Human Vaccines Market Worth US$72.5 bn by 2024

The global human vaccines market was valued at US$28.3 bn in 2015 and is estimated to reach US$72.5 bn by 2024, registering an 11.2% CAGR during the forecast period.

The global human vaccines market is dominated by GlaxoSmithKline plc., Sanofi, Pfizer, Inc., and Merck & Co, Inc. These players collectively accounted for over 70% of the market in terms of revenue in 2015. Analysts at Transparency Market Research have identified some of the key strategies adopted by players in the human vaccines market in order to gain a competitive edge over the rest. These include mergers and acquisitions, collaborations and acquisitions for market penetration, the establishment of local production sites, the expansion of product portfolios, and expansion activities in regions with high growth potential.

A focus on research and development is also a successful growth strategy, TMR finds. For instance, Pfizer, Inc. has always focused on R&D in order to improve innovation and productivity. It is presently working on various pipeline products for different therapies and innovating new capabilities that can position it for long-term leadership across the globe.

By age group, pediatric vaccines accounted for a 57.5% share in the global human vaccines market in 2015. Adult vaccines, on the other hand, are expected to expand at a 13.2% CAGR from 2016 to 2024. Based on product, the pneumococcal segment accounted for the majority share in in 2015, with the hepatitis segment exhibiting strong growth during the forecast period.

On basis of vaccine type, the conjugate vaccines segment accounted for the majority share in the global human vaccines market in 2015. On the other hand, the combination vaccines segment is expected to expand at an outstanding CAGR from 2016 to 2024. By distribution channel, the hospital pharmacies segment led the global human vaccines market. However, the drugstores segment is projected to expand at a considerable pace through 2024.

Geographically, North America dominates the global human vaccines market and is estimated to reach a value of US$28.0 bn by 2024. Asia Pacific is the most promising market for human vaccines and is expected to expand at a high CAGR of 12.5% during the forecast period.

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Minimal Side Effects of Vaccines Bolstering Large-scale Adoption

An extremely low risk of serious and fatal side effects associated with vaccines is one of the primary factors driving the market for human vaccines around the world. Similar to other drugs, vaccines are associated with a few side effects; however, most of the times, these are rather mild. Soreness, swelling, redness at the site of injection, fever, rash, or itchiness are the most common side effects of vaccines. Several healthcare organizations, including the Centers for Disease Control and Prevention (CDC), the US FDA, the American Medical Association (AMA), and the American Academy of Pediatrics (AAP) recommend the use of vaccines owing to their safety.

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Complementing this factor is the growing awareness among patients and the general population regarding the benefits of vaccination. This can be attributed to a rise in awareness programs by government, private, and not-for-profit organizations. “The celebration of the National Immunization Awareness Month in the month of August in the U.S., for instance, is a great way of spreading awareness and getting more people to opt for vaccination,” the author of the report states.

High Costs Deterring Market Growth

Strict regulatory requirements is a major hurdle for most players in the global human vaccines market. In addition to this, high costs pose a significant challenge. “The discovery and development of new vaccines require immense capital. Moreover, the transportation, storage, and handling of vaccines can also be extremely heavy on the pocket,” the TMR analyst reports. Apart from this, the containment of technical expertise in the hands of a few major players also acts as a deterrent on the growth of the human vaccines market.

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About TMR

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.

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This release was published on openPR.