According to the latest report by IMARC Group, titled “Vaccine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global vaccine market size reached US$ 41.4 Billion in 2020. A vaccine refers to a biological component that is prepared by utilizing chemical drugs and disease-causing microorganisms in their weakened form. Upon being injected into the human body, it acts as antigens in disease prevention and stimulates the production of antibodies against several pathogens. Vaccines are thoroughly tested before getting clinical approval to ensure that they are safe and effective in nature. They are widely used for preventing numerous life-threatening diseases, such as polio, measles, influenza, tetanus, diphtheria, meningitis and hepatitis. Consequently, they are increasingly used for immunization procedures across clinics, hospitals, and vaccination centers as well as for research and development (R&D) purposes in clinical laboratories and research institutes.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Vaccine Market Trends:
The global market is primarily driven by the increasing prevalence of infectious diseases across the globe. This is supported by the rising awareness regarding the benefits of effective immunization for eradicating these infections, which has significantly propelled the demand for vaccines. The market is further driven by the numerous initiatives undertaken by several non-profit organizations to promote the importance of immunization among the masses, especially in the endemic and rural regions. Governments of numerous countries are also introducing various free-of-cost vaccination programs in an attempt to encourage individuals to get vaccinated, thereby creating a positive outlook for the market. Moreover, various pharmaceutical companies are now heavily investing in the R&D of improved and updated vaccines for various fatal medical ailments. Additionally, the rapid outbreak of the COVID-19 pandemic across the globe has impelled researchers to focus on the development of an effective novel vaccine against the coronavirus. Coupled with the increasing government support and funding for vaccine development, this is expected to create a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 8.2% during 2021-2026.
- Based on the technology, the market has been segmented into conjugate, inactivated and subunit, live attenuated, recombinant, toxoid, and others. The conjugate vaccine currently holds the largest market share.
- On the basis of the patient type, the market has been bifurcated into pediatric and adult. At present, pediatric patients exhibit a clear dominance in the market.
- The market has been analyzed on the basis of the indication into bacterial diseases [meningococcal, pneumococcal, diphtheria/tetanus/pertussis (DPT), tuberculosis, Hemophilus influenzae (Hib), typhoid and others] and viral diseases [hepatitis, influenza, human papillomavirus (HPV), measles/mumps/rubella (MMR), rotavirus, herpes zoster, varicella, Japanese encephalitis, rubella, polio, rabies, dengue and others].
- Based on the route of administration, the market has been segregated into intramuscular and subcutaneous administration, oral administration and others. Intramuscular and subcutaneous administration holds the largest market share.
- On the basis of the product type, multivalent vaccines account for the majority of the total market share, followed by monovalent vaccines.
- The market has been analyzed on the basis of the treatment type into preventive and therapeutic vaccines. Preventive vaccines hold the biggest market share.
- Based on the end user, the market has been classified into hospitals, clinics, vaccination centers, academic and research institutes, and others. At present, hospitals exhibit a clear dominance in the market.
- On the basis of the distribution channel, the market has been divided into hospital pharmacies, retail pharmacies, institutional sales and others.
- Region-wise, the market has been classified into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others); Europe (the United Kingdom, Germany, France, Italy, Spain, Russia and others); Latin America (Brazil, Mexico and others); and Middle East and Africa. Amongst these, North America enjoys the leading position in the market.
- The competitive landscape of the market has been examined, with some of the key players being Abbott Laboratories, Astellas Pharma Inc., AstraZeneca Plc, Bharat Biotech International Limited, Bavarian Nordic A/S, CSL Limited, Daiichi Sankyo Company, Limited, Emergent BioSolutions Inc., GlaxoSmithKline Plc, Inovio Pharmaceuticals Inc., Johnson & Johnson, Inc., Merck & Co. Inc., Mitsubishi Tanabe Pharma Corporation (Mitsubishi Chemical Holdings Corporation), Novavax Inc., Panacea Biotec Ltd., Pfizer Inc., Sanofi Pasteur SA (Sanofi SA), Serum Institute of India Pvt. Ltd., and Takeda Pharmaceutical Company Limited.
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