According to a report by Grand View Research, Inc., global vaccine market is projected to value USD 77.5 billion by 2024. Growing requirement for immunization against increasing number of fatal diseases is anticipated to propel demand for vaccines. These vaccines are likely to generate enough immunity in humans to fight against numerous infections and diseases.
Growing awareness regarding benefits of immunization coupled with rising demand for advanced healthcare infrastructure can influence growth of market. Rising number of fatal infections and geriatric population prone to these infections attributed to low immunity can augment market growth. Favorable initiatives from government and non-government organizations towards development of healthcare infrastructure is likely to stimulate market growth. Continual development of various molecules to cater to rising demand for vaccines can fuel market growth during the forecast period (2013 to 2024).
The vaccine market can be segregated on the basis of type, application, and region. Based on type, the market can be categorized into inactivated vaccines, DNA vaccines, attenuated vaccines, subunit vaccines, conjugate vaccines, toxoid vaccines, and others. Inactivated vaccines segment is anticipated to dominate the market attributed to benefits associated with them including high stability and long shelf life.
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Similarly, DNA vaccine segment is anticipated to grow fast over the forecast period owing to high specificity and reduced risk of integration into genome as compared to conventional vaccines. In addition, ease of production as compared to cell-based vaccines and targeted & promising immunization outcomes coupled with continual technological advancements in biotechnology sector can fuel growth of segment. Moreover, advantages such as long lasting immunogenicity, ease of production, and no risk of reversion is estimated to surge demand for DNA vaccines over the forecast period.
Moreover, development of new and advanced vaccines for various diseases can augment market growth. In addition, presence of several pipeline drugs can lead to growth of market over next few years.
Based on application, the market can be classified into autism, cancer, infectious diseases, allergy, and others. Infectious diseases segment is expected to account for largest market share attributed to rising immunization concerns against growing number of predominant infectious diseases. In addition, rising cases of severe diseases such as typhoid, hepatitis, cholera, chicken pox, and many others are expected to result in growth of market attributed to rising demand for vaccines for immunization against these diseases.
However, numerous molecular entities are predicted to go under extensive R&D stages, which can target immunization against fatal diseases such as Ebola, Hepatitis C, AIDS, Chagas disease, and norovirus.
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On the contrary, cancer segment is expected to grow fast with CAGR of 11.8 % over the forecast period. Growing prevalence of various types of cancer such as colorectal and cervical cancer coupled with high demand for immunization against cancer can fuel market growth.
Regional segmentation includes Europe, North America, Asia Pacific, Latin America, and Middle East & Africa (MEA). In 2015, North America dominated the market and accounted for market share equivalent to USD 12 billion. It is likely to be the most developed region and can generate market share equivalent to USD 27 billion by 2024. Increasing investments from local companies for research and development coupled with rising government support for vaccine development can augment market growth. In addition, established healthcare infrastructure and advanced facilities available in the region can spur growth of market during the forecast period.
In Asia Pacific, the market is anticipated to grow fast during the forecast period attributed to rising number of geriatric population with unmet clinical needs. In addition, increasing disposable income coupled with growing awareness regarding benefits of vaccines can stimulate growth of market in the region. The region is expected to witness significant growth at CAGR of 10.7% during the forecast period attributed to rising population base and rising economic growth of countries such as Japan, China, and India. Moreover, availability of skilled labor at lower cost and low manufacturing operations cost can offer platform for clinical trial outsourcing of vaccines under development.
Some of the leading companies offering vaccines are Emergent BioSolutions, Inc.; Johnson and Johnson; Pfizer, Inc.; GlaxoSmithKline Plc; and Novartis AG. Most companies are likely to focus on business expansion to attain higher revenue share by adoption strategies such as acquisitions and mergers. In addition, companies are also invest in R&D activities to develop advanced vaccines.
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