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United States emerge as a lucrative revenue pocket for vaccines market over 2019-2024

Author : Rahul Sankrityayan | Published Date : 2019-04-16 

Global Vaccines Market is set to exceed USD 65 billion by 2024; according to a new research report by Global Market Insights, Inc. Technological advances, rising demand for low cost products and widespread routine vaccination programmes in emerging economies will stimulate the business growth. Increasing demand for combined vaccines that offers immunization against several diseases, growing initiatives for production of low-cost vaccines will further boost the industry growth.
Growing adoption of cancer therapeutic vaccines, improved patient compliance along with mounting product pipeline will drive the business growth. Growing efforts to help avert adverse reactions and adoption of appropriate preventive screening methods will propel the business size.

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Growing demand for preventive vaccines, rising awareness coupled with mounting demand among the developing countries should boost the business revenue. Immunization currently prevents an estimated 2 to 3 million deaths every year. Furthermore, additional 1.5 million deaths could be evaded through improved global vaccination coverage. Increasing uptake of new and underused vaccines will prominently intensify its global usage over the forecast years.

How the United States may emerge as a lucrative revenue pocket for vaccines market over 2017-2024

The United States has been deemed to be one of the most potentially remunerative regions for the growth of vaccines industry, given that the region is abound with the most sophisticated healthcare infrastructure and medical care personnel. Not to mention, the United States has a record of cancer, pneumococcal disease, Hepatitis B incidences, and the like, which has created a lucrative avenue for the development of vaccines market in the region. According to the National Foundation for Infectious Diseases (NFID), around 1 million of the U.S. adult populace are affected by pneumococcal pneumonia per year. 

An estimated 5% to 7% among them are expected to die of the disease, even as the death risk is said to be higher among patients beyond the age of 65. In response, vaccines market giants have already devised suitable preventive measures that can be administered to children, adults, and the elderly. However, surveys still indicate that not many in the U.S. have received a pneumococcal pneumonia, thereby paving the way for medical organizations to conduct awareness programs regarding the availability of the vaccine. In consequence, this would create an avenue for vaccines industry players to further develop and commercialize the vaccine to be used for the masses, thereby impelling U.S. vaccines market outlook.
It is prudent to mention that the U.S. Health & Human Services (HHS) has also been taking numerous initiatives to reduce the occurrence of infectious diseases by means of raising immunization rates, which would most certainly impact U.S. vaccines market share. Companies on the home turf have been vying with one another to manufacture innovative vaccines and obtain the much-revered FDA approval for the same. 

In fact, just recently, Dynavax Technologies Corp. declared that its HEPLISAV-B - Hepatitis B vaccine has been granted approval by the U.S. FDA to help prevent all the known types of Hepatitis B infection in adults. Driven by the robust efforts by medical companies, in conjunction with government initiatives for generating awareness regarding the significance of vaccination, U.S. held the largest share of the regional vaccines industry in 2016, and is expected to grow massively in the years to come.

Global vaccines market has been projected to experience a remarkable expansion in the years ahead. Driven by the escalating occurrence of potentially fatal diseases, companies partaking in vaccines market share have been bringing to fruition, a plethora of innovative technologies that may help prevent the masses from getting afflicted with dangerous ailments. As per estimates, vaccines industry size stood at a valuation of USD 32 billion in 2016, driven by the escalating demand for preventive vaccines worldwide. In recent times, the funding for vaccine-based R&D activities has also witnessed an inclined curve, which has led to the development of technologically advanced products and low-cost vaccines. 

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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.

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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