Vaccines Market to Reach $72.12 Bn, Globally, by 2031 at 6.6% CAGR: Allied Market Research

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Jul 04, 2022, 09:10 ET

Surge in investment toward development of new vaccines drives the growth of the global vaccines market.

PORTLAND, Ore. , July 4, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Vaccines Market by Technology Type (Recombinant & Conjugate Vaccines, Live Attenuated Vaccines, Inactivated Vaccines, Toxoid Vaccines, and Other Vaccines), Indication (Pneumococcal Disease, Influenza, Human Papilloma Virus, Meningococcal Disease, Rotavirus, Varicella, Measles, Mumps, & Rubella {MMR}, Diphtheria, Pertussis, & Tetanus {DPT}, Polio, Hepatitis, and Other Indications), and End User (Pediatric, Adults, and Travelers): Global Opportunity Analysis and Industry Forecast, 2021––2031." According to the report, the global vaccines industry was estimated at $38.06 billion in 2021, and is anticipated to hit $72.12 billion by 2031, registering a CAGR of 6.6% from 2022 to 2031.

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Determinants of growth-

Surge in investment toward development of new vaccines drives the growth of the global vaccines market. Several efforts undertaken by different organizations across the world have supplemented the growth even more. Moreover, increase in administration of vaccines has created a number of lucrative opportunities in the industry.

Covid-19 Scenario-

The outbreak of the pandemic impacted the global vaccines market negatively, as the focus of the market shifted from traditional vaccines to only Covid-19 vaccines.
Along with this, the pandemic had affected the supply chain resulting in lower demand and higher inventory adjustments.
Major vaccine manufacturers have focused majorly on Covid-19 vaccine manufacturing and denied working on some of the previous vaccines in the pipeline, as the R&D investments were high for Covid-19 inoculations.

The recombinant & conjugate vaccines segment to dominate by 2031-

Based on technology, the recombinant & conjugate segment accounted for more than two-fifths of the global vaccines market share in 2021, and is anticipated to rule the roost by 2031. The same segment would also cite the fastest CAGR of 7.5% throughout the forecast period. Increase in number of regulatory clearances and significant role of recombinant vaccines like glycoconjugates vaccine in the market propel the growth of the segment.

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The pneumococcal disease segment to maintain the lion's share-

Based on indication, the pneumococcal disease segment held nearly one-fifth of the vaccines market revenue in 2021, and is expected to lead the trail by 2031. Introduction of novel pneumococcal vaccines in the market, initiatives taken by governments such various immunization programs for pneumonia, and rise in awareness among patients regarding pneumococcal vaccines drive the segment growth. The human papilloma virus segment, however, would manifest the fastest CAGR of 10.8% from 2022 to 2031. This is attributed to the rising incidence of diseases associated with HPV.

North America garnered the major share in 2020-

Based on region, North America held the major share in 2021, generating more than two-fifths of the global vaccines market, due to the expanding construction sector, due to investments made by several key players for various R&D activities as well as launch of new products in the United States. At the same time, the market across Asia-Pacific would grow at the fastest CAGR of 8.1% by 2031. This is owing to high burden of diseases, increase in affordability, and improvements in healthcare access in developing countries such as India and China.

Key players in the industry-

Pfizer
Johnson & Johnson
AstraZeneca plc
Sanofi Aventis
Merck & Co., Inc.
Serum Institute of India Pvt. Ltd.
Emergent BioSolutions Inc.
CSL Limited
Novavax, Inc.
GlaxoSmithKline plc

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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