Vaccine Market Hits USD 77.5 Billion By 2024: BY Grand View Research, Inc.
The global vaccine market is expected to reach over USD 77.5
billion by 2024, according to a new report by Grand View Research,
Inc. The presence of numerous molecules in the pipeline is anticipated to
meet the demand for efficient vaccines. These include vaccines for chest
infection, tuberculosis, malaria, and dengue. Most of the key players are actively
leveraging on their vaccine development technologies to launch novel
preventative solutions with an objective to increase their market share. For
instance, Pfizer, Inc. is involved in the development of vaccines to prevent
severe infections caused by Meningococcal B, Clostridium difficile,
and Staphylococcus aureus.
Furthermore, the broad coalition
of governments, worldwide, working to promote the awareness of vaccination
benefits through immunization programs with the objective of containing the
propagation of communicable diseases that are associated with high morbidity
and mortality is expected to stimulate the market growth.
For instance, the ‘Immunize
Australia Program’ sponsors the immunization of individuals, which acts as a
preventative action in preventing disease occurrence and checks rampant disease
transmission thus protecting millions of Australians from severe diseases.
Another program that has been involved in achieving extensive immunization
coverage on the Indian continent is the National Immunization Program, a
government program that has focused on taking strong preventive measures to
offset vaccine-preventable diseases, particularly in children.
Browse full research report on Vaccine
Market
Further key
findings from the study suggest:
·
The inactivated vaccine type segment was
estimated to have over 14.5% market share in 2015 owing to the related
advantages including easy storage and transport due to the highly stable nature
of these vaccines. In December 2015, Sanofi Pasteur, Inc. launched a new
trivalent, inactivated polio vaccine in India.
·
The DNA vaccine segment is presumed to be the
fastest growing type over the forecast period owing to the ease of production
compared to the cell-based vaccines and the promising, targeted immunization
outcomes coupled with the continual developments in the biotechnology area.
Other advantages associated are ease of production, long lasting
immunogenicity, and no risk of reversion.
·
The cancer application segment is expected to
witness the fastest growth with a CAGR of over 11.8% in the vaccinations market
majorly attributable to the need for immunization against cancer coupled with
the increasing prevalence of various types of cancer, such as cervical and
colorectal cancers.
·
North America dominated the market in terms of
revenue with over USD 12 billion in 2015, due mainly to the presence of
extensive research and development activities and the existence of key
participants of the industry in this region
·
Asia Pacific is identified to witness a
lucrative growth with a CAGR of around 10.7% during the forecast period due to
the growing population base and the increasing economic growth of countries,
such as China, Japan, and India. Moreover, the availability of skilled labors
at a lower cost and the low manufacturing operations cost provide a platform
for clinical trial outsourcing of the vaccinations under development to
expedite commercialization.
·
Leading players in this industry, among others
are, Merck & Co., Inc., Emergent BioSolutions, Inc., Johnson and Johnson,
Sanofi Pasteur, Inc., Pfizer, Inc., Novartis AG, CSL Ltd., and GlaxoSmithKline
Plc. Other prominent players include Abbott Laboratories, Inc., AstraZeneca
plc, Janssen Pharmaceuticals, Inc., Takeda Pharmaceuticals Company Ltd., and
Valeant Pharmaceuticals International, Inc.
·
In April 2016, VBI vaccines, Inc. entered into a
collaborative agreement with Sanofi Pasteur, Inc. to employ its “Lipid Particle
Vaccine” formulation technology to better the stability of the Sanofi
vaccines.
Browse
more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/biotechnology
Grand View Research has segmented the global vaccines market on the basis of type, application, and region:
Grand View Research has segmented the global vaccines market on the basis of type, application, and region:
Global Vaccines Market By Type
(Revenue, USD Million, 2013 – 2024)
·
Inactivated vaccines
·
DNA vaccines
·
Attenuated vaccines
·
Subunit vaccines
·
Conjugate vaccines
·
Toxoid vaccines
·
Others
Global Vaccines Market By
Application (Revenue, USD Million, 2013 – 2024)
·
Infectious diseases
·
Cancer
·
Autism
·
Allergy
·
Others
Vaccines Market By Region
(Revenue, USD Million, 2013 – 2024)
·
North America
o U.S.
o Canada
·
Europe
o UK
o Germany
·
Asia Pacific
o Japan
o China
·
Latin America
o Brazil
·
MEA
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research report by Grand View Research: http://www.grandviewresearch.com/press-release/global-vaccine-market
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
For more information: www.grandviewresearch.com
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