With 10.8 % CAGR, Vaccines Market Size to surpass USD 125.49 Billion by 2028
Fortune Business Insights
6 min read
Fortune Business Insights
According to Fortune Business Insights, the global Vaccines Market size is projected to reach USD 125.49 Billion by 2028, at CAGR of 10.8% during forecast period; Robust Supply and Rising R&D Activities to Drive Industry Growth
Pune, India, June 09, 2022 (GLOBE NEWSWIRE) -- The global vaccines market size is expected to reach USD 125.49 billion in 2028, exhibiting a CAGR of 10.8% during the forecast period. Rising investments for effective medical products and rising demand for effective vaccination during the pandemic are expected to boost the market growth. Fortune Business Insights™ provides this information in its report titled “Vaccines Market Growth, 2021-2028.” As per the report, the market size stood at USD 55.44 billion in 2020 and USD 61.04 billion in 2021.
Vaccines are extremely useful to fight against several infections and reduce fatalities. It protects people from several infections globally. The rising demand for effective immunization is likely to boost the product’s sales. Rising investments in the development of effective medications are expected to boost the product’s demand. The increasing prevalence of infections and disorders is expected to boost the product’s demand. The geriatric population and children are prone to infections, which, in turn, leads to the adoption of effective vaccination. United Nations Children’s Funds (UNICEF) and Pan American Health Organization (PAHO) supply millions of vaccines to countries that require the vaccine. The rising adoption of medical solutions has led to a sudden decline in the prevalence of several diseases. This factor is expected to boost market growth during the upcoming years.
December 2021: UNICEF announced its COVID-19 Vaccine Market Dashboard for industry, partners, and countries. It is an interactive tool that provides fair and equitable access to countries globally.
Report Scope & Segmentation
Report Coverage
Details
Forecast Period
2021 to 2028
Forecast Period 2021 to 2028 CAGR
10.8%
2028 Value Projection
USD 125.49 Billion
Base Year
2020
Market Size in 2021
USD 61.04 Billion
Historical Data for
2017 to 2019
No. of Pages
156
Driving Factors
Robust Supply and Rising R&D Activities to Drive Industry Growth
The rising prevalence of infections and disorders is expected to strengthen the supply of effective medical solutions. Hospitals, international organizations, government foundations, and pharmaceutical companies focus on providing effective immunization to the global population to reduce diseases and boost medical services’ effectiveness. The Universal Immunization Programme (UPI) provided the pneumococcal conjugate vaccination to approximately 21 lakh children in Bihar and Himachal Pradesh in India. Rising demand for effective immunization solutions from underdeveloped and developing countries is likely to boost vaccine demand. Further, the emergence of several industry players such as Pfizer, Inovio Pharmaceuticals, Nordic, and Novavax are likely to fuel competition and enhance the production of effective vaccinations. These factors are likely to drive the vaccines market growth.
However, higher costs per vaccine are likely to hinder the market's progress during the upcoming years.
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Robust Demand for the Product from the Healthcare Sectors to Boost Market Growth
This market is expected to be positively impacted during the COVID-19 pandemic because of the rising demand for high-quality vaccination from healthcare. The sudden spike in COVID-19 led to the adoption of effective medical solutions. Rising investments in effective medicines’ development are expected to boost its sales. The adoption of effective sanitization methods, production machinery, reduced capacities, and half-capacities may enable manufacturers to recover losses. Further, rising medical expenditures and the presence of several infections may boost industry growth during the pandemic.
Report Coverage
The Vaccines Market report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Market Segmentations:
Segmentation
By Product Type
Recombinant
Inactivated
Live Attenuated
By Route of Administration
Parenteral
Oral
By Disease Indication
Viral Diseases
Bacterial Diseases
Increase in Pediatric Injection Doses Responsible for Majority Market Share
By type, the market is segmented into recombinant/conjugate/subunit, inactivated, live attenuated, and toxoid. As per the route of administration, it is bifurcated into oral and parenteral. Based on disease indication, it is categorized into bacterial diseases and viral diseases. By age group, it is segmented into adults and paediatric. By distributional channel, it is grouped into government suppliers, hospital & retail pharmacies, and others. Geographically, it is clubbed into Europe, North America, Asia-Pacific, Latin America, and the Middle East & Africa.
Presence of Major Manufacturers and Effective Health Welfare Policies to Fuel Market Growth in North America
North America is expected to dominate the vaccines market share because of the presence of major manufacturers and effective health welfare policies. The market in North America stood at USD 29.43 billion in 2020 and is expected to grow positively during the upcoming years. Further, rising awareness regarding the benefits of vaccination is expected to boost the product demand. In addition, rising medical expenditures and the availability of developed medical infrastructure are expected to boost the product’s demand. These factors are likely to boost market growth.
In Asia-Pacific, the presence of heterogeneous economic development classes is expected to boost the product demand. Further, the rising population in India and China is expected to boost the product adoption. These factors are likely to propel industry market development.
List of Key Players Profiled in the Vaccines Market Report
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