25 Mar, 2021, 08:30 ET
LONDON, March 25, 2021 /PRNewswire/ -- The latest study by Fairfield Market Research states that the global vaccines market is expected to be worth US$54,684.8 Mn by 2025, registering a CAGR of 10.2%. The market has recently gained the spotlight as the COVID-19 pandemic continues to keep the world economy in its grip. Analysts anticipate that the vaccines for COVID-19, developed by multiple companies, will give the market a short-term spike in revenue. By the end of 2025, the report predicts that the number of vaccinations will stand at 7,675.1 Mn doses from 5,595.4 Mn doses in 2020.
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Loop of Health Challenges to Give Vaccines Market Exponential Opportunity
A continued increase in births is expected to give the global vaccines market an exponential growth rate. Vaccination programs and national budgets to cover the cost of paediatric vaccinations, for those who cannot afford, is expected to give the market a sizeable income from this segment. Vaccination schedules for polio, pneumococcal and meningococcal infections, MMR, Hepatitis B, DTaP, and others are expected to drive the market in the coming years. A 2015 report by Centers for Disease Control and Prevention (CDC) estimated that vaccination could save a societal cost by US$1.4 trillion. This massive saving on paediatric health is attributable to the prevention of 322 million illnesses, 21 million hospitalizations, and 732,000 deaths in children born between 1994 and 2013.
Absolute Necessity of Pneumococcal Conjugate Vaccines to Push Segment in Upward Direction
Pneumococcal Conjugate Vaccines (PCV) are an important part of vaccination programs across 152 countries and the addition of 42 countries in the coming years is expected to spike the demand. Their role in infant immunization routines in densely populated countries such as India, China, and Indonesia are expected to keep the segment at the forefront. The World Health Organization (WHO) states that the demand for PCVs will increase beyond 60 million doses in the coming decade.
The study indicates that in the next five years about five more manufacturers will gain approval for PCVs. Out of these, a minimum of two manufacturers will try to acquire prequalification for supplying PCVs to low-income countries (LICs) and middle-income countries (MICs). Focus on the development of second generation of pneumococcal vaccine to cover a wider range of serotypes will also boost the segment.
Asia Pacific Embraces Newer Opportunities as Players Seek Commercial Collaborations
COVID-19 has brought the spotlight on Asia Pacific has India has emerged as a key producer of vaccines amidst the pandemic. With Serum Institute of India Pvt. Ltd. and Bharat Biotech at the forefront of production of COVISHIELD and COVAXIN respectively, the regional market is expected to stay ahead of others. Asia Pacific market is also expected to flourish during the forecast period as it boasts a huge population base with unmet medical needs.
With tough entry barriers and extremely high standards for production, the global vaccines market can be characterized as oligopolistic. The top four players, Sanofi, GlaxoSmithKline plc., Merck KGaA, and Pfizer Inc. hold a mammoth share of 90% in terms of value.
Companies are looking at collaborations to remain relevant in the race for COVID-19 vaccine, which is expected to remain the top earner throughout the forecast period. For instance, Serum Institute of India Pvt. Ltd. and Novavax announced plans to develop NVX-CoV2373 for India and LICs and MICs. With this move, Novavax intends to leverage the existing infrastructure that Serum has and increase its revenue-generation avenue.
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Some of the key players operating in the global vaccines market are China National Pharmaceutical Group Corporation (Sinopharm), Serum Institute of India Pvt. Ltd., Novavax, Moderna, Mitsubishi Tanabe Pharma Corporation, Emergent BioSolutions Inc., and CSL Limited (Seqirus).
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