LONDON, March 1, 2021 /PRNewswire/ -- According to a new market research report titled "Vaccines Market by Indication (Influenza, Rotavirus, DTP, COVID-19), Route of Administration (Intramuscular, Subcutaneous, Oral), Type/Antigen (Conjugate Vaccines, Live Attenuated Vaccines), and Valence (Multivalent, Monovalent Vaccines)-Forecast to 2027", published by Meticulous Research, the vaccines market is expected to grow at a CAGR of 12.5% from 2020 to 2027 to reach $108.02 billion by 2027.
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The high prevalence of diseases, increasing government initiatives towards immunization, technological advancements in vaccine production, the strong pipeline for vaccines globally, and the emergence of the COVID-19 pandemic are the key factors expected to propel the growth of the vaccines market. Besides, the increasing epidemic potential, growing focus on therapeutic vaccines, and emerging markets are expected to offer significant growth opportunities for players operating in the vaccines market.
Over the last decade, the field of vaccine development has received huge support from the pharmaceutical industry as well as governments due to successful vaccination programs that helped eradicate infectious diseases such as chickenpox and polio globally, saving billions of dollars' worth of healthcare expenditure. Vaccines are one of the most powerful and cost-effective health interventions available. Yet many preventable diseases still cost millions of lives and billions of dollars every year. The emergence of the COVID-19 pandemic has further led to the expansion of the vaccines market.
The Impact of COVID-19 on the Vaccines Market
The outbreak of COVID-19 has led to a rise in mortality rates globally. For instance, as per the WHO, globally, as of 26thFebruary 2021, there were 112.2 million confirmed cases and 2.4 million deaths. Overall, 31% of cases, 45% of hospitalizations, 53% of ICU admissions, and 80% of deaths associated with COVID-19 were among adults aged 65 years and over, with the highest percentage of severe outcomes among persons aged 85 years and over. With the increasing severity of the COVID-19 crisis, the global population is eagerly anticipating a vaccine capable of combating the virus.
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As the COVID-19 contagion has spread worldwide, governments and medical regulators are speeding up the vaccine development process. To encourage rapid progress, the FDA granted the 'fast track' status to several promising products. On 13thJuly 2020, the FDA announced that Pfizer and Biopharmaceutical New Technologies (BioNTech) earned the fast-track designation for two COVID-19 vaccines, and as of December 2020, Britain's medicines regulator, the MHRA, had approved the Pfizer/BioNTech coronavirus vaccine for mass vaccination. In July 2020, the Government of India speeded up the regulatory clearances needed for the Serum Institute of India's upcoming phase-3 trial of the COVID-19 vaccine being developed by the University of Oxford, and it is stated to be available for mass vaccination by April 2020. Thus, the pandemic has led to the growth of the vaccines market.
The vaccines market study presents historical market data in terms of values (2018, 2019, 2020) and forecasts for 2027- by indication (influenza, rotavirus, DTP, COVID-19), route of administration (intramuscular, subcutaneous, oral), type/antigen (conjugate vaccines, live attenuated vaccines), valence (multivalent vaccines, monovalent vaccines), and geography. The study also evaluates industry competitors and analyzes their market shares at the global and regional levels.
Based on disease indication, the pneumococcal diseases segment accounted for the largest share of the overall vaccines market in 2020 due to the rising incidence of pneumococcal diseases like pneumonia, meningitis, febrile bacteremia, otitis media, and sinusitis; the development of quality vaccines such as PPSV23; and initiatives by government and private sector organizations to prevent and control outbreaks of pneumococcal diseases. However, the human papillomavirus (HPV) segment is expected to record the highest CAGR due to the rising incidence of cervical and anal cancers and increasing initiatives by government & private sector organizations for early screening & vaccination.
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Based on the route of administration, the subcutaneous segment is expected to record the highest CAGR during the forecast period. The growth of this segment is driven by factors such as no requirement of trained professionals, improved adsorption of the vaccines, and the availability of a large number of injection sites for multiple dosing.
Based on valence, vaccines are classified as monovalent or polyvalent (multivalent). In 2020, the multivalent vaccines segment commanded the largest share of the overall vaccines market and is slated to record the highest CAGR during the forecast period. New launches of the multivalent vaccines, increasing investments by key players in the R&D of multivalent vaccines, and technological advancements in multivalent vaccine production are the major factors contributing to the large share of this segment.
The report also includes an extensive assessment of the key strategic developments by leading market participants over the past four years. The vaccines market has witnessed several approvals, agreements, collaborations, partnerships, expansions, and acquisitions in recent years. For instance, in September 2020, Pfizer Inc. (U.S.) signed an agreement with BioNTech AG (Germany) to supply 200 million doses of the BNT162 mRNA-based vaccine candidate against SARS-CoV-2 to the European Union (EU) member states. Also, in July 2020, Sanofi (France) & GlaxoSmithKline PLC (U.K.) collaborated with the U.S. government to accelerate the development and manufacturing of a COVID-19 recombinant protein-based vaccine. The U.S. Department of Health and Human Services (HHS) and Department of Defense will help fund the development activities and secure the scale-up of Sanofi's and GSK's manufacturing capabilities in the U.S. for the recombinant protein-based vaccine.
The vaccines market is highly consolidated with major players, such as Sanofi (France), Merck & Co., Inc. (U.S.), GlaxoSmithKline plc (U.K.), Pfizer Inc. (U.S.), Johnson & Johnson (U.S.), Daiichi Sankyo Co., Ltd. (Japan), Takeda Pharmaceutical Company Limited (Japan), CSL Limited (Australia), Emergent BioSolutions Inc. (U.S.), and AstraZeneca PLC (U.K.) competing for larger market shares.
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Scope of the Report:
Vaccines Market, by Indication
- Pneumococcal Diseases
- Influenza
- Human Papillomavirus (HPV)
- DTP
- Meningococcal Disease
- MMR
- Rotavirus
- Poliomyelitis (Polio)
- Hepatitis
- COVID-19
- Other Indications
(Note: Other Indications Include Varicella, Herpes Zoster, Chlorella, Severe Acute Respiratory Syndrome, and Rabies)
Vaccines Market, by Route of Administration
- Intramuscular
- Subcutaneous
- Oral
- Intradermal
- Nasal
Vaccines Market, by Type/Antigen
- Live Attenuated Vaccines
- Inactivated Vaccines
- Subunit and Conjugate Vaccines
- Toxoid Vaccines
- Combination Vaccines
Vaccines Market, by Valence
- Monovalent Vaccines
- Polyvalent (Multivalent) Vaccines
Vaccines Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- Japan
- India
- Rest of APAC (RoAPAC)
- Latin America
- Middle East & Africa
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