Vaccines Market is Expected to Grow at a CAGR of 6.5% till 2027 | Led by PFIZER INC, GlaxoSmithKline plc., Merck & Co., Inc., etc
The Global Vaccines Market is expected to reach US$ 64,538.4 Mn in 2027 from US$ 36,998.8 Mn in 2018. The market is estimated to grow with a CAGR of 6.5% from 2019-2027.
The Vaccines market by technology is segmented into Recombinant vaccines, Conjugate Vaccines, Live Attenuated Vaccines, Inactivated Vaccines, and Toxoid Vaccines. In 2018, the conjugate vaccines segment held a largest market share of 65.1% of the vaccines market, By Technology. This segment is also expected to dominate the market in 2027 as they are the most effective forms of immunization, used to prevent diseases in both infants and adults. Moreover, the similar segment is anticipated to also witness the fastest growth rate of 6.7% during the forecast period, 2019 to 2027 owing to the increasing demand for drugs to treat the disease.
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Key Players:
- PFIZER INC
- GlaxoSmithKline plc.
- Merck & Co., Inc.
- Sanofi
- Johnson & Johnson Services, Inc
- Panacea Biotec Limited
- Astellas Pharma Inc.
- NOVAVAX, INC.
- VBI Vaccines Inc.
- Bavarian Nordic
Driving factors such as, growing focus on immunization programs, increasing support for vaccine development, rising prevalence of infectious diseases. However, the complexity and cost of vaccine manufacturing and soaring costs of vaccines are likely to pose a negative impact on the market growth. On the other hand, robust pipeline of vaccines is likely to have a positive impact on the growth of the global vaccines market in the coming years.
Strategic Insights:
Product approvals and collaborations were observed as the most adopted strategy in global vaccines industry. Few of the recent product key developments are listed below:
2019: Merck, known as MSD outside of the United States and Canada, announced that V114, the company’s investigational 15-valent pneumococcal conjugate vaccine, has received Breakthrough Therapy Designation from the U.S. Food and Drug Administration (FDA) for the prevention of invasive pneumococcal disease (IPD). The Breakthrough Therapy Designation is an FDA program designed to expedite the development and review of drugs intended for serious or life-threatening conditions.
2018: The European Commission has granted marketing authorization for Dengvaxia, Sanofi’s dengue vaccine. The marketing authorization follows the October 18, 2018, recommendation by the European Medicines Agency’s Committee for Medicinal Products for Human Use (CHMP) to approve use of the dengue vaccine in European endemic areas.
2018: Pfizer entered into a multi-year research and development (R&D) collaboration with BioNTech AG to develop mRNA-based vaccines
Key Reasons:
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Vaccines market.
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the global Vaccines market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.
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Posted by
Rajat Sahni
on Monday June 29 2020, 7:59 AM EDT.
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