Increasing government funding for vaccine production and growing emphasis on immunization are major factors expected to drive the market
The global vaccines market size is expected to reach USD 73.78 billion by 2028, registering a CAGR of 7.3% over the forecast period, according to the latest report by Reports and Data. Major factors driving market revenue growth are rising prevalence of infectious diseases, increasing government funding for vaccine production, and growing emphasis on immunization.
Immunization is a public health and development success storey that saves millions of lives each year. By bolstering the body’s natural defences, vaccines reduce the chances of developing a disease. Vaccination helps avoid over 20 life-threatening diseases, helping people of all ages to live longer, healthier lives. Vaccines save lives of 2-3 million people per year from diseases such as diphtheria, tetanus, pertussis, influenza, and measles.
Immunization is a basic human right and an essential component of primary health care. Over the past decade, more than 1 billion children have been vaccinated. Vaccines are essential for preventing and managing outbreaks of infectious diseases. They’re crucial in battle against antimicrobial resistance, and for global health protection. The Global Vaccine Action Plan (GVAP), which was endorsed by the 194 Member States of the World Health Assembly in May 2012, is a framework for avoiding millions of deaths by 2020 by ensuring that people from all walks of life have equal access to current vaccines.
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Millions of people worldwide have recently been infected with the COVID-19 disease. Community transmission has resulted in rising fatalities in some regions. In 2021, biopharmaceutical and biotech companies succeeded in bringing to market an effective vaccine against the virus that causes SARS-Cov-2. The coronavirus outbreak has sparked unprecedented demand and businesses are investing heavily in R&D activities along with government to meet the growing demand for COVID-19 vaccines. This is expected to boost the market’s growth prospects.
Despite tremendous progress, various people around the world, including nearly 20 million babies last year, still lack access to vaccines. In some countries, progress has stalled or even reversed, and there is a real risk that complacency will undo previous achievements. Furthermore, high storage and transportation costs for vaccines can stifle market supply. These factors are expected to hamper the revenue growth of the vaccines market to a certain extent going ahead.
Some Key Highlights in the Report:
- The conjugate vaccines segment had the largest share of the vaccines market in 2020. Increased government funding and growing company investments in conjugate vaccine production are attributable to this segment’s large share.
- Owing to growing immunization concerns against a number of predominant infectious diseases, which are a major cause of mortality and morbidity, most disease indication segments have registered considerable growth.
- The intramuscular and subcutaneous administration segment accounted for the largest revenue share in the vaccines market in 2020.
- The pediatric patients segment accounted for the largest revenue share among other patient type segments in 2020.
- In 2020, North America held the largest revenue share in the vaccines market. The regional growth can be attributed to increased public awareness of the risks of infectious diseases as well as increased government and non-government expenditures on vaccine production and widespread distribution.
- The fastest growth is expected in the Asia Pacific region over the forecast period, owing to a rising target population base with high unmet clinical needs.
- The major players in the global vaccines market are GlaxoSmithKline plc, Pfizer, Inc, Merck & Co., Inc. and Sanofi Pasteur, CSL Limited, Emergent BioSolutions, Inc., Johnson & Johnson, Serum Institute of India, AstraZeneca, Bavarian Nordic , Mitsubishi Tanabe Pharma Corporation, and Daiichi Sankyo Company, Limited.
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Segments Covered in the Report
For the purpose of this study, Reports and Data has segmented the global vaccines market on the basis of technology, type, disease indication, route of administration, patient type, and region:
Technology Outlook (Revenue, USD Billion, 2018 – 2028)
- Conjugate vaccines
- Inactivated and subunit vaccines
- Live attenuated vaccines
- Recombinant vaccines
- Toxoid vaccines
Type Outlook (Revenue, USD Billion, 2018 – 2028)
- Monovalent vaccines
- Multivalent vaccines
Disease Indication Outlook (Revenue, USD Billion, 2018 – 2028)
- Pneumococcal disease
- Meningococcal disease
- Herpes zoster
- Other disease indications
Route of Administration Outlook (Revenue, USD Billion, 2018 – 2028)
- Intramuscular and subcutaneous administration
- Oral administration
- Other routes of administration
Patient Type Outlook (Revenue, USD Billion, 2018 – 2028)
- Pediatric patients
- Adult patients
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Regional Outlook (Revenue, USD Billion, 2018 – 2028)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- South Africa
- Saudi Arabia
- Rest of MEA
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Some points on how the report benefits stakeholders:
- The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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