April 17, 2020
According to the research report titled ‘Global Vaccines Market Size By Age Group , By Technology, By Disease, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report LLC, the global vaccines market is expected to surpass USD 70 billion by the year 2025.
Growing demand for preventive vaccines coupled with increased pervasiveness of non-infectious and infectious diseases are driving the vaccines market growth. Escalating investments towards development of advanced vaccines along with favorable governmental initiatives which promote vaccine administration is also fostering the worldwide demand for vaccines. Increasing awareness pertaining to low mortality rate owing to immunization is further aiding the market expansion. However, high costs associated with storage and transportation of vaccines may act as a hindering factor for the global market.
As per age group, the adult segment is presumed to expand with a CAGR of 9.8% during 2019-2025. Growing inclination towards cost-effective vaccines equipped with easy delivery system along with rising consciousness concerning low mortality rate are fueling the segmental share.
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In terms of technology, the recombinant segment is expected to hold 20% market share by the year 2025. Vaccines based on recombinant technology are advanced and more effective than traditional set of vaccines, especially in preventing diseases such as human papillomavirus (HPV), malaria and typhoid.
By disease type, vaccines market share from human papillomavirus (HPV) segment is predicted to grow with a CAGR of 8.4% through 2025. Rising R&D activities in order to enhance cross-protections against various types of HPV, to reduce the amount of vaccinations and to enhance the half-life are contributing towards the growth of the segment.
Considering the geographical landscape, the U.S. vaccines market is poised to witness a growth rate of 8.9% between 2019 and 2025. Growing inclination towards vaccines in order to minimize the frequency of infectious diseases and rising government initiatives to enhance immunization rate are promoting the business scenario in the U.S. Alternatively, Japan vaccines market is estimated to generate USD 6 billion by the year 2025.
The prominent companies operating in vaccines market are Novavax, Astellas Pharma, CSL, Emergent BioSolutions, Pfizer, GlaxoSmithKline, Sanofi Pasteur, Abbott, Bristol-Myers Squibb, Novartis, Johnson & Johnson, AstraZeneca and Merck.
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