The global preventive vaccines market accounted for a value of USD 27.6 billion in 2015 and is expected to reach USD 55 billion by 2021, growing at a CAGR of 12.4% during the forecast period from 2016 to 2021.
The vaccines market is different from any other commodity market. Compared to the pharmaceutical market, the vaccines market is relatively small, although growing fast. The vaccines market is rather concentrated on both supply and demand sides. It is highly regulated and largely dependent on public purchasers and donor policies. The vaccines market has very distinct features that increase the complexity of assessing and understanding pricing and procurement in their context. It is made up of individual markets for individual vaccines or vaccine types, each with its own specificities, particularly on the supply side.
New candidates for vaccination against cancer and HIV, which are under development, are also projected to hit the magical milestone. Multinational vaccine companies historically have conducted much of the innovation, research, and development in the field of vaccine production. The companies have used their significant revenues, global size, and deeper expertise to fund these R&D efforts. New technologies are also being introduced to curb the time and expense incurred on new vaccine discovery and production. However, despite the success of vaccines, infectious diseases are still a major cause of illnesses worldwide. At least 40 major infectious diseases are still uncontrolled by vaccination.
Global Preventive Vaccines Market- Market Dynamics
This study targets gaining a detailed overview of the dynamics of the preventive vaccines market during the forecast period. It focuses on the need to develop strategic insights into the global and country-level markets, taking into consideration the demand as a result of awareness, government initiatives, birth rate etc. A holistic study of the market has been carried out by incorporating various factors extending from country-specific demographic conditions and market-specific microeconomic influences that were needed to analyze the future trends of this market.
The report details several factors driving the growth of the global preventive vaccines market. Some of these are:
High regulatory intervention and costs are turning out to be the major restraints for this market.
The market has been segmented based on the type of vaccines and application. The segment based on the type of vaccine includes live, attenuated vaccine, inactivated vaccines, subunit vaccine, toxoid vaccines, conjugate vaccines, DNA vaccine, and recombinant vector vaccine. The market segment based on applications has been further subdivided into pediatric vaccine and adult vaccine. The pediatric vaccines include pneumococcal vaccine, varicella vaccine, combination vaccines (Bivalent, trivalent, tetravalent, and pentavalent vaccines), MMR, poliovirus, hepatitis, HIB, and other pediatric vaccines. The segment on adult vaccines includes influenza, cervical cancer, hepatitis, zoster, and other adult vaccines.
There are currently close to 120 new vaccines in the pipeline of various companies across the globe, set to hit the market in the next five years. In anticipation of this and with the emergence of a new target market and smaller players in it, the global preventive vaccines market is set to grow at a CAGR of close to 12.4 % by the year 2021.
Some of the key players in the market are:
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