According to a new market research report published by MarketsandMarkets, the global market is expected to reach $48.03 billion by 2021 from $32.24 billion in 2016 at a CAGR of 8.3 percent from 2016 to 2021.
The major factor driving the growth of this market are:
- High prevalence of diseases
- Rising government and nongovernment funding for vaccine development
- Increasing investments by companies
- Increasing focus on immunization programs
The report segments this market based on technology, type, disease indication, end-users, and regions. Among the various technologies, the conjugate vaccines segment is expected to account for the largest share of the market. This segment is projected to grow at the highest CAGR from 2016 to 2021. The high growth of this segment can be attributed to the increasing government support for vaccine development and rising company investments.
On the basis of type, the vaccines market is segmented into monovalent vaccines and multivalent vaccines. The monovalent vaccines segment is expected to account for the largest share of the global vaccines market in 2016 due to rising prevalence of diseases and increasing government and non-government initiatives for vaccine R&D activities.
Disease indication, included in the vaccines market are pneumococcal disease, influenza, diphtheria, tetanus, and pertussis (DTP), hepatitis, rotavirus, varicella, meningococcal disease, polio, measles, mumps, and rubella (MMR), human papilloma virus (HPV) infection, and others. The pneumococcal disease segment is expected to account for the largest share of the global vaccines market in 2016. High incidence of pneumococcal infections is driving the growth of this market.
End-users, included in the vaccines market are pediatrics and adults. The pediatrics segment is expected to account for the largest share of the global vaccines market in 2016. Increasing prevalence of diseases in children and rising number of awareness programs to promote vaccination will drive the growth of this market.
Based on regions, the global vaccines market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). North America is expected to account for the largest share of the market during the forecast period. Growth in this segment is driven by increasing government funding for vaccine research and immunization.
Key players in the vaccines market include Astellas Pharma Inc. (Japan), CSL Limited (Australia), Emergent BioSolutions, Inc. (U.S.), GlaxoSmithKline, plc. (U.K.), Johnson & Johnson (U.S.), MedImmune, LLC (U.S.), Merck & Co. (U.S.), Pfizer, Inc. (U.S.), Sanofi Pasteur (France), and Serum Institute of India Pvt. Ltd. (India).
Filed Under: Drug Discovery