The vaccines market is expected to reach USD 49.27 Billion by 2022 from USD 34.30 Billion in 2017, at a CAGR of 7.5%. Factors such as rising prevalence of diseases, increasing government and nongovernment funding for vaccine development, and increasing investments by companies are driving the vaccine market.
This report segments the vaccines market into technology, type, disease indication, route of administration, end user, and region. Based on technology, the vaccine market is segmented into conjugate vaccines, inactivated and subunit vaccines, live attenuated vaccines, recombinant vaccines, and toxoid vaccines. The conjugate vaccines segment is expected to account for the largest share of the global market, in 2017.
Based on the end user, the vaccines market is segmented into pediatrics and adults. The adult segment is expected to register the highest CAGR during the forecast period. Factors like the increasing investments by companies for the development of new adult vaccines and government initiatives for immunization are driving the growth of this segment.
In 2017, North America is expected to dominate the market, followed by Europe. The high growth of the North American market is attributed to the factors such as increasing investments by government organizations and companies to promote immunization as well as develop new vaccines.
While North America is expected to dominate the market in 2017, Asia is expected to register the highest CAGR during the forecast period. The high growth in this market is attributed to increasing investments by companies in the emerging countries of the Asian region such as India and China and rising disposable income.
While the vaccines market presents significant growth opportunities, market growth may be hindered due to the high cost of vaccine development and product recalls. The vaccine market is highly competitive with several big and small players.
High Prevalence of Infectious Diseases
Rising Focus on Immunization Programs
Growing Government Support for Vaccine Development