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Vaccines Market to Exhibit A Lucrative Growth Of 9% CAGR

Author : Rahul Sankrityayan | Published Date : 2019-03-26 

Global Vaccines Market is set to exceed USD 65 billion by 2024; according to a new research report by Global Market Insights, Inc. Introduction of innovative technologies in vaccination, rising government support for product development will stimulate global vaccines market growth over the coming years. Growing awareness towards preventive vaccination in pediatric and increasing adoption of therapeutic vaccines in cancer treatment will fuel industry growth.

Increasing disease prevalence in underdeveloped countries coupled with growing incidence of cancer & HIV will serve as high impact rendering factor for the Vaccines Market growth. High cost and inadequate reimbursement coverage for vaccines will hamper industry expansion. Moreover, stringent government regulations for product approval will further restrain business growth. Pediatric segment will witness 9.1% CAGR during the forecast timeframe owing to CDC recommendation for immunization schedule to protect children and infants before getting exposed to potentially life-threatening diseases.

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Attenuated vaccines technology segment accounted for more than 20% market share in 2018 and is estimated to grow significantly over the coming years due to factors such as robust antibody and cellular responses, and frequently deliberate lifelong immunity with only one or two doses. Influenza disease segment will witness considerable growth to reach USD 6.1 billion by 2025 due to growing incidence, mounting number of disease-causing microbes (pathogens) and rising awareness in emerging economies towards disease prevention. Availability of vaccines at affordable prices in hospitals and clinics will augment the segment growth.

Regulatory organizations have been making continuous efforts to generate awareness among the global populace regarding the advantages of vaccination. For instance, the U.S. Centers for Disease Control and Prevention (CDC) has inked guidelines to encourage people to take seasonal influenza vaccines for controlling and preventing the virus from spreading, especially in young children, the elderly, and pregnant women. In fact, CDC reports that post the implementation of vaccination programs, the percentage of people afflicted with influenza had decreased significantly across the U.S. As per estimates, U.S. covered a major share of the regional vaccines market revenue in 2016, pertaining to the numerous efforts undertaken by regulatory bodies.

Considering the myriad advantages that vaccines provide to improve an individual’s immunity system, researchers have been striving to conduct eminent study programs involving the methodology of combining vaccines with other cancer treatment methods such as radiations, chemotherapy, and Herceptin to enhance patient survival rate. Recently for instance, APAC vaccines market had witnessed an Australian company developing vaccines for breast and gastric cancer, the trials of which have depicted an affirmative result. The approval of this vaccine is likely to prove highly beneficial for cancer afflicted patients, and subsequently, is expected to provide a positive impetus to the regional market.

Notable behemoths across the vaccines market, namely, Merck & Co., AstraZeneca, Pfizer, Novartis, Bristol-Myers Squibb, CSL, Johnson & Johnson, Abbott, GlaxoSmithKline, Astellas Pharma, Sanofi Pasteur, Novavax, and Emergent BioSolutions, have been depicting considerable interest in R&D investments in order to brainstorm innovative products for disease prevention. With their efforts bearing fruit, vaccines market is expected to demonstrate a massive rise in its revenue graph over 2017-2024, additionally driven by commendable government initiatives to promote vaccination programs.

Some of the companies operating in industry are Abbott, AstraZeneca, Astellas Pharma, Bristol-Myers Squibb, CSL, Emergent BioSolutions, GlaxoSmithKline, Johnson & Johnson, Merck, Novartis, Novavax, Pfizer and Sanofi Pasteur. New product launches and expansion of existing product portfolio will mainly drive the business growth. Major industry participants will endeavor to fortify their market position by adopting these strategies.

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Market, By Age Group (USD Million)

Pediatric
Adult

Market, By Technology (USD Million)

Attenuated
Toxoid
Conjugate
Inactivated & subunit
Recombinant

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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