Vaccines Market to be Worth $71.50 billion in 2031- Exclusive Report by Meticulous Research®

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Jun 12, 2024, 10:16 ET

REDDING, Calif., June 12, 2024 /PRNewswire/ -- According to a new market research report titled, "Vaccines Market Size, Share, Forecast, & Trends Analysis by Indication (Pneumococcal, Influenza, HPV, DTP, MMR, Hepatitis, COVID-19) Administration (IM, SC, Oral) Type (Inactivated, Combination) Valence (Multivalent, Monovalent) — Global Forecast to 2031", published by Meticulous Research^®.

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A vaccine is a biological preparation that provides active acquired immunity to a particular infectious disease. Vaccines activate the immune system without making us sick. Many dangerous infectious diseases can be prevented in this simple and effective way. Also, immunization is a way to build our body's natural immunity against disease. The market's growth is driven by the strong pipeline for vaccines, increasing government initiatives toward immunization, and technological advancements in the vaccine industry. Moreover, the rising prevalence of diseases, growing focus on therapeutic vaccines, and growth prospects in emerging markets are expected to offer growth opportunities for the players operating in this market.

However, the high costs involved in vaccine development and the long timelines of vaccine manufacturing restrain the market's growth. Additionally, product recalls and inadequate access to vaccines pose challenges to the market's growth.

Increasing Government Focus on Immunization Programs is Driving the Market Growth

Governments worldwide are focused on minimizing the global disease burden, specifically for vaccine-preventable diseases. Vaccination has also been considered the first line of defense against epidemics and pandemics that may lead to major healthcare crises. Hence, some governments heavily focus on vaccination programs for diseases such as influenza and Japanese Encephalitis. Many governments are also partnering with private-sector companies to enhance vaccine research and development for diseases that pose a serious potential threat.

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In addition, in May 2023, the United Nations International Children's Emergency Fund (UNICEF) launched immunization programs to improve immunization coverage to save the lives of children. Also, in March 2020, Operation Warp Speed was launched by the U.S. government. Warp Speed was commissioned to produce and deliver 300 million doses of safe and effective COVID-19 vaccines by January 2021. Operation Warp Speed (OWS) is a collaboration of several U.S. federal government departments, including Health and Human Services and its subagencies, Agriculture, Energy, and Veterans Affairs, and the private sector. OWS selected three vaccine candidates: Moderna's mRNA-1273, University of Oxford and AstraZeneca's AZD1222, and Pfizer and BioNTech's BNT162.

The vaccines market is segmented based on Indication (Pneumococcal Disease, Influenza, Human Papillomavirus (HPV), Diphtheria, Tetanus, and Pertussis (DTP), Meningococcal Disease, Measles, Mumps, and Rubella (MMR), Rotavirus, Poliomyelitis (Polio), Hepatitis, COVID-19, Other Indications), Route of Administration (Intramuscular, Subcutaneous, Oral, Other Route of Administration), Type (Subunit & Conjugate Vaccines, Inactivated Vaccines, Live-Attenuated Vaccines, Toxoid Vaccines, Combination Vaccines), and Valence (Multivalent and Monovalent Vaccines) and Geography. The study also evaluates industry competitors and analyzes their market share at global and regional levels.

The report also includes an extensive assessment of the key growth strategies adopted by leading market players over the past three to four years. Some of the key players operating in the vaccines market are Sanofi (France), Merck & Co., Inc. (U.S.), GlaxoSmithKline plc (U.K.), Pfizer Inc. (U.S.), Johnson & Johnson (U.S.), Daiichi Sankyo Co., Ltd. (Japan), Takeda Pharmaceutical Company Limited (Japan), CSL Limited (Australia), Emergent BioSolutions Inc. (U.S.), and AstraZeneca PLC (U.K.).

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Among the indications covered in this report, in 2024, the pneumococcal diseases segment is expected to account for the largest share of 13.9% of the vaccines market. The large market share of this segment is attributed to the rising incidence of pneumococcal diseases like pneumonia, meningitis, febrile bacteremia, otitis media, and sinusitis; development of quality vaccines such as PPSV23; and initiatives by government organizations and private sectors to prevent and control the outbreak of pneumococcal diseases.

Among the routes of administration covered in this report, in 2024, the intramuscular segment is expected to account for the largest share of the vaccines market. This segment's large market share is due to the ease of intramuscular administration and quick absorption of vaccines administered through this route. Further, the COVID-19 pandemic has contributed to its large share as many of the COVID-19 vaccines, like COVISHIELD and COVAXIN, are being administered through this route.

Among the types covered in this report, in 2024, the subunit & conjugate vaccines segment is expected to account for the largest share of the vaccines market. This segment's large market share is due to its long-term immunity, high safety, and stability compared to vaccines with other antigens.

Among the valences covered in this report, in 2024, the multivalent vaccines segment is expected to account for the larger share of 64.5% of the vaccines market. The large market share of this segment is attributed to the launch of new multivalent vaccines, growing investments by key players in the R&D of multivalent vaccines, and technological advancements in multivalent vaccine production.

Based on geography, the vaccines market is segmented into North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, Switzerland, Netherlands, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, Rest of Latin America), and Middle East & Africa. In 2024, North America is expected to account for the largest share of 41.2% of the vaccines market. North America's large share is attributed to the growing research & development, product launches, and the establishment of new facilities in the region by key players. However, Asia-Pacific is projected to register the highest CAGR during the forecast period.

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Scope of the Report:

Vaccines Market Assessment, by Indication

Pneumococcal Diseases
Influenza
Human Papilloma Virus (HPV)
DTP
Meningococcal Disease
MMR
Rotavirus
Poliomyelitis (Polio)
Hepatitis
COVID-19
Other Indications

(Note: Other indications include varicella, herpes zoster vaccines, chlorella, severe acute respiratory syndrome, and rabies diseases)

Vaccines Market Assessment, by Route of Administration

Intramuscular (IM)
Subcutaneous (SC)
Oral
Other Routes of Administration

(Note: Other routes of administration include intradermal, transcutaneous, and nasal)

Vaccines Market Assessment, by Type

Live Attenuated Vaccines
Inactivated Vaccines
Subunit and Conjugate Vaccines
Toxoid Vaccines
Combination Vaccines

Vaccines Market Assessment, by Valence

Monovalent
Polyvalent (Multivalent)

Vaccines Market Assessment, by Geography

North America
- U.S.
- Canada
Europe
- Germany
- U.K.
- France
- Italy
- Spain.
- Switzerland
- Netherlands
- Rest of Europe (RoE)
Asia-Pacific (APAC)
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC (RoAPAC)
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa

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