Global Vaccines Market, by Technology (Conjugate Vaccines, Inactivated and Subunit Vaccines, Live Attenuated Vaccines, Toxoid Therapy, and Recombinant Therapy), by Type (Monovalent Vaccines and Multivalent Vaccines), by Indication (Typhoid, Hepatitis, Pneumococcal, DTP, Malaria, Influenza, Human Papilloma Virus, Meningococcal, Polio, Rotavirus, MMR, Varicella, Herpes Zoster, and Others), by Route of Administration (Parenteral Administration and Oral Administration), by Age Group (Pediatric and Adult), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 38,305.2 million in 2021 and is expected to exhibit a CAGR of 6.8% during the forecast period (2021-2028), as highlighted in a new report published by Coherent Market Insights.
The increasing prevalence of infectious diseases such as hepatitis B is expected to drive growth of the global vaccines market over the forecast period. For instance, according to the World Health Organization, about 296 million people were living with chronic hepatitis B infection globally in the year 2019, with 1.5 million new infections each year. Moreover, according to the same source, hepatitis B caused an estimated 820,000 deaths, mostly from hepatocellular carcinoma (primary liver cancer) and cirrhosis in 2019, globally.
Global Vaccines Market – Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. The COVID-19 pandemic has affected the economies of various regions across the globe in three main ways: 1) by directly affecting production and demand; 2) by creating disruptions in distribution channels; and 3) through its financial impact on companies and financial markets. Several countries such as Thailand, Indonesia, and Singapore, are facing problems with regard to the transportation and distribution of healthcare products.
Moreover, the COVID-19 pandemic had a negative impact on the routine immunization of children. For instance, according to UNICEF, 23 million children missed out on basic routine vaccine immunization worldwide in 2020, up to 3.7 million more than in 2019. Although countries are eager to get their hands on COVID-19 vaccines, vaccinations for other diseases and routine vaccination of children have been negatively impacted, leaving children at risk of dangerous but preventable diseases such as polio, measles, or meningitis. There have been disruptions in the supply of vaccines due to lockdowns and the closure of flights. All these reasons contributed to have a negative impact on the global vaccines market growth.
However, due to the growing concern about the COVID-19 pandemic, key players have increased their R&D activities, in order to develop safe and effective COVID-19 vaccine, which is expected to drive the global vaccines market growth over the forecast period.
Browse 22 Market Data Tables and 36 Figures spread through 165 Pages and in-depth TOC on “Global Vaccines Market”- Forecast to 2028, Global Vaccines Market, by Technology (Conjugate Vaccines, Inactivated and Subunit Vaccines, Live Attenuated Vaccines, Toxoid Therapy, and Recombinant Therapy), by Type (Monovalent Vaccines and Multivalent Vaccines), by Indication (Typhoid, Hepatitis, Pneumococcal, DTP, Malaria, Influenza, Human Papilloma Virus, Meningococcal, Polio, Rotavirus, MMR, Varicella, Herpes Zoster, and Others), by Route of Administration (Parenteral Administration and Oral Administration), by Age Group (Pediatric and Adult), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in the Global Vaccines Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/vaccines-market-4914
Moreover, increasing adoption of inorganic strategies such as agreements and collaborations by the key players operating in the market is also expected to aid in growth of the global vaccines market over the forecast period. For instance, on January 5, 2022, Pfizer Inc., a pharmaceutical and biotechnology company and BioNTech SE, a next generation immunotherapy company, announced a research and development collaboration agreement. As a part of this agreement, they will be developing the first mRNA-based vaccine to prevent shingles (herpes zoster virus, or HZV), a disease that affects roughly one out of every three people in the U.S. Clinical trials for the vaccine are planned to start in the second half of 2022.
Key Takeaways of the Global Vaccines Market:
- The global vaccines market is expected to exhibit a CAGR of 6.8% during the forecast period due to the increasing investments and funds provided by the government and non-government organizations, which are expected to boost growth of the market. For instance, in December 2021, the Board of Gavi, the Vaccine Alliance, an international organization to improve access to vaccines for children, signed an investment to assist the introduction and delivery of malaria vaccine for Gavi-eligible countries in sub-Saharan Africa in 2022–2025. An initial investment of US$ 155.7 million will start the implementation of this additional tool in the fight against malaria for 2022–2025.
- In terms of technology, conjugate vaccines segment estimated to account for the largest market share in the global vaccines market in 2021, owing to the increased product approvals. For instance, in June 2021, Pfizer Inc., a pharmaceutical and biotechnology company, announced that it received the U.S. Food and Drug Administration (FDA) approval for PREVNAR 20 (Pneumococcal 20-valent Conjugate Vaccine) for use in the prevention of invasive disease and pneumonia caused by the 20 Streptococcus pneumoniae (pneumococcus) serotypes in adults aged 18 years and older.
- Among regions, North America is estimated to account for the largest market share in the global vaccines market in 2021, owing to the presence of major key players in the region and increased government agreements, commitments, and investments to provide vaccines. For instance, in June 2020, Pfizer Inc., a pharmaceutical and biotechnology company and BioNTech SE, a next generation immunotherapy company announced an agreement with the U.S. Department of Health and Human Services and the Department of Defence to meet the U.S. government’s Operation Warp Speed program goal of starting delivery of 300 million doses of vaccine for COVID-19 in 2021.
- Major players operating in the global vaccines market include AstraZeneca, GlaxoSmithKline plc., Pfizer Inc., Abbott, Bristol-Myers Squibb Company, Johnson & Johnson Services, Inc., Sanofi, EMERGENT, Astellas Pharma Inc., CSL Limited, Novavax, Serum Institute of India Pvt. Ltd., Bharat Biotech., Indian Immunologicals Ltd., DAIICHI SANKYO COMPANY, LIMITED., and Merck & Co., Inc.
