Global Vaccines Market was pegged at $32.46 billion in 2019, and is anticipated to hit $54.15 billion by 2027, registering a CAGR of 6.6% from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
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Covid-19 outbreak led to increase in investments and R&D activities in the industry for vaccines as well as drugs against the novel corona virus.
The government organizations all across the globe along with world health organizations (WHO) are initiating to increase the potential for vaccine generation and global supply.
Rise in immunization programs worldwide is one of the major factors that boost the growth of the vaccine market. In addition, factors such as surge in awareness related to the use of vaccines and increase in adoption of vaccination across the globe fuel the growth of the vaccine market.
However, high monetary inputs associated with manufacture of the products restrains the growth of the market. On the contrary, growth potential in emerging economies is expected to create lucrative opportunities for the market during the forecast period.
Surge in prevalence of infectious diseases such as influenza, MMR, DTP and others and surge in awareness related immunization and development of new vaccines drive the growth of the market in this province. On the other hand, the Asia-Pacific region is expected to register the largest CAGR of 8.1% during the forecast period. This is owing to presence of large untapped opportunities such as expanding healthcare budgets and increase in disposable income. In addition, rise in demand for vaccine, owing to growth in number of geriatric populations further fuels the market growth.
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The key players operating in the vaccine industry include Serum Institute of India Pvt. Ltd., Pfizer, Johnson & Johnson, AstraZenecea plc, GlaxoSmithKline plc, Sanofi Aventis, Merck & Co., Inc., Emergent BioSolutions Inc., and CSL Limited, Novavax, Inc.
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