In 2018, North America held the largest market share, followed by Europe and Asia-Pacific.
Northrook, IL -- (SBWIRE) -- 12/02/2019 -- Vaccines Market growth is attributed to the high prevalence of infectious diseases, growing support for vaccine R&D, investments into vaccine development, and a rising focus on immunization.
What the Market Looks Like?
Predicted to grow at a CAGR of 6.7% during the forecast period, the global Vaccines Market is estimated to reach USD 50.42 billion by the end of 2023.
Based on technology, the vaccines market is segmented into conjugate vaccines, inactivated and subunit vaccines, live attenuated vaccines, recombinant vaccines, and toxoid vaccines. In 2018, the conjugate segment is expected to account for the largest share of the vaccines market. The growth in this market is mainly driven by increasing investments by the government of developing countries and rising prevalence of infectious diseases.
By disease indication, the vaccines market is segmented into pneumococcal disease, influenza, DTP, hepatitis, human papillomavirus (HPV), rotavirus, meningococcal disease, MMR (measles, mumps, and rubella), varicella, polio, herpes zoster, dengue, and other disease indications. The meningococcal segment is expected to register the highest rate during the forecast period. The growth in this segment can primarily be attributed to the increasing government investments in meningococcal vaccination programs and the high prevalence of the meningococcal disease.
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What Drives the Market?
The growth of the global market for Vaccines is primarily influenced by the following factors:
- High Prevalence of Infectious Diseases
- Rising Focus on Immunization Programs
- Growing Government Support for Vaccine Development
- Increasing Company Initiatives to Enhance Vaccine R&D
Geographical growth scenario of Vaccines Market:
Geographically, in 2018, North America is expected to dominate the market. The large share of this geographical segment is attributed to factors such as increasing investments by government organizations and companies to promote immunization as well as develop new vaccines. Europe is expected to hold the second-largest share of this market. Factors such as availability of funding and venture capital investments for the development of new vaccines and increasing government initiatives are expected to drive market growth in this region.
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Leading market players and strategies adopted:
The prominent players in the Vaccines market include Astellas Pharma Inc. (Japan), CSL Limited (Australia), Emergent BioSolutions, Inc. (US), GlaxoSmithKline plc (UK), Johnson & Johnson (US), MedImmune, LLC (US), Merck & Co., Inc. (US), Pfizer, Inc. (US), Sanofi Pasteur (France), Serum Institute of India Pvt. Ltd. (India), Bavarian Nordic (Denmark), Mitsubishi Tanabe Pharma Corporation (Japan), Daiichi Sankyo (Japan), Biological E (India), and Panacea Biotec (India).
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