The global vaccine market size valuation is expected to exceed USD 77.5 billion by 2024, at a CAGR of 10.3% according to a new report by Grand View Research, Inc. The development of various molecules to cater to the growing demand for vaccines can drive market demand. The majority of the key players are focused on vaccine development to gain an edge over competitors. For instance, Pfizer, Inc., is developing vaccines for Clostridium difficile, Staphylococcus aureus, and Meningococcal B.
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 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.
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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 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.
Grand View Research has segmented the global vaccine market on the basis of type, application, and region:
Global Vaccine Market By Type (Revenue, USD Million, 2013 - 2024)
Global Vaccine Market By Application (Revenue, USD Million, 2013 - 2024)
Vaccine Market By Region (Revenue, USD Million, 2013 - 2024)
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