Growing prevalence of infectious diseases worldwide and increasing pharmaceutical research activities for vaccine development are some of the key factors expected to boost market revenue growth
According to Emergen Research, the global vaccine market size was USD 44.82 billion in 2020 and is expected to reach USD in 77.90 billion 2028 and register a revenue CAGR of 7.1% during the forecast period, 2021-2028.
The global vaccines market revenue growth is primarily attributed to factors including rising prevalence of infectious diseases globally, such as malaria, hepatitis, influenza, pneumonia, malaria, cholera, tuberculosis, and HIV-AIDS, increasing risks of disease contraction among pediatric and geriatric populations, emergence of drug-resistant microbial strains such as the SARS-CoV-2 virus, and significantly rising cases of COVID-19 across the globe.
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Unprecedented demand for COVID-19 vaccine amid the ongoing pandemic, rise in research & development activities for vaccine development, increasing number of clinical trials, and increased government funding for public and private healthcare organizations for development of safe and effective COVID-19 vaccines and rapid diagnostic test kits are among the other major factors driving the global market revenue growth. In August 2021, healthcare giants Pfizer and BioNTech collaborated with leading Brazilian biopharmaceutical company, Eurofarma Laboratórios S.A., to produce COVID-19 vaccine doses – under the COMIRNATY brand – for many Latin American countries. The Brazilian company will receive raw materials from the U.S. and the vaccine manufacturing is scheduled to begin in 2022.
COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Recombinant Vaccines Segment Accounted for Largest Revenue Share in 2020:
Based on technology, the global vaccine market is segmented into inactivated & subunit vaccines, conjugate vaccines, recombinant vaccines, live attenuated vaccines, and toxoid vaccines. The recombinant vaccines segment accounted for the largest revenue share in the global market in 2020, owing to factors such as advantages of recombinant vaccines including reduced risks of infection, improved predictability of response, and enhanced safety and efficacy.
Monovalent Segment to Account for Fastest Revenue CAGR:
Based on type, the global vaccine market is majorly segmented into monovalent vaccines and multivalent vaccines. The monovalent vaccines segment is expected to register the fastest revenue growth rate over the forecast period. Major factors driving growth of this segment include various advantages associated with monovalent vaccines. Monovalent vaccines are especially designed to immunize a single microorganism and antigen, and this particular type of vaccine exhibits a strong immune response.
North America Accounted for Largest Revenue Share:
Among regional markets, the North America vaccine market accounted for the largest revenue share in 2020, owing to many favorable factors. Growing awareness of severe infectious diseases, rising cases of COVID-19 infection in the region, surging demand for vaccines against the coronavirus disease, and increasing government investments in R&D activities for effective COVID-19 vaccine are key contributors to the North America vaccine market revenue growth. Presence of major industry players including Pfizer, Inc., AstraZeneca, and Johnson & Johnson in the region is another key driver for the regional market growth.
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Major Companies in the Global Vaccine Market Include:
- Pfizer, Inc.
- CSL Limited
- Merck & Co., Inc.
- Johnson & Johnson
- Serum Institute of India Pvt., Ltd.
- GlaxoSmithKline PLC
- Sanofi Pasteur SA
- Emergent Biosolutions, Inc.
- Biological E.
For the purpose of this report, Emergen Research has segmented the global vaccine market based on type, patient type, technology, disease type, route of administration, and region:
Type Outlook (Revenue, USD Billion; 2018-2028)
- Monovalent Vaccines
- Multivalent Vaccines
Patient Type Outlook (Revenue, USD Billion; 2018-2028)
- Pediatric Patients
- Adult Patients
Technology Outlook (Revenue, USD Billion; 2018-2028)
- Inactivated & Subunit Vaccines
- Conjugate Vaccines
- Recombinant Vaccines
- Live Attenuated Vaccines
- Toxoid Vaccines
Disease Type Outlook (Revenue, USD Billion; 2018-2028)
- Pneumococcal Disease
- Meningococcal Disease
- Herpes Zoster
Route of Administration Outlook (Revenue, USD Billion; 2018-2028)
- Oral Administration
- Intramuscular and Subcutaneous Administration
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Region Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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