Vaccine Market Value to Grow US$ 54,150 Million by 2027 | Serum Institute, Pfizer, Johnson & Johnson, Novavax
Pune, Maharashtra, India, December 17 2020 (Wiredrelease) Allied Analytics –:Rise in immunization programs worldwide is one of the major factors that boost the growth of the vaccine market. The 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.
The growth of the global vaccine market is attributed to increase in incidence of infectious diseases and promising vaccines in late stage of pipeline majorly drives the market growth. Furthermore, surge in investments by government on immunization programs and rise in awareness for immunization in developing countries further contribute toward the growth of the market.
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Increase in the prevalence of infectious diseases, surge in the number of immunization programs across the globe, and rise in R&D activities to develop new vaccines drive the growth of the global vaccine market. On the other hand, longer timelines required for vaccine production and high cost related to the development of vaccines restrain the growth to some extent. However, growth opportunities in emerging market and rise in healthcare spending create new prospects for the key players in the industry.
The outbreak of the pandemic led to rise in investments and R&D activities for drugs and vaccines against the virus.
Also, the World Health Organization (WHO) is encouraging the healthcare organizations across the world to put more emphasis on treatment vaccines, and medication against the novel coronavirus.
Based on end-user, the pediatric vaccines segment accounted for nearly half of the total market revenue in 2019, and is projected to rule the roost by the end of 2027. The traveler vaccines segment, on the other hand, is anticipated to grow at the fastest CAGR of 7.3% throughout the forecast period.
Vaccination is generally considered as one of the greatest public health achievements in industrialized countries during the 20th century, reducing morbidity and mortality from a broad range of vaccine-preventable diseases. Globally, over 5.9 million deaths are prevented annually through vaccination against nine major infectious diseases, including varicella, diphtheria, tetanus, pertussis, Haemophilus influenzae type b (childhood), hepatitis B, measles, and polio. According to CDC, in Canada, immunization has saved more lives over the last 50 years than any other health intervention.
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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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.
The key market players analyzed in the global vaccine market report include Serum Institute of India Pvt. Ltd., Pfizer, Johnson & Johnson, AstraZenecea plc, GlaxoSmithKline plc, Sanofi Aventis, Merck & Co., Inc., Emergent BioSolutions Inc., and CSL Limited, Novavax, Inc. These market players have taken recourse to several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry.
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