The emerging vaccines for malaria, dengue, Zika, HIV, Ebola, and other serotypes are expected to propel the market growth in the forthcoming years. In addition, the ongoing vaccination programs and the recommended doses for the respective vaccine in the developing and the under-developed countries have supplemented the market growth.
Portland, OR -- (SBWIRE) -- 12/06/2017 -- The global vaccines market was valued at $31,216 million in 2016, and is expected to garner $65,148 million by 2023, growing at a CAGR of 10.9% from 2017 to 2023, according to a recent report published by Allied Market Research titled, "Vaccines Market by Technology, Indication, and End Use: Global Opportunity Analysis and Industry Forecast, 2017-2023." The conjugate vaccines sector occupied over one-third of the global market in 2016.
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The preparation of vaccines involves the use of antigenic components which help in strengthening the immune system of a body. Vaccination helps in the development of adaptive immunity to pathogens, thereby preventing morbidity from several types of infections. Adopted by many countries worldwide, it plays an important role in preventing one from infectious diseases. There is a greater demand for vaccines in countries which are vulnerable to epidemic diseases, and this is significantly contributing to the market growth.
The future growth of the global vaccines market is expected to be driven by several factors such as the rise in prevalence of diseases that need vaccination, the development of new vaccines for several infectious diseases such as HIV, dengue, and Zika virus infection, and various technologies used in the development of effective vaccines. Moreover, the focus of governments on immunization programs serves as a way of raising awareness of safety and availability of vaccines among consumers. Nonetheless, the long procedure involved in the preparation of a single vaccine i.e. approximately 11-12 years restrains the development of new vaccines, causing the market to slow down. Moreover, high monetary inputs in the development of vaccines decrease their adoption, hindering the market growth even further.
The pediatric vaccine sector led the end use market, accounting for around half of the total market share in 2016. The segment was the dominator because of the high immunization rate among infants and adolescents. In addition, active government participation for amending vaccination to all children has driven the growth of the vaccines market.
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Key Findings of the Vaccines Market:
-The recombinant vaccines segment is expected witness the highest growth rate during the forecast period.
-The human papilloma virus (HPV) vaccines segment is expected to grow at the fastest rate, registering a CAGR of 12.4% from 2017 to 2023.
-In 2016, North America led the global vaccines market, accounting for a maximum revenue generation of the total market.
-Asia-Pacific is likely to grow at a rate of 12% on account of the high demand for vaccination in the thickly populated areas of the world such as India and China.
-In 2016, the pediatric vaccines segment generated the maximum revenue and is likely to continue maintaining its leadership position in the future as well.
-The Asia-Pacific region showed the highest growth rate for vaccines and is likely to continue this trend in the future. This is because of the increase in population, rise in occurrences of HIV & cancer cases, growth in healthcare infrastructural development, and the development of preventive, therapeutic, and adult vaccines by key market players focusing on the emerging markets.
The top market players operating in the vaccines market adopt product launch as their key marketing strategy. They focus on introducing new products to meet consumers' demands and strengthen their market share. The major players profiled in the report include Astellas Pharma Inc., Astrazeneca Plc. (Medimmune, LLC.), CSL Limited, Emergent Biosolutions, Inc., Glaxosmithkline Plc., Johnson & Johnson, Merck & Co., Inc., Pfizer Inc., Sanofi Pasteur, and Serum Institute of India Pvt. Ltd.