Vaccines Market worth 50.42 billion USD by 2023
The vaccines market is expected to reach USD 50.42 billion by 2023 from USD 36.45 billion in 2018, at a CAGR of 6.7%. The major factors driving the growth of the market are rising prevalence of diseases, increasing government and nongovernment funding for vaccine development, and increasing company initiative to enhance vaccine R&D.
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Conjugate vaccines to dominate the market in 2018
Based on technology, the market is segmented into conjugate vaccines, inactivated and subunit vaccines, live attenuated vaccines, recombinant vaccines, and toxoid vaccines. The conjugate vaccines segment is expected to register the highest CAGR during the forecast period. The high growth is attributed to the rising prevalence of infectious diseases and the increasing government investments for development of conjugate vaccines.
Based on type, the vaccine market is segmented into monovalent vaccines and multivalent vaccines. The monovalent vaccines segment is projected to register the highest CAGR during the forecast period. The increasing investment by companies to develop new monovalent vaccines is the key factor driving the growth of this segment.
Based on route of administration, the vaccines market is segmented into intramuscular and subcutaneous administration, oral administration, and other routes of administration. The intramuscular and subcutaneous administration segment is expected to register the highest rate during the forecast period. This mode of administration is associated with better immune response and a lower rate of injection site reactions.
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Based on disease indication, the meningococcal segment is projected to grow at the highest CAGR during the forecast period.
Based on disease indication, the vaccines market is segmented into pneumococcal disease, influenza, DTP, hepatitis, human papillomavirus (HPV), rotavirus, meningococcal disease, MMR (measles, mumps, and rubella), varicella, polio, herpes zoster, dengue, and other disease indications. The meningococcal disease segment is expected to witness the highest growth during the forecast period. This is attributed to the high incidence of meningococcal diseases and increasing government investments in meningococcal vaccination programs.
North America to dominate the Vaccines Market
In 2018, North America is expected to dominate the market. The large share of this geographical segment is attributed to factors such as increasing investments by government organizations and companies to promote immunization as well as develop new vaccines. Europe is expected to hold the second largest share of this market. Factors such as availability of funding and venture capital investments for the development of new vaccines and increasing government initiatives are expected to drive market growth in this region.
The Vaccines Market is highly competitive with the presence of several small and big players. Some of the players in the Vaccines Market are GlaxoSmithKline plc (UK), Pfizer, Inc. (US), Merck & Co., Inc. (US), Sanofi Pasteur SA (France), CSL Limited (Australia), Emergent BioSolutions, Inc. (US), Johnson & Johnson (US), MedImmune, LLC (US), Astellas Pharma Inc. (Japan), Serum Institute of India (India), Bavarian Nordic (Denmark), Mitsubishi Tanabe Pharma Corporation (Japan), and Daiichi Sankyo Company, Limited (Japan).
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