Vaccines Market Size Worth $54,150 Million Opportunity by 2027
Pune, Maharashtra, India, February 8 2021 (Wiredrelease) Allied Analytics –:Allied Market Research published a new report, titled, “the global vaccine market was estimated at $32.46 billion in 2019 and is expected to hit $54.15 billion by 2027, registering a CAGR of 6.6% from 2020 to 2027. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Rise in the prevalence of infectious diseases, increase in immunization programs across the globe, and surge in R&D activities to develop new vaccine drive the growth of the global vaccine market. However, longer timelines required for vaccine production and high cost related to the development of vaccines hinder the market growth. On the other hand, growth opportunities in emerging market and rise in healthcare spending creates new prospects in the coming years.
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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.
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 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.
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 crucial role in minimizing the risk of exposure to different diseases associated with people traveling to various regions.
High prevalence of diseases requiring administration of vaccines and emerging use of vaccines for different infectious diseases, such as influenza, pneumonia, and rotavirus infection, are expected to drive the growth of the global vaccines market. In addition, focus of governments on immunization programs aids in creating awareness among people about safety and availability of vaccines.
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Leading market players
Serum Institute of India Pvt. Ltd.
Johnson & Johnson
Merck & Co., Inc.
Emergent BioSolutions Inc
CSL Limited, Novavax, Inc
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North America to dominate the market throughout the forecast period-
Based on region, North America held the highest market share in 2019, contributing to around two-fifths of the global vaccine market in 2019. Surge in prevalence of infectious diseases such as influenza, MMR, DTP and others and surge in awareness related immunization and development of new vaccines drive the growth of the market in this province. On the other hand, the Asia-Pacific region is expected to register the largest CAGR of 8.1% during the forecast period.
Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts, and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.
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