The global vaccines market is expected to reach US$ 64,538.4 Mn in 2027 from US$ 36,998.8 in 2018
NEW YORK, April 16, 2019 /PRNewswire/ -- The global vaccines market is expected to reach US$ 64,538.4 Mn in 2027 from US$ 36,998.8 in 2018. The market is estimated to grow with a CAGR of 6.5% from 2019-2027.
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The major driving factors are rising prevalence of infectious diseases, growing focus on immunization programs, and increasing support for vaccine development are expected to boost the market growth over the years.However, soaring prices of the vaccines and complexity and cost of vaccine manufacturing are likely to pose a negative impact on the market growth.
On the other hand, robust pipeline of vaccines is likely to have a positive impact on the growth of the global vaccines market in the coming years.In the current era, there are increasing concerns of spread of infectious diseases with the changing environment.
These emerging infectious diseases are a burden on public health but have also an impact on global economies.The new diseases such as HIV, hepatitis, dengue have attracted a huge concern for the government of the respective countries.
There is also resurgence of diseases which seemed to be under control such as malaria, cholera and many more. According to the Centers for Disease control and Prevention in 2015, 16.8 million people in the US visited hospitals due to infectious and parasitic diseases. In Africa, chronic viral hepatitis affects around 70 million Africans (60 million with Hepatitis B and 10 million with Hepatitis C). The disease impacts the most important part of the African population i.e. youths and earning African population which are causing tremendous rise in financial debts incurred for the treatment of advanced liver diseases and emotional distress. Thus the growing global prevalence of infectious diseases are expected to encourage the leading market players for the development of new and effective drugs and vaccines.
The vaccines market by technology is segmented into Recombinant vaccines, Conjugate Vaccines, Live Attenuated Vaccines, Inactivated Vaccines, and Toxoid Vaccines. In 2018, the conjugate vaccines segment held a largest market share of 65.1% of the vaccines market, By Technology. This segment is also expected to dominate the market in 2027 as they are the most effective forms of immunization, used to prevent diseases in both infants and adults. Moreover, the similar segment is anticipated to also witness the fastest growth rate of 6.7% during the forecast period, 2019 to 2027 owing to the increasing demand for drugs to treat the disease.
The global vaccines market on the patient type is segmented into pediatric patients and adult patients. In 2018, the pediatric segment held a largest market share of 70.0% of the vaccines market, by patient type. This segment is also expected to dominate the market in 2027 as external immunization is necessary for the new borns. Moreover, vaccines have helped the children in staying healthy and been successful to save millions of lives for more than 50 years.
Some of the major primary and secondary sources for vaccines included in the report are World Health Organization (WHO), European Medical Agency (EMA), Advisory Committee on Immunization Practices (ACIP), China Food and Drug Administration (CFDA), Council of Scientific and Industrial Research (CSIR), French Scientific Research Centre (FSRC), and others.
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