Recombinant Vaccines Market Trends 2023: Advancements in Vaccination Pushing the Industry to Surpass USD 24.7 Billion by 2031
Recombinant vaccines are a type of vaccine that is made by genetically modifying a virus or bacteria to produce a protein that can trigger an immune response. This protein is harmless and cannot cause disease, but it can train the immune system to recognize and fight off the actual virus or bacteria if encountered in the future.
Recombinant vaccines have been used to prevent a range of infectious diseases, including hepatitis B, HPV, and COVID-19. They have several advantages over traditional vaccines, including improved safety, greater efficacy, and the ability to be produced more quickly and at a lower cost. Overall, recombinant vaccines represent an important tool in the fight against infectious diseases.
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The recombinant vaccines market was valued at $8.1 billion in 2021, and is estimated to reach $24.7 billion by 2031, growing at a CAGR of 11.4% from 2022 to 2031.
- CAGR: 11.4%
- Current Market Size: USD 8.1 Billion
- Forecast Growing Region: APAC
- Largest Market: North America
- Projection Time: 2021- 2030
- Base Year: 2021
The growth of the recombinant vaccines market is fueled by various factors such as a surge in research and development initiatives for recombinant vaccines, a rise in the incidence of infectious diseases, and an increase in global vaccination rates.
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The recombinant vaccines market is categorized into pediatric and adult segments based on end-users. The pediatric segment is projected to exhibit the highest growth rate, attributed to the growing incidence of infectious diseases, increased vaccination rates among adults worldwide, and escalating research and development activities for recombinant vaccines used to prevent various illnesses. Furthermore, the prevalence of chronic diseases such as hepatitis is also contributing to the expansion of the pediatric segment’s market share in the recombinant vaccines market.
- The Covid-19 pandemic positively impacted the recombinant vaccines market. The introduction of Covid-19 vaccines was a major step toward reducing the spread of the virus and the associated disease and deaths. Governments across the world ensured seamless delivery of Covid-19 recombinant vaccines to the prioritized group.
- For the vaccine development, the World Health Organization (WHO) facilitated the collaboration and accelerated efforts on an unprecedented scale and convened vital communications across the research communities. The increase in the research and development activities proved to be beneficial for the development of effective vaccines.
- Moreover, the advantageous effects of vaccination on the population facilitated the production of new and novel vaccines during the pandemic.
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Some of the key players operating in the recombinant vaccines market include
- AstraZeneca Plc.
- Dynavax Technologies Corporation
- Emergent BioSolutions Inc.
- GlaxoSmithKline Plc.
- Johnson & Johnson
- Merck & Co. Inc.
- Novavax, Inc.
- Pfizer Inc.
- Sanofi S.A.
- Serum Institute of India Pvt. Ltd.
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- The Wire Times