Human Combination Vaccines Market Set to Surge Significantly During 2017-2025
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Based on vaccine type, the global human combination vaccines market can be segmented into inactivated vaccine and live attenuated vaccines. High acceptance of inactivated vaccine among physicians is attributed to strong growth of the segment. Moreover, inactivated vaccine is stable and can easily be stored and transported in freeze-dried form. In terms of end-user, the human combination vaccines market can be segmented into hospitals, clinics, and others. Hospitals is the leading segment of the market due to increase in government awareness and initiation of different programs for immunization against various diseases. Additionally, hospitals are preferred by both patients and physicians as these are modernized with all types of vaccines. According to the World Health Organization (WHO), vaccination has reduced the global weight of contagious ailment to a great extent. Low risk of side effects related to vaccines is leading to a positive response from numerous demographics and growing alertness regarding vaccination by several government and non-profit organizations are the key factors driving the human combination vaccines market. Vaccine manufacturers are working toward advancement of existing vaccines as well as development of novel vaccines. Moreover, combination vaccines reduce the cost of extra health care visits. However, manufacturers have to be encouraged to invest extensive capital and undergo rigorous regulatory approval processes for the development and approval of latest vaccines. Handling, storage, and transportation of vaccines incurs significant costs which can hamper the growth of the market.
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In terms of geography, the global human combination vaccines market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa region. North America is the leading market for combination vaccines due to rise in demand for vaccination among adults and children. Moreover, government efforts towards the different vaccination programs especially for the children add fuel to the North America market. The market in Asia Pacific is expected to witness the strongest growth. Prevalence of various diseases such as polio, flu, and rotavirus, and government efforts toward immunization boost the growth of the market. Moreover, China is likely to dominate the human combination vaccines market in the region during the forecast period owing to a large population base and growing government support for vaccination. Europe is also a significant market for human combination vaccines due to well-developed health care infrastructure and increased spending on health. According to the World Health Organization, over 40% of children from sub-Saharan Africa have not received the required three doses of diphtheria-tetanus-pertussis vaccine and demand for vaccination is increasing to address the unmet need. These factors are likely to augment the human combination vaccines market in Middle East & Africa during the forecast period.
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Major players operating in the global human combination vaccines market are GlaxoSmithKline, Merck, Sanofi, Sun Pharmaceuticals, Takeda Pharmaceutical, Bavarian Nordic, and Pfizer, Inc.
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