Global Vaccines Market: Snapshot
The rising prevalence of several diseases and the emergence of several new diseases are expected to encourage the leading players in the market for the development of new and effective drugs and vaccines. This is projected to enhance the growth of the global vaccines market in the next few years.
According to the market research study that has been recently published by Transparency Market Research, in 2016, the global vaccines market was worth US$ 28.0 Bn and is projected to reach a value of US$ 48.0 Bn by the end of 2025. The market is predicted to register a promising 6.0% CAGR between 2017 and 2025.
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Rising Research and Development Activities to Encourage Market Growth
The rising prevalence of infectious diseases and the growing focus on the immunization programs are considered as the major factors that are projected to enhance the growth of the global vaccines market in the next few years. In addition to this, the rising company initiatives to enhance the vaccines research and development and the growing government support for vaccine development are projected to accelerate the growth of the global vaccines market in the next few years. The rising number of prospects from the developing economies is predicted to enhance the growth of the overall market in the near future.
On the flip side, the high cost required for the development of vaccines is expected to restrict the growth of the global vaccines market in the next few years. In addition to this, the inadequate access to vaccines and the rising number of product recalls are further projected to hamper the growth of the market in the near future. Nonetheless, the increasing use of adjuvants in vaccines and the growing focus on therapeutic vaccines are projected to support the growth of the market and offer potential growth opportunities for the market players in the next few years.
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North America to Register High Growth in Coming Few Years
The global vaccines market has been classified on the basis of geography into Latin America, Europe, North America, Asia Pacific, and the Middle East and Africa. In the last few years, a major share of the market was held by North America and is projected to maintain its leading position throughout the forecast period. The strong growth of this region can be attributed to the launch of new products and the rising investments made by the key players for research and development activities. On the other hand, Asia Pacific is projected to register a promising growth rate in the next few years, owing to the rising prevalence of several diseases, such as malaria and dengue, tuberculosis, chikangunya, influenza A (H5N1), and others. The rising number of measures that are being taken by the local government is projected to enhance the growth of the vaccines market across Asia Pacific in the next few years.
The global market for vaccines is highly competitive in nature with a high level of fragmentation, owing to the presence of a large number of local and global players operating worldwide. To maintain a leading position in the market, the key players are making notable investments in the research and development activities, which is projected to enhance the competitive environment of the market in the next few years. In addition to this, the rising emphasis on the development of new products is projected to support the growth of the overall market in the next few years. The rise in the number of mergers and acquisitions and strategic collaborations are estimated to offer lucrative opportunities for the market players in the next few years. Some of the key players operating in the vaccines market across the globe are Merck & Co., Inc., CSL Ltd, GlaxoSmithKline plc., Janssen Pharmaceutical Company, Pfizer, Inc., Sanofi Pasteur SA, Mitsubishi Tanabe Pharma Corporation, Serum Institute of India Ltd, Emergent BioSolutions Inc.,And Novavax AB.