Vaccines Market is Set to Grow at Remarkable Pace by 2023

Global Vaccines Market was valued at $31,216 million in 2016, and is projected to reach $65,148 million by 2023, growing at a CAGR of 10.9% from 2017 to 2023. The conjugate vaccines segment accounted for more than one-third of the global market in 2016.

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Vaccination administration employs antigenic components, which aid in strengthening an individuals immune system. This process assists in development of adaptive immunity to a pathogen, and thereby prevents morbidity from infection. Vaccination plays an important role in the prevention strategies of infectious diseases adopted by several countries. Demand for vaccines is high in countries susceptible to epidemic diseases, contributing to the significant market growth.

High prevalence of diseases requiring administration of vaccines and emerging vaccines for different infectious diseases, such as, HIV, dengue, and Zika virus infection, and different technologies employed in the development of effective vaccines are expected to drive growth of the global vaccines market in the future. In addition, focus of governments on immunization programs aids in creating awareness among people about safety and availability of vaccines. However, it takes approximately 11-12 years for a single vaccine to be introduced in the commercial market. This prolonged procedure of vaccine development restrains the development of new vaccines, thereby hampering the market growth. In addition, high monetary inputs in the development of vaccines decrease their adoption, limiting the growth further.

Key Findings of the Vaccines Market:
1. The recombinant vaccines segment is anticipated to grow at the highest growth rate during the forecast period.
2. The human papilloma virus (HPV) vaccines segment is expected to grow at a rapid rate, registering a CAGR of 12.4% from 2017 to 2023.
3. North America dominated the global vaccines market, accounting for maximum share of overall market in 2016.
4. Asia-Pacific is exhibited to grow at a high growth rate of 12.0%, owing to the high demand for vaccination in densely populated area, such as India and China.
5. The pediatric vaccines segment generated highest revenue in 2016, and is expected to continue its dominance in the future as well.
6. The traveler vaccines segment is expected to exhibit high growth rate during forecast period, attributed by international travelers and mandated vaccination for immigrants before traveling.

Asia-Pacific has witnessed highest growth rate for vaccines, and is expected to continue this trend. This is attributed to increase in sizeable population, rise in incidence of HIV & cancer cases, healthcare infrastructural development, and huge market potential, owing to the new arrival of preventive, therapeutic, and adult vaccines by key players focusing on the emerging markets.

Key players operating in the vaccines market have adopted product launch as their key developmental strategy, and focus on launching innovative products to cater to the consumer requirements and strengthen their market share. The major companies profiled in the report include Astellas Pharma Inc., Astrazeneca Plc. (Medimmune, LLC.), CSL Limited, Emergent Biosolutions, Inc., Glaxosmithkline Plc., Johnson & Johnson, Merck & Co., Inc., Pfizer Inc., Sanofi Pasteur, and Serum Institute of India Pvt. Ltd.

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