NEW YORK, March 30, 2021 /PRNewswire/ --
The vaccines market is expected to grow by $ 22.29 bn, decelerating at a CAGR of almost 7% during the forecast period.
NEW YORK, March 30, 2021 /PRNewswire/ --
The vaccines market is expected to grow by $ 22.29 bn, decelerating at a CAGR of almost 7% during the forecast period.
Major Driver and Challenges
The increased funding for vaccine development and new vaccine launches, approval of vaccines and a strong pipeline and increasing use of adjuvants in vaccines are a few of the major factors propelling the market growth.
However, factors such as high cost of vaccine research, development, and manufacturing, product recall safety concerns will hamper the market growth.
More details: https://www.technavio.com/report/vaccines-market-industry-analysis
Vaccines Market: Type Landscape
Based on the type, the prophylactic vaccines segment is expected to witness lucrative growth during the forecast period. The development of vaccines to prevent tetanus and diphtheria will accelerate the growth of the segment during the forecast period.
Vaccines Market: Geographic Landscape
By geography, North America is going to have a lucrative growth during the forecast period. About 52% of the market's overall growth is expected to originate from North America. The US is a key market for vaccines in North America. The increasing prevalence of various infectious and non-infectious diseases will facilitate the vaccines market growth in North America over the forecast period.
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