Global Vaccines Market: Snapshot
The rising prevalence of several diseases
and the emergence of several new diseases are expected to encourage the
leading players in the market for the development of new and effective
drugs and vaccines. This is projected to enhance the growth of the
global vaccines market in the next few years.
According to the market research study
that has been recently published by Transparency Market Research, in
2016, the global vaccines market was worth US$ 28.0 Bn and is projected
to reach a value of US$ 48.0 Bn by the end of 2025. The market is
predicted to register a promising 6.0% CAGR between 2017 and 2025.
Rising Research and Development Activities to Encourage Market Growth
The rising prevalence of infectious
diseases and the growing focus on the immunization programs are
considered as the major factors that are projected to enhance the growth
of the global vaccines market in the next few years. In addition to
this, the rising company initiatives to enhance the vaccines research
and development and the growing government support for vaccine
development are projected to accelerate the growth of the global
vaccines market in the next few years. The rising number of prospects
from the developing economies is predicted to enhance the growth of the
overall market in the near future.
On the flip side, the high cost required
for the development of vaccines is expected to restrict the growth of
the global vaccines market in the next few years. In addition to this,
the inadequate access to vaccines and the rising number of product
recalls are further projected to hamper the growth of the market in the
near future. Nonetheless, the increasing use of adjuvants in vaccines
and the growing focus on therapeutic vaccines are projected to support
the growth of the market and offer potential growth opportunities for
the market players in the next few years.
North America to Register High Growth in Coming Few Years
The global vaccines market has been
classified on the basis of geography into Latin America, Europe, North
America, Asia Pacific, and the Middle East and Africa. In the last few
years, a major share of the market was held by North America and is
projected to maintain its leading position throughout the forecast
period. The strong growth of this region can be attributed to the launch
of new products and the rising investments made by the key players for
research and development activities. On the other hand, Asia Pacific is
projected to register a promising growth rate in the next few years,
owing to the rising prevalence of several diseases, such as malaria and
dengue, tuberculosis, chikangunya, influenza A (H5N1), and others. The
rising number of measures that are being taken by the local government
is projected to enhance the growth of the vaccines market across Asia
Pacific in the next few years.
The global market for vaccines is highly
competitive in nature with a high level of fragmentation, owing to the
presence of a large number of local and global players operating
worldwide. To maintain a leading position in the market, the key players
are making notable investments in the research and development
activities, which is projected to enhance the competitive environment of
the market in the next few years. In addition to this, the rising
emphasis on the development of new products is projected to support the
growth of the overall market in the next few years. The rise in the
number of mergers and acquisitions and strategic collaborations are
estimated to offer lucrative opportunities for the market players in the
next few years. Some of the key players operating in the vaccines
market across the globe are Merck & Co., Inc., CSL Ltd,
GlaxoSmithKline plc., Janssen Pharmaceutical Company, Pfizer, Inc.,
Sanofi Pasteur SA, Mitsubishi Tanabe Pharma Corporation, Serum Institute
of India Ltd, Emergent BioSolutions Inc.,And Novavax AB.
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