ALBANY, New York, June 14, 2019 /PRNewswire/ -- According to the experts at Transparency Market Research, the global vaccines market is expected to grow with a CAGR of 6.0% in the forecast period of 2017 to 2025. They also predict that the market is projected to worth US$48.0 bn by the end of 2025. It is noticeable that during the quarter of 2016, the market stood at US$28.0 bn.
Based on the indication of the disease, meningococcal segment is expected to exhibit maximum growth in the global vaccines market. The growth of the segment is attributed to rising government investments in meningococcal vaccination programs. Also, high prevalence of meningococcal diseases in various regions of the world is also supporting the growth of the segment in the global vaccines market.
Geographically, the global vaccines market has its presence across various regions such as North America, Asia Pacific, South America, and Middle East and Africa. Out of these regions, North America is expected to register highest CAGR in the forecast period. The maximum growth in the region can be attributed to the major research and development based investments by key players in the region and occurrence of major technological advancements in healthcare sector too.
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Vaccines for Kids to Propel the Growth of Global Vaccines Market
The global vaccines market caters to the vaccination requirement for masses of all age groups. It also accounts for a huge share of vaccination for children. The dire need of children vaccines to prevent them from serious diseases is expected to propel the growth of global vaccines market. Also, multiple technological advancements in healthcare sector and various hospitals is expected to support the growth of global vaccines market during the projected duration.
Secondly, high prevalence of infectious diseases along with a growing focus on multiple immunization programs are expected to enhance the growth of global vaccines market in coming years. Factors such as rising support by the governments of various countries along with the accelerated reimbursement policies, demand for better healthcare solutions, and various research in order to develop vaccines for numerous diseases are expected to be key parameters promoting the growth of the global vaccines market during the forecast period of 2017 to 2026.
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Finally, growth in the use of adjuvants in vaccines and major focus of therapeutic vaccines are expected to promote the growth of global vaccines market and offer maximum potential to the players in coming years.
High Cost of Vaccine Development to Damp the Growth
Development of vaccines requires intense research and development along with a huge amount of resources and data. All of these things makes vaccines development costlier for the manufacturers. Due the high cost involved in the production of vaccines, the growth of global vaccines market may get hampered to some extent in the forecast period. However, the increase in the number of distribution channel, and rising popularity of institutional sales is expected to help the global vaccines market maintain its momentum and grow substantially in the forecast period.
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Transparency Market Research's latest report provides an in-depth analysis of global vaccines market. It enlightens various facets of the highly fragmented global vaccines market and provides actionable insights to various businesses. According to the report, the market is dominated by the presence of prominent players. In order to maintain their dominance in the global vaccines market, key players are investing heavily on research and development activities along with various other notable developments. Over the period of time these players have adopted strategies such as mergers and acquisitions which is expected to promote the competitive environment of the market in the forecast period of 2017 to 2025.
Some of the key players of global vaccines market are Mitsubishi Tanabe Pharma Corporation, Janssen Pharmaceutical Company, Sanofi Pasteur SA, GlaxoSmithKline plc, Emergent BioSolutions Inc., and Novavax AB.
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The study presented here is based on a report by Transparency Market Research (TMR), titled, "Vaccines Market (Vaccine Type - Inactivated, Live Attenuated, Toxoid, Conjugate; Valance - Monovalent, Multivalent; Route of Administration - Oral, Injectable; Indication - Influenza, Hepatitis, Polio, Meningococcal Disease, Pneumococcal Disease, DTP, Rotavirus, MMR, Human Papilloma Virus; Distribution Channel - Institutional Sales, Hospital Pharmacies, Retail Pharmacies) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025."
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