Increased in the awareness to focus on the prevention of vaccine preventable lethal diseases
The Recombinant Vaccines Market was valued at US$ 830.2 million in 2016 and is projected to expand at a CAGR of 6.0% during the forecast period (2017–2025), as highlighted in a new report published by Coherent Market Insights. There is an increase in awareness regarding prevention of vaccine preventable lethal diseases.
Vaccination offer effective protection from various lethal diseases caused by various microorganisms such as bacteria and virus. Recombinant vaccines are much more effective and has less or no side effects over the conventional vaccines and demand for recombinant vaccines are expected to increase and various companies have involved themselves in the development of various recombinant vaccines and few of them are in clinical trial.
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The growth inhibiting factors of recombinant vaccines market such as increase in awareness, increase in lethal diseases, development of new technology, more effective than conventional vaccines and various vaccination programs conducted by government. Various key players such as Pfizer Inc., Merck & Co. Inc., Sanofi S.A. and GlaxoSmithKline Plc. are involved in the development of new vaccines to strengthen their position and establish an evident presence in the global recombinant vaccines industry. These vaccines ensures the more effective prevention of diseases this would help in the improvement of health and reduction in mortality rates caused by vaccines preventable diseases such as influenza, cholera, mumps and human papilloma virus. Employing the advanced sterilizing procedure would help in reduction of the mortality rates caused as a result of infections due to contaminated tools and equipment. According to Centers of Disease Control and Prevention 2017 report, in the U.S. there were around 4,605 deaths caused by influenza in past one year.
It is expected that increase in focus towards awareness with respect to vaccination against vaccine preventable diseases and increased in the demand for recombinant will favor the growth of recombinant vaccines market in the near future. According to Children’s Hospital of Philadelphia report 2014, there were around 85% of children over the globe vaccinated to protect them against tuberculosis, polio, diphtheria, tetanus, pertussis, and measles and these vaccines.
Government has launched various vaccination program such as global vaccine action plan with aim to introduce new and improved vaccines, increase in research and technology for the development of new vaccines and eradication of vaccine preventable diseases such as rubella, measles and polio. According to Children’s Hospital of Philadelphia report 2014, around 3 million people die from vaccine-preventable diseases each year around the globe. Approximately 1.5 million of these deaths are reported among children less than 5 years of age due to several infectious diseases, as they transmitted from one person to another.
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Key takeaways of the market:
- The reprocessed medical devices is expected to expand at a CAGR of 6.0% during the forecast period (2017–2025). Rise in number of vaccine preventable diseases around the globe and awareness about vaccination and government programs is expected to favor the market of recombinant vaccines over the forecast period.
- The North America region in the reprocessed medical device market is expected to show high growth rate during the forecast period in terms of value.
- Infectious disease segment was valued at US$ 556.6 Mn in 2016 and is expected to reach US$ 972.3 Mn by 2025 at a CAGR of 6.5% over the forecast period
- Driving factors for infectious disease includes rise in number of infectious disease globally, rise in number of lifestyle disease cases globally, increase in research and development of recombinant vaccines
- Increased healthcare access in emerging economies supported by increase in per capita income and awareness about vaccination will support the growth of recombinant vaccines
- Some of the major companies in the recombinant vaccines market are Merck &Co. Inc., Green Cross Corporation, Pfizer Inc., Bayer AG, Sanofi S A., Protein Science Corporation, GlaxoSmithKline Plc., Novartis AG, and Bharat Biotech
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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