines to majority of the developing and underdeveloped world.
The Introduction of the Universal Immunization Program (UIP) leading to raising immunization coverage against treatable diseases, increased investment in research and development (R&D) by government funding, The advancements in technology, the manufacturing capability of vaccines and cold chain storage facilities, rise in the number of privately held companies in India has been resulting in huge growth of the Indian vaccine market. Besides this other key factors are relatively low cost of manufacturing, reasonable research & development expenditure, low cost of clinical trials, Availability of skilled manpower and scientists, export oriented production.