The vaccines market is projected to reach USD 50.42 billion by 2023 from USD 36.45 billion in 2018, at a CAGR of 6.7% during the forecast period.
How will the focus on therapeutic vaccines create opportunities for growth for the overall vaccines market?
Therapeutic vaccines enable corrective treatment, as opposed to preventive vaccines. An improved understanding of immunology has resulted in the opportunity to develop these therapeutic vaccines for the treatment of cancer, allergies, physiological disorders, and infectious diseases. Such diseases have a large patient base that desperately seeks alternative treatments due to the toxicity of chemotherapy and radiotherapy. In this regard, a number of companies are developing therapeutic vaccines and conducting clinical trials to study their safety. In June 2017, Inovio Pharmaceuticals, Inc. (US) completed phase II clinical trials for the VGX-3100 DNA vaccine. The vaccine is being evaluated for use in human papillomavirus-caused cervical dysplasia, cervical cancer, head and neck cancer, and anogenital cancers. In January 2017, Genocea Biosciences (US) announced the positive clinical results of its ongoing placebo-controlled Phase IIb trial analyzing the GEN-003 vaccine for the treatment of HSV-2 or genital herpes. The development of therapeutic vaccines, given their benefits, may ensure strong growth prospects for players.
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Is inadequate access to vaccines still a key challenge faced by players in the market?
This is a key issue in the market, particularly in poverty-stricken regions where awareness programs and initiatives have either not penetrated sufficiently or failed to penetrate entirely. In other cases, vaccines may not be easily accessible, such as in remote regions, due to a lack of sufficient storage facilities and government support. Other factors, such as low literacy rates and a lack of health education and financial resources, have also restrained access to immunization.
According to the WHO, in 2016, around 19.5 million infants globally were unable to access routine immunization services. This poses significant challenges for the global vaccines market by directly affecting the availability and uptake of products. Until awareness on and the availability of vaccines grow globally, it will continue to hinder the overall market growth.
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