Rise in the prevalence of infectious diseases, increase in immunization programs across the globe, and surge in R&D activities to develop new vaccine drive the growth of the global vaccine market. However, longer timelines required for vaccine production and high cost related to the development of vaccines hinder the market growth. On the other hand, growth opportunities in emerging market and rise in healthcare spending creates new prospects in the coming years.

Global Vaccines Market was pegged at $32.46 billion in 2019, and is anticipated to hit $54.15 billion by 2027, registering a CAGR of 6.6% from 2020 to 2027.

Covid-19 Scenario-

• Covid-19 outbreak led to increase in investments and R&D activities in the industry for vaccines as well as drugs against the novel corona virus.
• The government organizations all across the globe along with world health organizations (WHO) are initiating to increase the potential for vaccine generation and global supply.

Due to the COVID-19 pandemic, majority of healthcare, pharmaceutical and biotechnology organizations have concentrated on diagnostics kits, safety wearables and treatment vaccines and medication against Novel coronavirus.

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Based on region, North America held the highest market share in 2019, contributing to around two-fifths of the global vaccine market in 2019. Surge in prevalence of infectious diseases such as influenza, MMR, DTP and others and surge in awareness related immunization and development of new vaccines drive the growth of the market in this province. On the other hand, the Asia-Pacific region is expected to register the largest CAGR of 8.1% during the forecast period. This is owing to presence of large untapped opportunities such as expanding healthcare budgets and increase in disposable income. In addition, rise in demand for vaccine, owing to growth in number of geriatric populations further fuels the market growth.

Leading market players

• Serum Institute of India Pvt. Ltd.
• Pfizer
• Johnson & Johnson
• AstraZenecea plc
• GlaxoSmithKline plc
• Sanofi Aventis
• Merck & Co., Inc.
• Emergent BioSolutions Inc.
• CSL Limited
• Novavax, Inc.

Allied Market Research Coverage on the Healthcare Domain

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