BANGALORE, July 29, 2015 /PRNewswire/ --
According to a new market research report, 'Global Therapeutic Vaccines Market - Growth, Trends & Forecasts (2015-2020)', published by Mordor Intelligence, the Global market is expected to be worth US$ 2.85 billion by the end of 2020, with North America being the largest market globally accounting for more than 36% of the global market size. The Global market for Therapeutic Vaccines is expected to grow at a CAGR of 44.6% during the period of (2015-2020).
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The favorable Government funding for vaccine development, increasing investments by companies towards the development therapeutic vaccines, technological advancements and the rising prevalence of diseases are expected to escalate the market growth to $2.85 billion by the end of 2020. North America is estimated to be the largest market globally accounting for 36% of the global market share. However, Asia Pacific market is expected to be the fastest growing. The countries that are set to be the major contributors are China, India, Japan and Australia, etc.
The vaccine Market is different from any other Commodity Market. Compared to the pharmaceutical market it is relatively small, although growing fast. The vaccine market is rather concentrated on both supply and demand sides. It is highly regulated and largely dependent on public purchasers and donor policies. The vaccine market has very distinct features which increase the complexity of assessing and understanding pricing and procurement in their context. It is made up of individual markets for individual vaccines or vaccine types, each with their own specificities, particularly on the supply side.
The vaccine market accounts for a relatively small share (2-3%) of the global pharmaceutical market sales. However, there has been rapid growth over recent years, with the vaccine market quadrupling in value from USD 87 million in 2011 to almost USD 312 million in 2014, according to various sources. WHO's growth estimations indicate the market may increase in value to almost 3.2 billion 2020, with the arrival of new preventive, therapeutic and adult vaccines.
The market is dominated by 5 major players with Sanofi Pasteur, GSK, Merck, Pfizer, and Novartis being the top contenders in the market.
In the pipeline, therapeutic vaccines are also in development to treat infectious diseases such as the Human Immunodeficiency Virus (HIV), neurological disorders such as Alzheimer's disease, autoimmune disorders such as rheumatoid arthritis and multiple sclerosis, and other conditions such as hypertension.
The Global Therapeutic Vaccines Market is segregated on the basis of Autoimmune Disease Vaccines (Type I Diabetes), Neurological Disease Vaccines (CAD106, ACC-001, Alzheimer's Disease, Parkinson's Disease Vaccine and Other Disease Vaccines), Cancer Vaccines (TroVax, PR1 Peptide Vaccine, Multikine, CYT004-MelQbG10 etc..), and Infectious Disease Vaccines (HIV/AIDS, Hepatitis C, and Other Infectious Disease Vaccines) & Region (North America, Europe, Asia Pacific & Rest of the World).
Drivers
The Favorable government funding for vaccine development, increasing investments by the companies Technological advancements, rising prevalence of disease are the major factors that are driving the market growth.
Challenges
Huge capital expenditures and Stringent Regulatory policies are hindering the market growth.
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