CHICAGO, April 24, 2024 /PRNewswire/ -- Vaccines
Market in terms of revenue was estimated to be worth
$78.0 billion in 2024 and is poised
to reach $94.9 billion by 2029,
growing at a CAGR of 4.0% from 2024 to 2029 according to a new
report by MarketsandMarkets™. Similarly, the vaccines market
(excluding COVID-19 vaccines) is projected to reach USD 80.3 Billion by 2029 from USD 53.0 Billion in 2024, at a CAGR of 8.7%
during the forecast period. The growth in the vaccines market is
fueled by various factors such as launch of RSV vaccines, rise in
adoption of HPV vaccine and strategic partnerships between key
market players.
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Browse in-depth TOC on "Vaccines Market"
394 -
Tables
57 - Figures
414 - Pages
Vaccines Market Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$78.0
billion
|
Estimated Value by
2029
|
$94.9
billion
|
Growth Rate
|
Poised to grow at a
CAGR of 4.0%
|
Market Size Available
for
|
2022–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Technology, By Type,
By Disease Indication, By Route of Administration, By End
User
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, Latin America, Middle East and Africa
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Rising focus on
therapeutic vaccines
|
Key Market
Drivers
|
Focus on vaccine
development and launches
|
The conjugate vaccine segment is expected to have the
dominant share of the vaccine market (excluding COVID-19 vaccines)
in 2023.
Based on technology, the global vaccines market (excluding
COVID-19 vaccines) is segmented into recombinant vaccines,
conjugate vaccines, live attenuated vaccines, toxoid vaccines,
inactivated & subunit vaccines, and other vaccine technologies.
In 2023, conjugate vaccine segment dominated the vaccine market.
Robust research and development investments, strategic
partnerships, and favorable regulatory environments have further
bolstered the prominence of conjugated vaccines.
The HPV segment is expected to account for the largest share
of the disease indication segment in the vaccines market (excluding
COVID-19 vaccines) in 2023.
Based on disease indication, the vaccines market (excluding
COVID-19 vaccines) is segmented into, influenza, combination
vaccines, pneumococcal disease, HPV, meningococcal disease, herpes
zoster, rotavirus, MMR, varicella, hepatitis, DTP, polio, RSV and
other disease indications. RSV vaccine segment is likely to grow at
faster CAGR during the forecast period of 2024-2029. Robust
investments from pharmaceutical companies, government agencies, and
non-profit organizations fuel RSV vaccine development.
Additionally, launch of RSV vaccines is likely to uplift the growth
of the segment. For instance, in May
2023, FDA approved ABRYSVO for the prevention of LRTD caused
by RSV in individuals 60 years of age or older.
The Asia Pacific region
(excluding COVID-19 vaccines) is anticipated to grow at significant
CAGR during the forecast period.
The Asia Pacific (excluding
COVID-19 vaccines) is accounted to be the fastest-growing segment
of the market. Rapid population growth and urbanization,
particularly in countries like China and India, are driving increased demand for
vaccines to combat infectious diseases. Additionally, rising
healthcare expenditure and government initiatives aimed at
improving vaccination coverage further stimulate market growth.
Additionally, the growing prevalence of infectious diseases
coupled with increasing awareness about preventive healthcare
measures is driving vaccine uptake in the region.
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Vaccines Market Dynamics:
Drivers:
- Focus on vaccine development and launches
- Rising prevalence of infectious diseases
- Increasing immunization programs
- Advancements in vaccine technology
- Government support and funding for vaccine development
Restraints:
- High cost of vaccine development
Opportunities:
- Rising focus on therapeutic vaccines
- Extensive R&D for vaccines and increased investments in
clinical trials
Challenge:
- Stringent regulatory processes
- Product recalls
Key Market Players of Vaccines
Industry:
The vaccines market is consolidated, with a small number of
players competing for market share. GSK plc (UK), Merck &
Co., Inc (US) Pfizer Inc. (US), Sanofi (France), CSL (Australia), Emergent (US), Johnson &
Johnson Services, Inc (US), AstraZeneca (UK), Serum Institute Of
India Pvt. Ltd (India), Bavarian
Nordic (Denmark), Mitsubishi
Tanabe Pharma Corporation (Japan),
Daiichi Sankyo Company Limited (Japan), Panacea Biotec (India), Biological E Limited (India), Bharat Biotech (India) are some of the leading players in this
market. Most companies in the market focus on organic and inorganic
growth strategies, such as product launches, expansions,
acquisitions, partnerships, agreements, and collaborations, to
increase their product offerings, cater to the unmet needs of
customers, increase their profitability, and expand their presence
in the global market.
The primary interviews conducted for this report can be
categorized as follows:
- By Respondent: Supply Side- 80%, and Demand Side - 20%
- By Designation (Supply Side): Managers - 45%, CXOs &
Directors - 30%, Executives- 25%
- By Region: North America -40%,
Europe -25%, Asia-Pacific -20%, Latin America -10%, Middle East-4% and Africa -1%
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Recent Developments of Vaccines Industry:
- In April 2024, Bharat Biotech and
Bilthoven Biologicals B.V. entered into a collaboration to produce
and supply oral polio vaccines.
- In April 2024, VBI Vaccines Inc.
expanded its stratergic collaboration with government of
Canada to accelerate development
proprietary MLE platform, enveloped virus-like particle vaccine
technology that enables the coding of eVLPs using mRNA.
- In January 2024, Indian
Immunologicals Ltd (IIL), launched India's 'first' indigenously developed
Hepatitis A vaccine, Havisure.
- In August 2023, Pfizer Inc.,
received US FDA approval for ABRYSVO (Respiratory Syncytial Virus
Vaccine) for the prevention of LRTD and severe LRTD caused by RSV
in infants from birth up to six months of age by active
immunization of pregnant individuals at 32 through 36 weeks
gestational age.
- In May 2023, GSK plc, received US
FDA approval for Arexvy (respiratory syncytial virus vaccine,
adjuvanted) for the prevention of lower respiratory tract disease
(LRTD) caused by respiratory syncytial virus (RSV) in individuals
60 years of age and older.
Vaccines Market - Key Benefits of Buying the Report:
The report will help market leaders/new entrants by providing
them with the closest approximations of the revenue numbers for the
overall vaccines market and its subsegments. It will also help
stakeholders better understand the competitive landscape and gain
more insights to better position their business and make suitable
go-to-market strategies. This report will enable stakeholders to
understand the market's pulse and provide them with information on
the key market drivers, restraints, opportunities, and
challenges.
The report provides insights on the following
pointers:
- Analysis of key drivers (focus on vaccine development and
launches, rising prevalence of infectious diseases, increasing
immunization programs, advancements in vaccine technology,
government support and funding for vaccine development), restraints
(High cost of vaccine development), opportunities (Rising focus on
therapeutic vaccines, Extensive R&D for vaccines and increased
investments in clinical trials) and challenges (stringent
regulatory processes, product recall) are influencing the growth of
vaccines market.
- Product Development/Innovation: Detailed insights on newly
launched products of the vaccines market.
- Market Development: Comprehensive information about lucrative
markets – the report analyses the vaccines market across varied
regions.
- Market Diversification: Exhaustive information about new
services, untapped geographies, recent developments, and
investments in the vaccines market.
- Pipeline Analysis: Comprehensive information about products
under clinical trials.
- Competitive Assessment: In-depth assessment of market shares,
growth strategies, and service offerings of leading players include
GSK plc (UK), Merck & Co., Inc. (US), Pfizer, Inc. (US), Sanofi
(France), CSL (Australia), Emergent (US), Johnson &
Johnson Services Inc. (US), AstraZeneca (UK), Serum Institute of
India Pvt. Ltd. (India), Bavarian
Nordic (Denmark).
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2029
Veterinary Imaging Market - Global Forecasts to 2029
Vaccine Adjuvants Market - Global Forecasts to 2028
Veterinary Vaccines Market - Global Forecasts to 2027
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