Vaccines Market Analysis, Trends, Top Manufacturers, Share, Growth, Statistics, Opportunities & Forecast to 2027
Category: #business  By Rahul Sankrityayan  Date: 2022-03-31
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Vaccines Market Analysis, Trends, Top Manufacturers, Share, Growth, Statistics, Opportunities & Forecast to 2027

The global market for vaccines is all set to observe a significant growth over 2021 to 2027owing to the increasing burden of infectious diseases and life-threatening chronic conditions. Also, the emergence of incurable illnesses and high investment in novel vaccine research is projected to drive the market even further.

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This growth can also be attributed to the increasing impact of the COVID-19 pandemic, as well as increased worldwide funding for the vaccination support framework. Given these factors, several players and research institutes from across the world have stepped forward to developing a viable vaccine.

Along with that, the outbreak of  COVID-19 waves has prompted market participants to create novel vaccines against COVID-19 in an attempt to expand their geographical reach. And for this, the players are now implementing different techniques such as partnerships and collaboration.

For instance, AstraZeneca, a research-based biopharmaceutical company, had teamed up with the University of Oxford to develop and distribute the COVID-19 vaccine- Covishield.

Similarly, in 2021, Jubilant HollisterStier LLC has signed a non-exclusive manufacturing agreement with Novavax for fill-finish manufacturing of the COVID-19 vaccine candidate called NVX-CoV2373.

Apart from COVID-19, the rising prevalence of human immunodeficiency virus (HIV) infection, is as well touted to create numerous opportunities for the industry over the projected period. HIV is quite common in the Asia Pacific and African nations and this infection leads patients towards the severity and financial burden. Also, HIV reduces the patient's quality of life, due to which regular immunization doses are essential. With the changing nature of the virus, the necessity to produce an effective vaccine has become crucial for the manufacturers.

Considering the regional landscape, the Asia Pacific vaccine market is expected to grow at a robust rate, through the forecast period. This growth may can be chiefly ascribed to the expansion and contribution of the key multinational firms in the region. Also, highly populated nations such as China and India are estimated to provide companies with a larger client base. Moreover, local manufacturers are cooperating with global corporations to meet regional demand, which will boost revenue development.

For example, Novavax, a global biotech firm, established a partnership with Takeda to localize and commercialize their COVID-19 vaccine in Japan. Such activities by prominent industry player participants will support regional growth.

On the other hand, regulatory bodies and governments are constantly working towards authorizing vaccines safely and quickly. They are also pretty much intended to disseminate vaccines on time as well as to spread awareness for increasing vaccination rates.

As a part of these sincere efforts, health authorities are heavily recommending vaccines for routine immunization among children and adults. In fact, according to the World Health Organization, roughly 85 percent of newborns worldwide got three doses of DTP immunization in 2019. During the same year, over 125 nations achieved a minimum of 90% DTP immunization coverage. These results of improving vaccination rates worldwide, notably in middle- and low-income nations, will boost the product demand ahead. Reportedly, in 2020, the DTP segment has accounted for a total worth of more than USD 2.5 billion.

That aside, the adult vaccination category has registered a revenue of about USD 15 billion in 2020 and it is expected to grow at a rapid pace throughout industry over the foreseeable time period. Expanding the product pipeline and boosting R&D to create effective vaccines for a variety of infectious illnesses such as HIV and hepatitis will provide unparalleled sector development.. Furthermore, the increasing prevalence of cancer in the adult population will fuel demand for cancer vaccinations.

The conjugate vaccines category accounted for more than 40.0 percent of the market in 2020, owing to the benefits of increased memory and immune response. Conjugate vaccines' capacity to generate immunological memory and reduce asymptomatic bacterial carriage leads to herd immunity. Pneumococcal conjugate vaccines protect against nearly seven different types of bacterial infections, resulting in a reduction in the number of patients. As a result, the benefits associated with these vaccinations will drive category expansion in the approaching years.

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About Author

Rahul Sankrityayan

Rahul Sankrityayan    

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Technology Magazine, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experie...

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