LONDON--(BUSINESS WIRE)--The global vaccines market is expected to grow by USD 13.81 billion during 2020-2024, progressing at a CAGR of close to 7% during the forecast period. The growth can be attributed to the increased funding for vaccine development and the rising use of adjuvants in vaccines. Furthermore, approval of newly developed vaccines and development of a strong pipeline will also drive the vaccines market during the forecast period. Request a free sample report
Read the 160-page report with TOC on “Vaccines market research report by Type (prophylactic vaccines and therapeutic vaccines), Geography (Asia, Europe, North America, and ROW), and the Segment Forecasts, 2020-2024”.
Vaccines Market Type Outlook (Revenue, USD Million, 2020-2024)
- Prophylactic vaccines
- Therapeutic vaccines
Prophylactic vaccines were the largest vaccine type segment in the market during 2019 due to their rising demand for treating and preventing infectious diseases, including Diptheria, tetanus, Hepatitis A, Hepatitis B, and other chronic conditions. Researchers are also evaluating novel approaches for the development of prophylactic vaccines, including live attenuated vaccines, inactivated vaccines, recombinant vaccines, and toxoid vaccines, which will drive the growth of prophylactic vaccines segment during the forecast period.
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Vaccines Market Regional Outlook (Revenue, USD Million, 2020-2024)
- Asia
- Europe
- North America
- ROW
North America was the fastest-growing geographic segment in 2019, followed by Europe, Asia, and ROW, respectively. This can be attributed to the increase in the number of immunization programs and prevalence of chronic diseases, particularly in the US. The region is anticipated to contribute largest vaccine market share due to the continuous development of therapeutic and preventive vaccines for different chronic health conditions, including influenza, HIV, measles, tuberculosis, and other non-infectious diseases. Furthermore, several initiatives are being undertaken to create awareness about immunization programs by different authorized organizations in the US. All these factors will contribute to the dominance of the market throughout the forecast period.
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Major Five Vaccine Companies:
Bavarian Nordic AS
Bavarian Nordic AS offers vaccines used for the prophylaxis of various diseases, including smallpox through its Pharmaceuticals business segment. The company provides IMVAMUNE/IMVANEX, an MVA-BN non-replicating smallpox vaccine intended for use in adults, allergic to the replicating smallpox vaccines during an emergency smallpox outbreak.
Pfizer Inc.
Pfizer Inc. operates the business across segments such as Innovative Health and Essential Health. The company offers PREVNAR 13, a pneumococcal conjugate vaccine used to protect infants, young children, and adults against disease caused by the bacterium Streptococcus pneumoniae.
Sanofi
Sanofi is a France-based healthcare company offering products and services through central business units including Pharmaceuticals, Vaccines, and Consumer Healthcare. In June 2019, the company and Google LLC collaborated to establish a new virtual innovation lab with the ambition to radically transform the delivery of future medicines and health services by tapping into the power of emerging data technologies. The company offers Pentacel, PENTAXIM, VAXIGRIP, FLUZONE, Menactra, Flubok, and Adacel for the global vaccines market.
GlaxoSmithKline Plc
GlaxoSmithKline Plc operates in critical business units including Pharmaceuticals, Vaccines, and Consumer Healthcare. In August 2019, the company) entered into an exclusive agreement with Sabin Vaccine Institute to advance the development of prophylactic candidate vaccines against the deadly Ebola Zaire, Ebola Sudan, and Marburg virus. The company’s key offerings for the global vaccines market include Ambirix, BEXSERO, BOOSTRIX, and CERVARIX.
Merck & Co. Inc
Merck & Co. Inc offers different types of human vaccines and animal vaccines through crucial business units including Pharmaceuticals, Animal health, and Others. The company provides GARDASIL 9, ProQuad, VARIVAX, PNEUMOVAX 23, and ZOSTAVAX.
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