U.S. Vaccines Market is projected reach US$ 27,947.4 Million by 2027, Owing to Increasing Prevalence of Cancer
Vaccinations of animals are used both to prevent their contracting diseases and to prevent transmission of disease to humans. Companion animals such as cats and dogs and livestock undergo vaccination against various zoonotic diseases.
U.S. vaccines market is estimated to account for US$ 19,355.2 Mn in terms of value in 2020 and is estimated to account for US$ 27,947.4 Mn by the end of 2027.
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U.S. Vaccines Market: Drivers
Increasing prevalence of cancer is expected to propel growth of the U.S. vaccines market over the forecast period. For instance, according to the American Cancer Society, in 2019, there will be an estimated 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the U.S.
U.S. Vaccines Market: Opportunities
R&D in vaccines is expected to offer lucrative growth opportunities for players in the U.S. vaccines market. For instance, in March 2020, the Faustman Lab announced clinical trial that will assess the efficacy of BCG’s potential in the protection against COVID-19.
U.S. Vaccines Market: Restraints
Rising vaccine mistrust vaccines is expected to hinder growth of the market. For instance, according to Wellcome Global Monitor 2019, in 2018, only 72% of people in North America and 73% in Northern Europe said vaccines are safe. Moreover, the percentage of children in the U.S. who do not receive any vaccines quadrupled since 2001.
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U.S. vaccines market was valued at US$ 18,367.0 Mn in 2019 and is forecast to reach a value of US$ 27,947.4 Mn by 2027 at a CAGR of 5.4% between 2020 and 2027. Major factor driving the growth of U.S. vaccine market during the forecast period include high prevalence of infectious diseases, and product launches.
Human vaccine held dominant position in the U.S. vaccines market in 2019, accounting for 81.7% share in terms of value, followed by animal vaccine respectively. Product launches, presence of blockbuster vaccines such as Prevnar 13, and research and development is supporting growth of the segment.
Major players in the market are focused on approval and launch of new vaccines to expand their product portfolio. For instance, in April 2020, The U.S. Food and Drug Administration (FDA) granted a Biologics License Application for Sanofi Pasteur’s MenQuadfi Meningococcal (Groups A, C, Y, W) Conjugate Vaccine for the prevention of invasive meningococcal disease in persons 2 years of age and older.
R&D in vaccines is boosting the market growth. For instance, in August 2019, researchers from the Los Angeles Biomedical Research Institute (LA BioMed), a spinoff company of NovaDigm Therapeutics, started developing the vaccine-NDV-3A to prevent infections caused by C. auris in humans, after successfully immunizing and demonstrating its clinical efficacy in mice.
The current authority for the regulation of vaccines resides primarily in Section 351 of the Public Health Service Act and specific sections of the Federal Food, Drug and Cosmetic Act.
U.S. Vaccines Market: Competitive Landscape
Major players operating in the U.S. vaccines market include, Sanofi Pasteur, GlaxoSmithKline Plc, Merck & Company Incorporated, Pfizer Incorporated, AstraZeneca plc, and Boehringer Ingelheim.
U.S. Vaccines Market: Key Developments
February 2020: Novavax, Inc., a late-stage biotechnology company, announced that it has produced and is currently assessing multiple nanoparticle vaccine candidates for COVID-19 in animal models prior to identifying an optimal candidate for human testing, which is expected to begin by the end of spring 2020.
February 2019: Boehringer Ingelheim announced to exhibit at the 2019 International Producing and Processing Expo (IPPE), with its vector vaccines Vaxxitek HVT + IBD and Newxxitek HVT + ND.
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- By Product Type
- Human Vaccine
- Pediatric Vaccines
- Adult & Adolescent Vaccines
- Other Human Vaccines
- Animal Vaccine
- Livestock Vaccines
- Companion Animal Vaccines
- Other Animal Vaccines
- By End User
- Vaccination Centers
- Human Vaccine
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