Vaccines Market Worth $58.4 Billion by 2024 - Exclusive Report by MarketsandMarkets™

CHICAGO, Jan. 29, 2020 /PRNewswire/ -- According to the new market research report "Vaccines Market by Technology (Live, Toxoid, Recombinant), Disease (Pneumococcal, Influenza, DTP, Rotavirus, TT, Polio, MMR, Varicella, Dengue, TB, shingles, Rabies), Route (IM, SC, ID, Oral), Patient (Pediatric, Adult), Type - Global Forecast to 2024", published by MarketsandMarkets™, the Vaccines Market is projected to reach USD 58.4 billion by 2024 from USD 41.7 billion in 2019, at a CAGR of 7.0% during the forecast period.

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The growth of this market is majorly attributed to the high prevalence of infectious diseases, increasing company initiatives to enhance vaccine R&D, growing government support for vaccine development, and the rising focus on immunization. However, the huge capital investments required for developing vaccines may restrain market growth. 

By technology, the conjugate vaccines segment accounted for the largest market share in 2018.

On the basis of technology, the Vaccines Market has been segmented into conjugate vaccines, inactivated and subunit vaccines, live attenuated vaccines, recombinant vaccines, and toxoid vaccines. The conjugate vaccines segment accounted for the largest share of the market in 2018. The large share of this segment can be attributed to increasing government support and rising company investments in conjugate vaccine development.

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Monovalent vaccines segment commanded the largest share of the market, by type, in 2018.

On the basis of type, the Vaccines Market has been segmented into monovalent and multivalent vaccines. The monovalent vaccines segment accounted for the largest share of the market in 2018. The large share of this segment can be attributed to the rising prevalence of diseases and increasing government and non-government initiatives to promote immunization.

Pneumococcal disease is the largest disease indication segment of the market.

On the basis of disease indication, the market is segmented into pneumococcal disease, influenza, DTP, hepatitis, human papillomavirus (HPV), rotavirus, meningococcal disease, MMR (measles, mumps, and rubella), varicella, polio, herpes zoster, and other disease indications. The pneumococcal disease segment accounted for the largest share of the market in 2018. This can be attributed to the high incidence of pneumococcal disease and increasing government investments in pneumococcal vaccination programs.

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North America dominates the Vaccines Market during the forecast period.

In 2018, North America accounted for the largest share of the market, followed by Europe. Factors such as the high prevalence of infectious diseases and increasing investments by government and non-government organizations for vaccine development are driving the market in North America.

GlaxoSmithKline plc (UK), Pfizer, Inc. (US), Sanofi Pasteur (France), and Merck & Co., Inc. (US) are the key players operating in the Vaccines Market. Other prominent players in this market include CSL Limited (Australia), Emergent BioSolutions, Inc. (US), Johnson & Johnson (US), AstraZeneca (UK), Serum Institute of India Pvt. Ltd. (India), Bavarian Nordic (Denmark), Mitsubishi Tanabe Pharma Corporation (Japan), Daiichi Sankyo (Japan), Panacea Biotec (India), Biological E (India), Bharat Biotech (India), Sinovac Biotech Ltd (China), Incepta Vaccine Ltd. (Bangladesh), Valneva SE (France), VBI Vaccines Inc. (US), and Bio Farma (Brazil).

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