Vaccines Market Is Expected to Reach Value of around US$ 48.0 Bn by 2025
Vaccines are biological preparation which help in improving immunity of individuals against particular disease. A vaccine generally contains an agent which resembles a disease causing microbe and is typically produced from killed or weakened form of the microorganism, its surface proteins or its toxins. The agent assists in stimulating the individual’s body's immune system in order to identify the agent as a foreign object and, destroy and also remember it. The global vaccines market was valued at around US$ 28.0 Bn in 2016 and is expected to post CAGR of over 6.0% from 2017 to 2025 to reach value of around US$ 48.0 Bn by 2025. Rise in incidence of infectious diseases and emergence of new diseases is likely to fuel expansion of the global vaccines market from 2017 to 2025.
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The major factor driving the growth of the vaccines market is the rising burden of infectious diseases across the globe. The prevalence of infectious diseases such as influenza, malaria, pneumonia, measles, meningococcal meningitis, dengue, HIV, hepatitis, and diphtheria is quite high, and is increasing due to rising prevalence of viral infections. According to the World Health Organization (WHO), 3 to 5 million cases of influenza are reported each year worldwide and an estimated 290,000 to 650,000 deaths occur due to the disease. In 2015, 325 million people were living with chronic hepatitis infections and an estimated 1.34 million deaths were reported due to it globally. Pneumococcal disease kills over half a million children below the age of five years globally every year. Most of these deaths occur predominantly in developing countries. An estimated 215,000 children deaths under the age of 5 years are reported each year worldwide due to vaccine-preventable rotavirus infections. The rising cases of these diseases is expected to boost the demand for vaccines used for the prevention of these infectious diseases which in turn is expected to boost the growth of the market during the forecast period. Government initiatives for expanding vaccination coverage is likely to boost the demand for vaccines globally. In February 2017, the government of India launched the ‘Pan-India campaign for Measles-Rubella Vaccination’ to help protect children from major childhood diseases viz. rubella and measles. This nationwide vaccination campaign aims to administer measles-rubella vaccine (MR-VAC) to children aged between nine months and 15 years.
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Vaccines Market: Segmentation
The global vaccines market has been segmented on the basis of vaccine type, valance, route of administration, indication, distribution channel, and geography. Among drug vaccine type, conjugate vaccine segment is anticipated to dominate in terms of market share followed by live attenuated segment. In terms of valance, multivalent vaccines segment had the largest market share in 2016 and is expected to maintain its share by 2025. Injectable vaccines would continue to account for the largest share of the market by 2025. Pneumococcal disease segment would continue to be the leading revenue generating disease indication by 2025. Hospital pharmacies had the largest share in terms of revenue among various distribution channels in 2016 and is likely to maintain its lead over the other segments by 2025.
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Geographically, North America is predicted to be the leading segment in terms of revenues, owing to continuous research funding for vaccine development in the region and also due new vaccine launches by pharmaceutical companies is expected to help the region maintain its dominance during the forecast period. New product launches is expected to boost the demand for the vaccines in the region thus helping it remain the largest market for these products globally. However, Asia Pacific is projected to record a robust growth rate during the forecast period, due to increasing prevalence of diseases such as tuberculosis (TB), Japanese encephalitis, malaria and dengue as well as advent of re-emerging or newer diseases such as infection with severe acute respiratory syndrome (SARS), influenza A (H5N1) virus (avian flu), and chikungunya. The spread of these diseases in countries in Asia Pacific, particularly those in Southeast Asia coupled with measures adopted by local governments and multilateral agencies like WHO and UNICEF for increasing vaccination coverage for these diseases is expected to drive the growth of the market in region during the forecast period.
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Major players in the vaccines market include GlaxoSmithKline plc. Sanofi Pasteur SA, Pfizer, Inc., Merck & Co., Inc., Serum Institute of India Ltd, Emergent BioSolutions Inc., CSL Ltd, Janssen Pharmaceutical Company, Novavax AB and Mitsubishi Tanabe Pharma Corporation. Increased focus of vaccine manufacturers on developing novel vaccines for treating infectious diseases as well as re-emerging or newer diseases aided by government and multilateral agencies support in the form of increased funding is anticipated to stimulate the growth of the market in the form of better and effective vaccines. Companies should also focus on adopting new vaccine deliver systems which are quick, easy, and safe alternative to traditional methods. This strategy has immense potential to increase patient acceptability and also increase the rates of immunization
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