World Vaccine Market to Reach $54.15 Billion, Globally, by 2027 at 6.6% CAGR: Pfizer, Novavax, Johnson & Johnson
Pune, Maharashtra, India, December 15 2020 (Wiredrelease) Allied Analytics –:Vaccines Market Outlook 2020 – 2027
The global vaccine market size accounted for $32.46 billion in 2019, and is expected to reach $54.15 billion by 2027, registering a CAGR of 6.6% from 2020 to 2027.
Rise in immunization programs worldwide is one of the major factors that boost the growth of the vaccine market. In addition, factors such as surge in awareness related to the use of vaccines and increase in adoption of vaccination across the globe fuel the growth of the vaccine market. However, high monetary inputs associated with manufacture of the products restrains the growth of the market. On the contrary, growth potential in emerging economies is expected to create lucrative opportunities for the market during the forecast period.
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Most of the markets are dropping down, owing to the outbreak, including the vaccine market. The global vaccine market is negatively impacted by the pandemic as most countries adopted lockdown to combat the pandemic. In addition, most of the leading companies across the globe have slow down the manufacturing of other vaccines. Furthermore, the individual contributions companies are collaborating to accelerate the development, manufacture, and delivery of vaccines, diagnostics, and treatments for COVID-19.
Covid-19 outbreak led to increase in investments and R&D activities in the industry for vaccines as well as drugs against the novel corona virus.
The government organizations all across the globe along with world health organizations (WHO) are initiating to increase the potential for vaccine generation and global supply.
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Based on indication, the market is categorized into Pneumococcal Disease, Influenza, Human Papilloma Virus, Meningococcal Disease, Rotavirus, Varicella, Diphtheria, Pertussis, & Tetanus (DTP), Polio, Hepatitis, Measles, Mumps, & Rubella (MMR), and Other Indications. The pneumococcal disease segment is expected to maintain its dominance during the forecast period, owing to the fact that Streptococcus pneumoniae (a pathogenic bacteria) is the leading cause of infectious diseases globally. However, human papilloma virus (HPV) segment is growing at the highest CAGR of 6.6% from 2020 to 2027, as it is the most common type of sexually transmitted disease, specifically in women, which causes cervical cancer, the fourth most common type of cancer prevailing in women.
The pediatric vaccine segment to maintain its lead position during the forecast period
Based on end-user, the pediatric vaccines segment accounted for the highest market share in 2019, contributing to nearly half of the global vaccine market, and is estimated to maintain its lead position during the forecast period. This is due to rise in demand for pediatric medicine owing to its ability to protect against multiple diseases. However, the traveler vaccines segment is projected to witness the fastest CAGR of 7.3% from 2020 to 2027, owing to its
Key Findings Of The Study
The study provides an in-depth analysis, current trends, and future estimations of the global vaccine market to elucidate the imminent investment pockets.
Comprehensive analysis of factors that drive and restrict the vaccine market growth is provided.
It provides an extensive analysis of key segments to understand the type of products and indications used globally.
Extensive analyses of key segments of the industry help understand the types of products and technologies used across various geographies.
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The key players operating in the vaccine market:
Serum Institute of India Pvt. Ltd.
Johnson & Johnson
Merck & Co., Inc.
Emergent BioSolutions Inc.
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