Diphtheria, Tetanus, and Pertussis (DTP) Vaccine Market to Reach $7.05 Billion by 2027
Pune, Maharashtra, India, December 17 2020 (Wiredrelease) Allied Analytics –:The global DTP vaccines market is expected to grow at a steady rate during the forecast period, owing to growth in awareness among people about the advantages of DTP vaccines globally, especially in developing countries. Moreover, rise in initiatives by pharma companies to enhance vaccine R&D is anticipated to supplement the DTP vaccines market growth. In addition, collaboration among the vaccine market stakeholders to employ combination of all available product development strategies is important to increase the overall success to make vaccination accessible across the globe
According to a new report published by Allied Market Research, titled, “Diphtheria, Tetanus, and Pertussis (DTP) Vaccine Market by Product, Age Group, and End User: Opportunity Analysis and Industry Forecast, 2020–2027,” the global Diphtheria, Tetanus, and Pertussis Vaccine market was valued at $ 4,758.8 million in 2019 and is expected to reach $ 7,054.4 million by 2027, with a CAGR of 5.1% from 2020-2027. The DTaP segment accounted for major market share in the total DTP vaccine market in 2020.
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The key factors such as rise in demand for DTaP vaccine and growth in adoption of pertussis vaccine around the globe drives the growth of DTaP segment. Furthermore, high efficacy and rise in demand in developing regions is expected to drive the market during the forecast period. In addition, introduction of new combination of vaccines with DTaP further provides opportunities for the market players.
On the basis of age group segment, the pediatric segment is expected to grow at a significant CAGR of 4.9% during the forecast period, owing to increase in obese population worldwide. Vaccines for adults are likely to show high growth potential due to rise in incidences of infectious diseases among adults. In addition, growth in research and development and strong product pipeline is also likely to increase growth of the segment during the forecast period.
By end user, in 2019, the hospitals segment dominated the DTP vaccines market, with large share due to faster availability of these vaccines in hospitals and shorter duration of procedure. Hospitals are the integral part of the healthcare sector, which act as the major source for revenue generation and aid in research and innovation.
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Key Findings Of The Study
DTaP is expected to be one of the most lucrative segments, registering a CAGR of 5.0% during the forecast period.
The Pediatric segment accounted for maximum share in the global DTP vaccines market in 2019, and is expected to grow at a CAGR of 4.9% during the forecast period.
U.S. dominated the North America DTP Vaccine market, and is projected to retain this trend throughout the forecast period.
India is expected to exhibit the highest growth in the Asia-Pacific DTP Vaccine market, registering a CAGR of 6.6% during the forecast period.
South Africa is expected to witness the highest growth in the LAMEA DTP Vaccine market, growing at a CAGR of 5.5% during the forecast period.
In 2019, North America is expected to remain dominant during the forecast period due to high awareness and demand for DTaP vaccines and presence of major key players along with R&D laboratories. In addition, wide availability of advanced systems supplements the growth of the DTP vaccines market. However, Asia-Pacific is expected to witness the highest CAGR during the forecast period, owing to the increasing awareness in countries such as India and China.
The key players operating in the global DTaP vaccine market are AJ Vaccines, Bionet-Asia, GlaxoSmithKline plc (GSK), Johnson & Johnson, Massbiologics, Meiji Holdings Co., Ltd. (KM biologics co., Ltd.), Merck & Co., Inc., Panacea Biotec Ltd., Sanofi, and Serum Institute of India Pvt. Ltd..
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