Nov 6, 2019   SOURCE: PR NewsWire

Vaccines Market Size Worth US$ 55.2 Bn by 2026 | CAGR 6.4%

LOS ANGELES, Nov. 6, 2019 /PRNewswire/ -- The global vaccines market is expected to grow at a CAGR of around 6.4% from 2019 to 2026 and reach the market value of around US$ 55.2 Bn by 2026.

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North America accounted for the largest share of the vaccines market in 2018 and is anticipated to maintain its dominance during the forecast period. More awareness about vaccination schedule, favorable reimbursement, presence of major market players, and supportive government regulations to increase vaccination among new born and high risk people are the major factors for the dominance of the region. Although number of vaccination in developing countries is greater than that of industrialized countries. However, amount spent on vaccination by the government and individuals is more than developing regions. Asia Pacific is expected to observe the fastest growth during the forecast period. Investment by market players due to availability of opportunities, government support, and increasing awareness among people about vaccination are likely to propel the market growth in Asia Pacific. For instance, in September 2019, Serum Institute of India opened the world's largest vaccine manufacturing facility in India. The facility is getting ready to export its vaccines to most regulated markets such as the U.S. and Europe. Hence, investment by market players in this region is a key factor for the significant growth in the coming years.

Based on technology, the vaccines market has been segmented into inactivated vaccines, conjugate vaccines, live attenuated vaccines, toxoid vaccines, recombinant vaccines. The conjugate vaccine segment held the largest share in the market due to long lasting protection and greater ability to give protection to toddlers and infants. Conjugate vaccine has a combination of weak and strong antigen as a carrier so that immune system gives strong response to weak antigen.

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Pediatric vaccines accounted for the maximum share of the market in 2018. This can be attributed to large targeted population, government initiatives to increase children vaccination, and increasing awareness about vaccination schedules. Adult vaccine segment is also expecting significant growth in coming years due to rising awareness about regular health check up and vaccination after 40 years of age.

Based on the route of administration, the market has been segmented into intramuscular & subcutaneous, oral, and others. Intramuscular accounted for the maximum share of the market in 2018 and is expected to maintain its dominance during the forecasts period as the route avoid adverse local effect of vaccine.

High development cost and stringent government regulations for the approval and commercialization of product are likely to restrain the market growth during the forecast period.

The vaccine market is highly fragmented in nature with presence of big giant to small regional players. Key players operating in the vaccines market are Astellas Pharma Inc.; Bavarian Nordic; CSL Limited; Daiichi Sankyo Company, Limited; Emergent BioSolutions, Inc.; GlaxoSmithKline plc; Johnson & Johnson; MedImmune, LLC; Merck & Co., Inc.; Mitsubishi Tanabe Pharma Corporation. Research & development activities and mergers & acquisitions to broaden the product portfolio and geographical reach have been the most adopted strategies by market players to enhance their market share.

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Some of the key observations regarding vaccine industry include:

    --  In April 2019, the first malaria vaccine, RTS'S, launched in Malawi,
        Africa. In Africa, more than 250,000 children die due to malaria every
        year. Hence, with the help of World Health Organization (WHO) and
        regional government bodies, RTS,S, was launched in the Africa.
    --  In March 2019, Elicio Therapeutics, a U.S. based immuno-oncology
        company, launched with financial backing to treat a range of cancers.
        The company is developing immune-stimulators, precision vaccines, and
        cellular therapies.
    --  In February 2019, Bharat Biotech acquired Chiron Behring Vaccines Pvt.
        Ltd. from GlaxoSmithKline Asia. Chiron is one of the largest
        manufactures of rabies vaccines across the world. The acquisition is
        helping Bharat biotech to strengthen its product portfolio.
    --  In October 2018, Emergent BioSolutions Inc. acquired PaxVax, a specialty
        vaccines company that protects from a range of emerging and existing
        infectious diseases. With acquisition Emergent expanded its sales
        capacity and product portfolio with addition of two major vaccines
        Vivotif (Typhoid vaccine) and Vaxchora (Cholera vaccine).
    --  In August 2017, Sanofi acquired Protein Sciences, a vaccine company
        based in the U.S. through this acquisition Sanofi added promising
        product to its influenza vaccine product portfolio. Flublok is the only
        U.S. FDA approved recombinant influenza vaccine with protein based.

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