Human Vaccines Market is Estimated to Reach US$72.5 bn by 2024
TMR projects the global human vaccines market to post an 11.2% CAGR to bag a US$72.5 bn by the final forecast year. On the basis of type of vaccine, conjugate could obtain a larger share of the market. Regionally, North America is anticipated to collect a lion’s share, taking into account its US$12.7 bn revenue earned in 2016.
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Advantages of Vaccines over Other Drug Administration Modes Augur Well
Vaccines are considered to offer more advantages in comparison with other modes of drug administration. In the past few years, the global human vaccines market has been significantly benefiting from rising awareness about vaccines and their crucial advantages. This has also translated into tremendous growth of the market. In the near future, demand for human vaccines is predicted to continue to see a rise as they pose a lower risk of serious side effects compared to other drug administration methods.
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According to the research study, the growth of the global human vaccines market could gain impetus on the back of rising count of awareness programs arranged by non-profit and private organizations and also governments.
High Cost of Human Vaccines and their Handling and Storage Blocks Growth
The global human vaccines market could have a positive outlook in terms of growth for the next few years. However, expensive cost of human vaccines and their transportation, storage, and handling is envisaged to dampen the demand in the market. Furthermore, tight regulatory requirements could make it difficult for manufacturers to go about their operation smoothly. Nonetheless, the future of the market still looks bright with telling increase in vaccination rate observed in standalone pharmacies operating in developed countries. Besides drugstores, hospitals are emerging as a prominent distribution channel for human vaccines.
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Although conjugate vaccines are making a mark in the global human vaccines market, combination vaccines are foretold to produce rewarding prospects in the foreseeable future. Promotion of vaccines as an important public health intervention around the world could set the tone for valuable growth in the market. Use of vaccines to reduce to the spread of infectious diseases globally is envisioned to create a whole lot of opportunities in the coming years.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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