A vaccine is a biological preparation that is capable to provide the active acquired immunity to a particular infectious disease. Vaccines contain one or more immunogens, which can be engulfed and processed by the antigen-presenting cells and then can be presented along with MCH antigens to CD4+ T cells. Vaccine or Immunization refers to the use of immunotherapy to treat many infectious diseases by the production of specific antibodies or specific lymphocytes by the immune system activation. These antibodies then combat the conditions develop in the body due to pathogens and more recently, they also provide protect against malignant tumours.
Simple vaccination has eradicated several diseases, like polio and smallpox, which otherwise are the reasons behind high death rates. Currently, there exists vaccine to fight off diphtheria, tetanus, pertussis, pneumococcal pneumonia, smallpox, sepsis, measles, mumps, meningitis, hepatitis B, tuberculosis, cholera, diarrhoea and other infections caused by rotavirus, salmonellosis, dengue and many more pathogens. However, the development of vaccine technology, the emergence of HIV, SARS, Ebola, Zika and most recent Covid-19 viruses prioritized the urgent need for global preparedness for pandemic conditions.
Even though the vaccine efficiency for numerous vaccines is already known, such as 90-95% efficacy of measles vaccine, 72-88% of mumps and 95-98% of rubella. 99.9% reduced cases of polio are reported since the start of the eradication programme and hepatitis B vaccine coverage now approaches more than 80% at the global level. The World Health Organization has named vaccine hesitancy which refers to delay in acceptance or refusal of vaccines despite availability of vaccination services as one of the major threats fronting public health in the upcoming years and most importantly this year amidst pandemic situation.
The vaccine market is relatively small and concentrated on both supply and demand sides as compared to the pharmaceutical market. It has largely regulated distinct features which increase the complexity of pricing and procurement. The market mainly depends on public purchasers and donor policies.
According to Report Ocean study, global Vaccine Market was estimated to be USD 42.7 billion in 2019, and it might reach USD 89.7 billion by 2026, at a CAGR of 11.2%, over the projection period. This report forecasts growth of Vaccine Market at global level and provide insights of the latest trends. The market is segmented by technology, disease, route of administration, patients and region.
- By Technology
- By Disease
- Diphtheria, Tetanus, Pertussis (DTP)
- Tetanus Toxoid (TT)
- Measles, Mumps, and Rubella (MMR)
- By Route of administration
- Intramuscular (IM)
- Subcutaneous (SC)
- Intradermal (ID)
- By Patient
- By Region
- North America
- Asia Pacific
- South America
- Middle East & Africa
The increasing worldwide prevalence of infectious diseases and other chronic conditions, the growing aged population, and various initiatives taken by the pharmaceutical companies, government bodies, international organizations, and hospitals to expand vaccines’ provision at global level. These facts alleviate the vaccine market globally. Contrary to this, huge capital investment required for vaccine development restrains the market growth.
Based on patient type, the vaccine market falls into paediatric and adult patients. The paediatric patient’s section accounted for the central part of the global vaccines market in 2018 owing to increased government initiatives for immunization and also rising prevalence of diseases among the population. By technology, the conjugate vaccines section accounted for maximum market share owing to increased company investments and government support in the development. The Intramuscular & subcutaneous administration section is expected to reach the maximum development during the prediction period as it is highly effective in administering vaccines due to slow diffusion and sustained rate of administration.
The key regions taken into consideration for the study and analysis of the global market trends are North America, Europe, Asia Pacific, South America, and the Middle East & Africa. North America holds the leading position in vaccine market in 2018 owing to to the high occurrence of infectious diseases and increased support by government and non-government organizations for vaccine development. On the other hand, Asia’s market is estimated to register the highest growth during the prediction period. Factors such as the growing healthcare expenditures and disposable income, government initiatives, and the large patient population with high-unmet clinical needs are inducing the growth of the vaccine market in Asia.
The key players in the market include GlaxoSmithKline plc. (U.K.), Pfizer, Inc. (U.S.), Merck & Co., Inc. (the U.S.), and Sanofi Pasteur SA (France) CSL Limited (Australia), Emergent BioSolutions, Inc. (U.S.), Johnson & Johnson (U.S.), Serum Institute of India (India), AstraZeneca (U.K.), Bavarian Nordic (Denmark), Mitsubishi Tanabe Pharma Corporation (Japan), and Daiichi Sankyo Company, Limited (Japan), and others.
- In July 2019, in order to provide financial help to research and development of new vaccines by Coalition for Epidemic Preparedness Innovation (CEPI), the International Finance Facility for Immunization (IFFIm) issued NOK 600 million vaccine bonds.
- In June 2019, the collaboration between Bharat Biotech and Hilleman Labs helped in the advancement of phase three development of the cholera vaccine. They strategize to fill the supply gap arises due to the elevated incidence of the disease, especially in South Asian countries and the Sub-Sahara region.
- In January 2018, FDA expands license to use Fluarix Quadrivalent developed by GlaxoSmithKline to include children till 35 months of age. It is a vaccine indicated for active immunization for the prevention of disease caused by influenza A subtype viruses and type B viruses. The vaccine is administered intramuscularly.
Impact of Covid-19 on Global Vaccine Market
The global pandemic and stringent rules to avoid virus spread many markets are already shut. But vaccine is the cornerstone to most of the pathogenic allergies and many major global markets are revolving around the production and development of vaccines. However, due to widespread of Covid-19 pandemic development of many vaccines are at halt and markets are facing a setback. And, as the focus is shifted towards the development of vaccine for covid-19 which if succeeded will elevate the global vaccine market at rapid rate.
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