Redding, California, Sept. 28, 2023 (GLOBE NEWSWIRE) — According to a new market research report, “Vaccines Market By Indication (Influenza, Rotavirus, DTP Vaccines), Route of Administration (Intramuscular, Subcutaneous, Oral), Type/Antigen (Conjugate Vaccine, Live Attenuated Vaccine), Valence (Multivalent, Monovalent Vaccines) – Forecast to 2028”, published by Meticulous Research, the vaccines market is expected to reach $112.9 billion by 2028.
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Over the last decade, the field of vaccine development has received huge support from the pharmaceutical industry and governments worldwide due to successful vaccination programs that helped eradicate infectious diseases, such as chickenpox and polio globally, saving billions of dollars in healthcare expenditure. Vaccines are usually safe, and side effects are usually minor and temporary, such as a sore arm or mild fever. More serious side effects are possible but extremely rare. Any licensed vaccine is rigorously tested across multiple phases of trials before it is approved for use and regularly reassessed once it is introduced. Scientists are also constantly monitoring information from several sources for signs that a vaccine may cause health risks.
Vaccines are one of the most powerful and cost-effective health interventions available. Companies are continuously engaged in developing new vaccines for new indications. The strong product pipelines of these companies indicate the growing demand for vaccines in the global market.
According to the Access to Medicine Foundation (Netherlands), leading players operating in the vaccines market have several projects in the pipeline for various indications. These vaccines are expected to reach the market in the coming years. As per the estimations, in 2020, GlaxoSmithKline plc (U.K.) had around 25 vaccines in development, Pfizer Inc. (U.S.) had 13, and Sanofi (France) had ten projects in its pipeline. Therefore, growing product pipelines and the key pharmaceutical companies’ rising focus on developing innovative vaccines are major drivers for the global vaccines market.
GlaxoSmithKline plc (U.K.), Johnson & Johnson (U.S.), Merck & Co., Inc. (U.S.), Pfizer Inc. (U.S.), Sanofi (France), Serum Institute of India Pvt. Ltd. (India), Daiichi Sankyo Co., Ltd. (Japan), and Takeda Pharmaceutical Co., Ltd. (Japan) are some of the major providers of vaccines in the global market.
Impact of COVID-19 on the Vaccines Market
Along with the prevalence of chronic diseases, sudden outbreaks of infectious diseases, such as COVID-19 have led to a rise in mortality rates globally. For instance, as per the WHO, as of 27th September 2023, there were 231.6 million confirmed COVID-19 cases and 4.7 million deaths. Overall, 31% of cases, 45% of hospitalizations, 53% of ICU admissions, and 80% of deaths associated with COVID-19 were among adults aged 65 years and over, with the highest percentage of severe outcomes among persons aged 85 years and over. With the rise in overall confirmed cases, the global population eagerly waited for a vaccine capable of combating the coronavirus. The rise in the demand for coronavirus vaccines is expected to fuel the growth of the vaccines market globally. Although vaccine development traditionally required years to complete the necessary testing, governments and medical regulators speeded up the vaccine development due to the severity of the pandemic. Approximately 91 COVID-19 vaccines are in development, while 22 vaccines candidates have already been approved (As of 3rd September 2023) (Source: WHO).
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The World Health Organization (WHO) has collaborated with scientists, businesses, and global health organizations to speed up the pandemic response through the ACT Accelerator. Several initiatives have been undertaken to speed up vaccine development, boosting the growth of the coronavirus vaccines market. For instance, in March 2020, Operation Warp Speed (OWS) was launched by the U.S. government. Operation Warp Speed was commissioned to produce and deliver 300 million doses of safe and effective COVID-19 vaccines by January 2023. Operation Warp Speed (OWS) is a collaboration of several U.S. federal government departments, including Health and Human Services and its subagencies—Agriculture, Energy, and Veterans’ Affairs, and the private sector. Also, within OWS, the U.S. National Institutes of Health (NIH) partnered with more than 18 biopharmaceutical companies in an initiative called ‘ACTIV’ in April 2020. ACTIV aimed to fast-track the development of drug and vaccine candidates for COVID-19.
The overall vaccines market is segmented on the basis of indication (influenza, rotavirus, DTP vaccines), route of administration (intramuscular, subcutaneous, oral), type/antigen (conjugate vaccine, live attenuated vaccine), valence (multivalent, monovalent vaccines), and geography.
Based on indication, the vaccines market is segmented into ten major categories, namely, pneumococcal diseases, influenza, DTP, HPV, meningococcal diseases, polio, MMR, rotavirus, hepatitis, and other indications, which include varicella, herpes zoster, chlorella, and rabies. In 2023, the pneumococcal diseases segment is estimated to account for the largest share of the overall vaccines market. However, the influenza segment is expected to register the highest CAGR during the forecast period due to growing awareness regarding the importance of influenza vaccination and increasing clinical trials support.
Based on route of administration, the intramuscular segment is estimated to account for the largest share of the overall vaccines market in 2023, due to the ease of intramuscular administration and quick absorption of vaccines administered through the intramuscular route.
Based on type, the vaccines market is categorized into five major segments, namely, live-attenuated vaccines, inactivated vaccines, subunit & conjugate vaccines, toxoid vaccines, and combination vaccines. In 2023, the subunit & conjugate vaccines segment is estimated to account for the largest share of the overall vaccines market due to the subunit & conjugate vaccines’ long-term immunity, high safety, and stability compared to vaccines with other antigens. However, the inactivated vaccines segment is expected to record the highest CAGR since inactivated vaccines are safe, stable, lack chances of pathogen reactivation, and therefore can be administered to immunocompromised people.
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Based on valence, vaccines are classified as monovalent or polyvalent (multivalent). In 2023, the multivalent vaccines segment is estimated to account for the larger share of the overall vaccines market. The launch of newer multivalent vaccines, increasing investments by key players in the research & development of multivalent vaccines, and technological advancements in the production of multivalent vaccines are major factors contributing to the large share of this segment.
The report also includes an extensive assessment of the product portfolio, geographic analysis, and key strategic developments adopted by leading market participants in the industry over the past four years. In recent years, the vaccines market has also witnessed several new product launches, approvals, partnerships, collaborations, agreements, and acquisitions. For instance, in June 2023, Sanofi (France) collaborated with Translate Bio (U.S.) to initiate Phase 1 clinical trials to evaluate an mRNA-based investigational vaccine against seasonal influenza. In June 2020, Merck & Co., Inc (U.S.) received the USFDA’s approval for GARDASIL9, a human papillomavirus recombinant vaccine to prevent HPV-related cervical, vaginal, vulvar, anal, oropharyngeal, and other head and neck cancers.
Some of the key players operating in the global vaccines market are Sanofi (France), Merck & Co., Inc. (U.S.), GlaxoSmithKline plc (U.K.), Pfizer Inc. (U.S.), Johnson & Johnson (U.S.), Daiichi Sankyo Co., Ltd. (Japan), Takeda Pharmaceutical Company Limited (Japan), CSL Limited (Australia), Emergent BioSolutions Inc. (U.S.), and AstraZeneca PLC (U.K.).
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Scope of the Report:
Vaccines Market, by Indication
- Pneumococcal Diseases
- Influenza
- Human Papilloma Virus (HPV)
- DTP
- Meningococcal Disease
- MMR
- Rotavirus
- Poliomyelitis (Polio)
- Hepatitis
- Other Indications
(Note: Other indications include varicella, herpes zoster vaccines, chlorella, severe acute respiratory syndrome, and rabies diseases)
Vaccines Market, by Route of Administration
- Intramuscular
- Subcutaneous
- Oral
- Intradermal
- Nasal
Vaccines Market, by Type
- Live Attenuated Vaccines
- Inactivated Vaccines
- Subunit and Conjugate vaccines
- Toxoid Vaccines
- Combination Vaccines
Vaccines Market, by Valence
- Monovalent
- Polyvalent (Multivalent)
COVID-19 Vaccines Market Assessment
- Coronavirus Prevalence
- Initiatives for Coronavirus Vaccine Development
- Authorized Vaccines & Phase 3 Vaccine Candidates
- COVID-19 Vaccine Pipeline Analysis
- Purchase Data for Covid-19 Vaccines
- Vaccination Coverage
Vaccines Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- Japan
- India
- Rest of APAC (RoAPAC)
- Latin America
- Middle East & Africa
Key Questions Answered in the Report
- Which are the high-growth market segments in terms of indication, route of administration, type/antigen, valence, and region/country?
- What was the historical market size for vaccines globally?
- What are the market forecasts and estimates for the period 2023–2028?
- What are the major drivers, restraints, challenges, opportunities, and trends in the global vaccines market?
- Who are the major players in the global vaccines market?
- How is the competitive landscape, and who are the market leaders in the global vaccines market?
- What are the recent developments in the global vaccines market?
- What are the different strategies adopted by the major players in the global vaccines market?
- What are the geographical trends, and which are the high-growth regions/countries?
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