Meticulous Research®– a leading global market research company published a research report titled “Vaccines Market by Indication (Pneumococcal, Influenza, Rotavirus, Hepatitis, COVID-19), Route of Administration (Intramuscular, Subcutaneous, Oral), Type (Inactivated, Live Attenuated, Subunit Vaccines), Valence (Multivalent, Monovalent) - Global Forecast to 2028”.
According to this latest publication from Meticulous Research®, the global vaccines market is valued at $187 billion in 2021, with COVID-19 vaccines contributing $137 billion. Due to the COVID-19 pandemic, there has been a surge in demand for the COVID- vaccines to combat the pandemic.
The vaccines market excluding COVID is expected to reach $81 billion by 2028, growing at a CAGR of 7.2% from 2021 to 2028. The growth of this market is mainly attributed to the high prevalence of diseases, increasing government initiatives towards immunization, technological advancements in vaccine administration, urgent need to combat the COVID-19 pandemic, and a strong product pipeline for vaccines. In addition, emerging markets are expected to offer significant growth opportunities for players operating in the vaccines market. However, the high costs and long timelines of vaccine development are expected to hinder the growth of this market to a certain extent.
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Vaccines Market: Future Outlook
The global vaccines market study presents, historical market data in terms of values (2019 and 2020), estimated current data (2021), and forecasts it for 2028 – by Indication (Influenza, Rotavirus, DTP Vaccines, and COVID-19), route of administration (intramuscular, subcutaneous, and oral), type (conjugate vaccines and live attenuated vaccines), and valence (multivalent and monovalent vaccines). The study also evaluates industry competitors and analyzes their market share at global and regional levels.
Based on disease indication, the vaccines market is segmented into COVID-19, pneumococcal disease, influenza, DTP, HPV, meningococcal disease, polio, MMR, rotavirus, hepatitis, and other indications, which include varicella, herpes zoster, chlorella, and rabies. In 2021, the COVID-19 vaccines segment is estimated to account for the largest share of the total vaccines market, followed by the pneumococcal vaccines. The growth of the pneumococcal vaccines segment is primarily driven by the increasing prevalence of pneumococcal diseases like pneumonia, meningitis, febrile bacteremia, otitis media, and sinusitis; the development of quality vaccines such as PPSV23; and initiatives by government organizations to control the outbreak of pneumococcal diseases.
Based on route of administration, the intramuscular segment is estimated to account for the largest share of the global vaccines market in 2021 and is also expected to grow at the fastest CAGR during the forecast period due to its easy administration for various vaccines and quick absorption of vaccines. Further, due to the COVID-19 pandemic, there has been increased adoption of the intramuscular route of administration as many of the COVID-19 vaccines like the COVISHIELD and COVAXIN are being administered through this route.
Based on type, vaccines available in the market are categorized into live-attenuated vaccines, inactivated vaccines, subunit & conjugate vaccines, toxoid vaccines, and combination vaccines. In 2021, the subunit and conjugate vaccines segment is estimated to account for the largest share of the global vaccines market due to the subunit & conjugate vaccines’ long-term immunity, high safety, and stability compared to vaccines with other antigens. However, the inactivated vaccines segment is expected to grow at the highest CAGR during the forecast period.
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Based on valence, vaccines are classified as monovalent or polyvalent (multivalent). In 2021, the multivalent vaccines segment is estimated to account for the larger share of the global vaccines market. The launch of newer multivalent vaccines, increasing investments by key players in the R&D of multivalent vaccines, and technological advancements in the production of multivalent vaccines are major factors contributing to the large share of this segment.
This research report analyzes major geographies and provides comprehensive analysis for North America (U.S and Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, and RoAPAC), Latin America, and Middle East & Africa.
In 2021, North America is estimated to account for the largest share of the global vaccines market, followed by Europe and Asia-Pacific. However, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. Factors such as a large patient population, rising public awareness regarding the importance of vaccination, and government support for immunization are driving the growth of this regional segment.
The key players operating in the global vaccines market are 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.).
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Key questions answered in the report:
• Which high-growth market segments are in terms of indication, route of administration, type, valence, and regions/countries?
• What was the historical market for vaccines across the globe?
• What are the market forecasts and estimates for the period 2021-2028?
• What are the major drivers, restraints, challenges, and opportunities in the global vaccines market?
• Who are the major players in the global vaccines market?
• How is the competitive landscape, and who are the market leaders in the global vaccines market?
• What are the recent developments in the global vaccines market?
• What are the different strategies adopted by the major players in the global vaccines market?
• What are the geographical trends and high growth regions/ countries?
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