NEW YORK, April 13, 2016 /PRNewswire/ -- Revenues earned by manufacturers of vaccines worldwide reached $27.6 billion in 2015, up from $24.7 billion in 2014 as sales in all segments expanded. The world vaccines market is predicted to increase at a compound annual rate of 7.6% during 2013 - 2022, reaching $45.1 billion in 2022 as new product introductions continue and usage of current products expands further. The finding was made in Kalorama Information's report: Vaccines 2016; World Market Analysis.
Currently, Kalorama finds that sales of pediatric vaccines constitute the larger market according to the report, accounting for 57.6% of the total vaccines market. In 2015, global sales of pediatric vaccines exceeded $16.8 billion, increasing by 15.8% over 2014 sales of $14.5 billion on rising sales of Prevnar pneumococcal vaccine. Growth is expected to slow somewhat over the forecast period to $27.4 billion in 2022. World sales of adult vaccines exceeded $10.8 billion in 2015, up 6.2% from the prior year. Sales of adult vaccines are projected to increase at a compound annual rate of 7.6% from 2017 to 2022 to $17.6 billion at the end of the forecast period.
Vaccine development is a complex, expensive and time consuming process, typically costing $500 million or more and spanning several years. Some projects take considerably longer; Sanofi Pasteur, for example, reportedly spent $1.5 billion and 20 years developing Dengvaxia for Dengue fever. Furthermore, many worthwhile projects are terminated for reasons related to commercial viability. In order to shorten development times and bring much-needed new products to market more quickly and effectively, several leading companies have established novel collaborations. Sanofi Pasteur, the Bill & Melinda Gates Foundation and the Infectious Disease Research Institute (IDRI) partnered to create the Global Health Vaccine Center of Innovation. GHVCI's mission is to create a new, cheaper model for vaccines development.
The challenge to develop needle-free vaccines has been taken up by researchers worldwide and it is likely that within the forecast period of this report, at least one new delivery system will be introduced commercially. Edible vaccines, mucosally delivered vaccines, intranasal vaccines, vaccine patches and vaccine chips are all under development, with the latter expected to be commercialized within the next several years. Chips are a novel method of vaccine administration, having been pioneered by scientists at several universities.
Production techniques are an important but overlooked area of vaccine development, as improvements in production methods can significantly impact both speed to market and cost. Tobacco plants, insects and nanoparticle systems all offer a means to produce vaccines more quickly and cost effectively than using chicken eggs. Of these, tobacco plants offer the greatest immediate potential, with production scale up expected within the forecast period of this report.
More information can be found in Kalorama Information's report Vaccines 2016: World Market Analysis, Key Players, Trends, Pediatric and Adult Segments (Influenza, Cervical Cancer, Combinations, Hepatitis, Pneumococcal, MMR, Varicella, Poliovirus, HIB, Others), available at: http://www.kaloramainformation.com/redirect.asp?progid=88579&productid=9944129.
About Kalorama Information
Kalorama Information, a division of MarketResearch.com, supplies the latest in independent medical market research in diagnostics, biotech, pharmaceuticals, medical devices and healthcare; as well as a full range of custom research services. Reports can be purchased through Kalorama's and are also available on www.marketresearch.com and www.profound.com.
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SOURCE Kalorama Information