Albany, NY -- (SBWire) -- 08/24/2018 --The global vaccines market as per a report by Transparency Market Research (TMR) exhibits a highly competitive environment owing to presence of several players. In order to gain edge over rivals, several leading companies are investing in research and development initiatives. Furthermore, many companies are focusing on product launches, which could intensify the competition further in the coming years.
Some of the major players in the global vaccines market are Sanofi Pasteur SA, GlaxoSmithKline plc. Pfizer, Inc., Serum Institute of India Ltd, Merck & Co., Inc., Emergent BioSolutions Inc., Janssen Pharmaceutical Company, CSL Ltd, Mitsubishi Tanabe Pharma Corporation, and Novavax AB.
The global vaccines market was valued at US$28.0 bn in 2016 and is expected to exhibit a CAGR of more than 6.0% over the forecast period from 2017 to 2025 to attain value of around US$48.0 bn by the end of 2025. On the basis of route of vaccination, the market is dominated by the injectable vaccines owing to high adoption of injectable vaccines for its convenience, effectiveness, and ease. North America is anticipated to dominate the global market for vaccines thanks to continuous funding for research activities and vaccine development in the region. However, Asia Pacific is projected to record a faster growth with higher rate over the forecast period, owing to increasing prevalence of diseases such as tuberculosis, malaria, and dengue in the region.
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Rising Government Initiatives to Drive Growth
Vaccines offer immunity against a particular disease. Vaccines contain a resembling agent, which stimulates the immunity system to distinguish the foreign object and to destroy them. Better efficiency and functionality of these vaccines are boosting their adoption for treatment of various diseases, which is likely to boost the global market for vaccines. Additionally, rising incidences of infectious diseases such as influenza, pneumonia, malaria, meningococcal meningitis, hepatitis, measles, HIV, dengue, and diphtheria are increasing globally. This is major factor boosting need for the proper vaccinations to treat the diseases which in turn driving growth of the global vaccines market.
Rising government initiatives favoring vaccination drives worldwide is bolstering growth of the vaccines market. In addition to this, key players are focus on adopting new technologies for vaccine delivery, which are easy, quick, and safe substitutes for the conventional methods. This strategy has immense potential to increase patient acceptability and also increase the rates of immunization
Continuous Funding for Research Activities to Drive the Global Market
However, high cost experienced in vaccine development and production is key factor hampering growth of the global market for vaccines. In addition, presence of stringent regulations and policies for the practice of vaccine is expected to hamper the market in the years to come.
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Nevertheless, the increase in investment from key players and local governments, as well, to improve and increase research and development activities in the field of vaccines is creating opportunities for growth of vaccines market, significantly.
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Vaccines Market Will Be Worth US $48.0 Bn by 2025