Vaccines Market revenue worth USD 96.1 billion by 2028, Says Global Market Insights Inc.
Vaccines Industry is anticipated to register 5.6% CAGR between 2022 and 2028 due to expanding immunization coverage with supportive government initiatives to cater emerging severe infectious diseases including COVID-19.
Selbyville, Delaware, May 09, 2022 (GLOBE NEWSWIRE) —
The vaccines market value is expected to reach USD 96.1 billion by 2028 , according to a new research report by Global Market Insights Inc. Increasing prevalence of infectious diseases along with growing adoption of prophylactic products will create demand for new vaccines.
Growing number of companies involved in the development of effective vaccines for various infectious and chronic disease will foster the vaccines market statistics. Rapid spread of coronavirus across the world has encouraged many companies to develop effective vaccines against COVID-19. Companies like Pfizer, Moderna, J&J, and many others have developed COVID-19 vaccine within a year of the pandemic and have helped reduce the disease burden to a great extent. Apart from helping people, these companies have generated enormous amount of revenues from the sale of COVID-19 vaccines.
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Adult vaccine segment was valued for USD 90.5 billion in 2021. Increased adoption of vaccines among adults for the prevention of various infectious disease will boost the segment forecasts. Increasing efforts by companies to develop novel vaccines for various infectious disease including hepatitis and HIV will create huge growth opportunities. Moreover, increased prevalence of cancer among adults is creating a demand for cancer vaccines, thus pushing the market value.
Some major findings of the vaccines market report include:
- Government initiatives to carry out vaccination drives, and awareness campaigns are pushing the market revenue.
- Rapid spread of infectious diseases and huge funding and R&D investments for development of vaccines will propel industry outlook.
- Increasing adoption of preventive immunization among children and adults along with recommendations from health authorities for routine vaccination will influence the vaccines market revenue.
Browse key industry insights spread across 200 pages with 215 market data tables & 13 figures & charts from the report, “Vaccines Market Size By Age Group (Pediatric, Adult), Disease (Cancer, Hepatitis, Pneumococcal Disease, DTP, Influenza, Human Papilloma Virus, Meningococcal Disease, Polio, Rotavirus, COVID-19), Technology (Conjugate, Live, Inactivated, Recombinant, Toxoid), Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents: https://www.gminsights.com/industry-analysis/vaccines-market
Vaccines market from DTP segment exceeded USD 4.2 billion in 2021 owing to the increasing awareness in the middle and lower-income countries along with improved vaccination rates across the globe. However, as the COVID cases are reducing and the world is getting back to normalcy, there has been improvement in the number of non-COVID related vaccinations including DTP. Furthermore, awareness campaigns and government initiatives will accelerate the industry trends.
Recombinant vaccines segment held more than 30% revenue share in 2021 owing to increasing number of product development and adoption. Development in the genetic engineering and recombinant DNA technology has revolutionized the vaccine development will fuel the industry expansion. Companies have developed effective recombinant vaccines on the diseases such as human papillomavirus (HPV), rotavirus, hepatitis, and meningococcal B among others. Increasing disease burden of hepatitis, and meningococcal B along with increasing adoption of recombinant vaccines will propel the vaccines market growth.
Asia Pacific vaccines market surpassed USD 65 billion in 2021. Asia Pacific region experienced a massive spike in the number of vaccinations in the year 2021 due to the spread of COVID-19 pandemic. The highly populous countries like India and China were among the most affected countries during the pandemic. The surge in the COVID-19 vaccinations in the region has resulted in huge revenue generation in the year 2021. Also, number of companies expanded their operations in the Asian subcontinents.
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Some of the prominent players operating in the vaccines industry include Pfizer, AstraZeneca, GlaxoSmithKline (GSK), Merck, Moderna, and Sanofi Pasteur. Industry players are implementing various strategies such as the product launches, partnerships, and collaboration.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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