August 21, 2024 – Meticulous Research®, a leading global market research company, has recently published an in-depth 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 2031". The Vaccines Market was valued at $59.55 billion in 2023. This market is expected to reach $71.5 billion by 2031, from an estimated $60.98 billion in 2024, at a CAGR of 2.3% during the forecast period 2024-2031.
Market Overview
The vaccines market has experienced unprecedented growth due to the COVID-19 pandemic, which has led to a significant surge in demand for vaccines worldwide. According to the report, the vaccines market, excluding COVID-19 vaccines, is expected to reach $71.5 billion by 2031, growing at a compound annual growth rate (CAGR) of 2.3% from 2021 to 2028. The market's growth is primarily driven by several key factors, including the high prevalence of diseases, increasing government initiatives toward immunization, technological advancements in vaccine administration, and a robust product pipeline for vaccines.
However, the high costs and long timelines associated with vaccine development are expected to present challenges to the market's growth. Despite these challenges, emerging markets are anticipated to offer significant growth opportunities for companies operating in the vaccines market.
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Market Segmentation and Analysis
The global vaccines market is segmented based on disease indication, route of administration, type, and valence. The report provides historical market data for 2019 and 2020, current estimates for 2021, and forecasts for 2028. The study also evaluates industry competitors and analyzes their market share at both global and regional levels.
Indication
The vaccines market is segmented into several disease indications, including COVID-19, pneumococcal disease, influenza, DTP, HPV, meningococcal disease, polio, MMR, rotavirus, hepatitis, and other indications such as varicella, herpes zoster, cholera, and rabies. In 2021, the COVID-19 vaccines segment is estimated to account for the largest share of the total vaccines market, followed by pneumococcal vaccines. The growth of the pneumococcal vaccines segment is primarily driven by the increasing prevalence of pneumococcal diseases like pneumonia, meningitis, and otitis media, the development of quality vaccines such as PPSV23, and initiatives by government organizations to control the outbreak of pneumococcal diseases.
Route of Administration
Based on the route of administration, the intramuscular segment is expected to account for the largest share of the global vaccines market in 2021 and is also projected to grow at the fastest CAGR during the forecast period. The intramuscular route has become increasingly popular due to its ease of administration and quick absorption of vaccines. The COVID-19 pandemic has further accelerated the adoption of this route, with vaccines such as COVISHIELD and COVAXIN being administered intramuscularly.
Type
The vaccines market is categorized into live-attenuated vaccines, inactivated vaccines, subunit & conjugate vaccines, toxoid vaccines, and combination vaccines. In 2021, the subunit and conjugate vaccines segment is expected to account for the largest share of the global vaccines market due to their long-term immunity, high safety, and stability compared to vaccines with other antigens. However, the inactivated vaccines segment is anticipated to grow at the highest CAGR during the forecast period.
Valence
Vaccines are classified as either monovalent or polyvalent (multivalent) based on valence. In 2021, the multivalent vaccines segment is expected to account for the largest share of the global vaccines market. The launch of newer multivalent vaccines, increasing investments by key players in R&D, and technological advancements in production are major factors contributing to this segment's large share.
Geographical Insights
This comprehensive research report also provides a thorough analysis of major geographies, including North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
- North America: In 2021, North America is estimated to account for the largest share of the global vaccines market, driven by the presence of key market players, a high level of public awareness, and substantial government support for vaccination programs.
- Asia-Pacific: 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 about vaccination, and strong government support are driving the growth of this regional segment.
Key Market Players
The global vaccines market is highly competitive, with several key players driving innovation and growth. The major companies operating in this market include:
- 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.)
- AstraZeneca PLC (U.K.)
These companies are actively involved in strategic initiatives such as mergers and acquisitions, partnerships, and collaborations to strengthen their market position and expand their product portfolios.
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Future Outlook
The report provides detailed insights into the future outlook of the vaccines market, answering key questions such as:
- Which high-growth market segments are expected in terms of indication, route of administration, type, valence, and regions/countries?
- 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, and what are the recent developments in the global vaccines market?
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