MR Vaccines Market, by Vaccine Brand (MR Vaccine and MRBEV (BE LTD.), by Distribution Channel (Private and Public), and by Region (Commonwealth of Independent States (CIS) Countries, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 55.7 million in 2021 and is expected to exhibit a CAGR of 2.1% over the forecast period (2021-2028), as highlighted in a new report published by Coherent Market Insights.
Increase in government initiatives in order to make MR vaccine available in every region across the world, via arranging vaccination campaign is expected to drive the market growth over the forecast period.
For instance, in November 2021, nationwide campaign was launched by the Pakistan government. An objective of this campaign was to immunize more than 90 million children in order to reduce incidences of measles and rubella disease across Pakistan.
MR Vaccines Market – Impact of Coronavirus (Covid-19) Pandemic
COVID-19 outbreak was first reported on December 31, 2019 in Wuhan, China. According to the Coronavirus (COVID-19), Weekly Epidemiological Update by the World Health Organization, over 265,194,191 cases and 5,254,116 deaths due to Coronavirus (COVID-19) were reported up till December 06, 2021, across the globe.
The COVID-19 pandemic has negatively affected several markets across the globe and has also hampered the demand and supply in MR vaccines market, owing to reduced access to immunization services during the COVID-19 outbreak.
Outbreaks of measles, increasing number of unvaccinated children, disease diagnostics, and detection deviated to support COVID-19 responses are the factors that raise the probability of severe measles-related complications and deaths in children.
Browse 28 Market Data Tables and 16 Figures spread through 154 Pages and in-depth TOC on “MR Vaccines Market”- Global Forecast to 2028, by Vaccine Brand (MR Vaccine and MRBEV (BE LTD.), by Distribution Channel (Private and Public), and by Region (Commonwealth of Independent States (CIS) Countries, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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Key players operating in the market are focusing on adoption of inorganic growth strategies such as mergers, collaborations, partnerships, and acquisitions, in order to strengthen their position in the global market.
For instance, in June 2017, Takeda Pharmaceutical Company Limited, a Japanese multinational pharmaceutical company collaborated with Biological E. Limited (BE), an Indian biotechnology and biopharmaceutical company. This partnership aimed to develop low-cost combination vaccines for measles-rubella (MR) for low and middle-income countries such as Algeria, Bangladesh, Jordan, Iraq etc.
Key Takeaways of the MR Vaccines Market:
- The MR vaccines market is expected to exhibit a CAGR of 2.1% over the forecast period, owing to rising research and development activities to develop safe MR vaccines and government contribution to arrange vaccination campaigns
- Among vaccine brand, MR vaccine segment is expected to account for largest market share during the forecast period, owing to rise in ongoing clinical trials to develop and launch novel and safe MR vaccine in the market
- Key players operating in the MR vaccines market include PT Bio Farma, Bio-Manguinhos, BE Vaccines, Serum Institute of India, and Crucell Switzerland AG