The global Vaccine Market was valued at over USD 32.5 billion in 2015 and is expected to grow at a CAGR of 10.3% over the forecast period. The rising demand for better healthcare infrastructure and high awareness levels of the benefits of immunization are the major factors boosting the market growth.
The governments across the globe are striving to ensure that every stratum of the society, irrespective of social and economic status is granted access to immunization. In May 2012, the WHO launched the ‘Global Vaccine Action Plan (GVAP)’ that was authorized by 194 member states of the World Health Assembly.
This plan aims to strengthen routine immunization in order to check the transmission of communicable diseases through intermittent assessments to evaluate the achieved progress, measured in terms of national, vaccination coverage target goals that have been effectively met.
The involvement of government and non-government organizations gaining prominence in this field is expected to provide the vertical with an impactful boost. The UNICEF and the WHO have published guidelines on developing a national immunization plan, the comprehensive Multi-Year Plan (cMYP) for all nations across the globe, which intends to ensure equitable access to vaccination facilities for all individuals and increase stakeholder participation in attaining vaccination coverage targets through the designing and implementation of feasible financial strategies to assess current and future program costs that increase the accountability of the respective participants.Worldwide immunization coverage, 2014
Worldwide immunization coverage, 2014
The percentage coverage of worldwide immunization is presented above. The steadily rising global immunization coverage has led to a lucrative growth of the market. For instance, in 2014, 115 million infants across the world received the Diphtheria, Pertussis, and Tetanus (DPT3) vaccine and around 129 countries globally have achieved nearly 90% vaccination coverage for DPT3.
Various types of vaccines include the inactivated, attenuated, toxoid, subunit, conjugate, recombinant vector, and DNA vaccines. The inactivated vaccines segment is expected to dominate the market owing to the benefits associated with it, including a long-shelf life and high stability. The DNA vaccine is expected to witness the fastest growth over the forecast period due mainly to the high specificity and the reduced risk of integration into the genome as compared to other traditional vaccines.
Moreover, the development of new and improved vaccinations for several diseases is a major factor projected to propel growth. The presence of several pipeline drugs is expected to lead the growth of the Vaccine Market. The vaccinations under development in the Phase III clinical trials include Herpes Zoster Subunit (HZ/su), a recombinant version of the “Shingles Vaccine”, which is determined to be successful in 51% of the tested adults, aged 60 and above, however the effectiveness is found to decrease with age. Moreover, Merck & Co., Inc., and Oklahoma Medical Research Foundation have engaged in a collaborative research endeavor to develop the therapeutic Alzheimer’s vaccine, CAD106 vaccine, which is under phase II clinical trials.
Based on applications, the Vaccine Market is segmented into infectious diseases, cancer, allergy, and autism. Among these applications, the infectious diseases segment holds the largest share owing to the growing immunization concerns against a number of predominant infectious diseases, which are the major causes of mortality and morbidity, globally.
The rising incidences of severe diseases, such as cholera, typhoid, hepatitis, measles, chicken pox, and many others has resulted in the sizeable growth of the global vaccines vertical due to the steady-paced increase in the demand for immunization against these diseases. However, several molecular entities are under extensive research and development stages, which are targeting immunization against fatal diseases, such as AIDS, Ebola, Hepatitis C, Leishmaniasis disease, Chagas disease, paratyphoid fever, and norovirus.
North America is the most developed region, and is expected to generate estimated revenue of over USD 27 billion by 2024. The rising government support for vaccine development and the numerous company investments deployed for research and development are the key drivers accentuating the market growth in this region. Moreover, the established healthcare infrastructure and facilities present in this region are crucial factors supporting the emergence of this vertical.
The Asia Pacific region is expected to witness the fastest growth over the forecast period, attributed by the growing target population base with high-unmet clinical needs. Furthermore, the increasing disposable income level and the rising awareness regarding the merits of vaccination in emerging economies of the Asia Pacific region is further expected to foster the market growth.
Competitive Market Share Insights
Some key players of this Vaccine Market include 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.
Most of the companies are focusing on business expansion to attain a higher revenue share through the adoption of strategies, such as mergers and acquisitions and new product development. For instance, in September 2015, GlaxoSmithKline plc completed the acquisition of the vaccine business division of Novartis and received the approval for two new pediatric vaccines, Boostrix and Infanrixin India.
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