ALBANY, New York, March 14, 2018 /PRNewswire/ --
The global vaccines market was valued at approximately US$ 28.0 Bn in 2016 is projected to register cumulative annual growth rate (CAGR) of over 6.0% from 2017 to 2025, according to a new report published by Transparency Market Research (TMR) titled "Vaccines Market - Global Industry Analysis, Size,
Increasing funding for new vaccine development coupled with new vaccines launches in North America is expected to help it maintain its dominant share of the global vaccines market. Rising initiatives by local governments for increasing vaccination coverage in countries such as India and China is likely to boost growth of Asia Pacific vaccines market at a CAGR of around 7.0% from 2017 to 2025.
Product approvals from regulatory authorities coupled with subsequent product launches is expected to play a major factor in driving the growth of the global vaccines market. Players such as Emergent BioSolutions Inc., Serum Institute of India, and GlaxoSmithKline plc are increasing resorting to product launches in order to maintain the competitive advantage and carve new business opportunities. Additionally growing support from local governments through increased funding for the development of novel vaccines is anticipated to contribute positively to the growth of the market. On the contrary, long life cycle & lead time with high cost of vaccine development and production along with stringent regulations and policies could hinder the growth of the market.
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The report offers detailed segmentation of global vaccines market based on vaccine type, valance, route of administration, indication and distribution channel. Among the vaccine type studied, conjugate segment is expected to account for the major share of the market from 2017 to 2025. The conjugate segment is expected to register robust growth during the forecast period due to launch of new vaccines by pharmaceutical companies. The toxoid segment is anticipated to maintain its market share during the forecast period, and is expected to hold a share of ~9.0% by 2025. Low cost and vast availability of these vaccines is estimated to inhibit the segment.
Multivalent segment expected to maintain its dominance in terms of valance
In terms of valance, multivalent segment is projected to hold dominant share of global vaccines market during the forecast period and is likely to expand at CAGR of around 6.2% from 2017 to 2025. Advantages of multivalent vaccines such as complete immunization against a wide range of antigen strains, reduced clinic visits for immunization, and convenience offered to physicians and patients are likely to increase the adoption of multivalent vaccines in the near future.
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Injectable vaccines to maintain its lead in terms of market share
In terms of route of administration, injectable vaccines segment are projected to account for the largest share and expected to witness robust growth during the forecast period. Majority of the vaccines available today are administered through the intramuscular route which is the major reason for the large market share of the injectable segment.
Pneumococcal disease indication is expected to be most promising segment to invest in
High prevalence of the pneumococcal disease along with introduction of the pneumococcal conjugate vaccine (PCV) by countries in their immunization programmes is expected to fuel the growth of the market. Polio segment is expected to witness the growth rate of 5.7% during the forecast period due to continued focus of local governments to increase polio vaccination coverage is a major driving factor for the growth of the segment.
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Hospital pharmacies is anticipated to account for the major share in terms of distribution channel
By distribution channel, the hospital pharmacies is projected to have the largest share and also record the highest growth rate during the forecast period. Retail pharmacies are expected to have a growth rate of 5.8% during the forecast period due to increasing healthcare spending by consumers and rising disease awareness levels is contributing to the growth of the segment.
Asia Pacific to record exponential growth during the forecast period
In terms of value, North America was leading contributor in global vaccines market in 2016. Largest market share of North America in vaccines market is attributed to large patient population, increased disease awareness among people in the region and ongoing efforts by vaccine manufacturers for the development of innovative vaccines in the region. The Asia Pacific region is expected to register a robust CAGR during the forecast period as the region has high prevalence of infectious diseases such as viral hepatitis, Japanese encephalitis, and malaria; low vaccine coverage for these diseases; and growing focus of local governments on vaccination through routine immunization programs. These factors are expected to aid in the growth of the market during the forecast period. Increased government initiatives for the development of effective and safe vaccines for use in the treatment of infectious diseases is likely to propel Europe vaccines market over CAGR of 5% from 2017 to 2025.
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Key players such as GlaxoSmithKline plc, Pfizer, Inc., and Merck & Co., Inc., are likely to continue to lead the global vaccines market
The report also provide profiles of leading players operating in global vaccines market which includes GlaxoSmithKline plc., Sanofi Pasteur SA, Pfizer, Inc., Merck & Co., Inc., Serum Institute of India Ltd, Emergent BioSolutions Inc., CSL Ltd, Janssen Pharmaceutical Company, Novavax AB and Mitsubishi Tanabe Pharma Corporation
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SOURCE Transparency Market Research
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