San
Francisco, Nov 12 According
to a report by Grand View Research, Inc., global vaccine
market is projected to value USD 77.5 billion by 2024. Growing
requirement for immunization against increasing number of fatal diseases is
anticipated to propel demand for vaccines. These vaccines are likely to generate
enough immunity in humans to fight against numerous infections and diseases.
Growing
awareness regarding benefits of immunization coupled with rising demand for
advanced healthcare infrastructure can influence growth of market. Rising
number of fatal infections and geriatric population prone to these infections
attributed to low immunity can augment market growth. Favorable initiatives
from government and non-government
organizations towards development of healthcare infrastructure is likely to
stimulate market growth. Continual development of various molecules to cater to
rising demand for vaccines can fuel market growth during the forecast period
(2013 to 2024).
The vaccine market can be segregated on the
basis of type, application, and region. Based on type, the market can be
categorized into inactivated vaccines, DNA vaccines, attenuated vaccines,
subunit vaccines, conjugate vaccines, toxoid vaccines, and others. Inactivated
vaccines segment is anticipated to dominate the market attributed to benefits
associated with them including high stability and long shelf life.
Similarly,
DNA vaccine segment is anticipated to grow fast over the forecast period owing
to high specificity and reduced risk of integration into genome as compared to
conventional vaccines. In addition, ease of production as compared to
cell-based vaccines and targeted & promising immunization outcomes coupled
with continual technological advancements in biotechnology sector can fuel
growth of segment. Moreover, advantages such as long lasting immunogenicity,
ease of production, and no risk of reversion is estimated to surge demand for
DNA vaccines over the forecast period.
Browse full research report on Vaccine Market:
www.grandviewresearch.com/industry-analysis/vaccine-market
Moreover,
development of new and advanced vaccines for various diseases can augment
market growth. In addition, presence of several pipeline drugs can lead to
growth of market over next few years.
Based
on application, the market can be classified into autism, cancer, infectious
diseases, allergy, and others. Infectious diseases segment is expected to
account for largest market share attributed to rising immunization concerns
against growing number of predominant infectious diseases. In addition, rising
cases of severe diseases such as typhoid, hepatitis, cholera, chicken pox, and
many others are expected to result in growth of market attributed to rising
demand for vaccines for immunization against these diseases.
However,
numerous molecular entities are predicted to go under extensive R&D stages,
which can target immunization against fatal diseases such as Ebola, Hepatitis
C, AIDS, Chagas disease, and norovirus.
On
the contrary, cancer segment is expected to grow fast with CAGR of 11.8 % over
the forecast period. Growing prevalence of various types of cancer such as
colorectal and cervical cancer coupled with high demand for immunization
against cancer can fuel market growth.
Browse more reports of this category
by Grand View Research: https://www.grandviewresearch.com/industry/biotechnology
Regional
segmentation includes Europe, North America, Asia Pacific, Latin America, and
Middle East & Africa (MEA). In 2015, North America dominated the market and
accounted for market share equivalent to USD 12 billion. It is likely to be the
most developed region and can generate market share equivalent to USD 27
billion by 2024. Increasing investments from local companies for research and
development coupled with rising government support for vaccine development can
augment market growth. In addition, established healthcare infrastructure and
advanced facilities available in the region can spur growth of market during
the forecast period.
In
Asia Pacific, the market is anticipated to grow fast during the forecast period
attributed to rising number of geriatric population with unmet clinical needs.
In addition, increasing disposable income coupled with growing awareness
regarding benefits of vaccines can stimulate growth of market in the region.
The region is expected to witness significant growth at CAGR of 10.7% during
the forecast period attributed to rising population base and rising economic
growth of countries such as Japan, China, and India. Moreover, availability of
skilled labor at lower cost and low manufacturing operations cost can offer
platform for clinical trial outsourcing of vaccines under development.
Some
of the leading companies offering vaccines are Emergent BioSolutions, Inc.;
Johnson and Johnson; Pfizer, Inc.; GlaxoSmithKline Plc; and Novartis AG. Most
companies are likely to focus on business expansion to attain higher revenue
share by adoption strategies such as acquisitions and mergers. In addition,
companies are also invest in R&D activities to develop advanced vaccines.
Browse press release of this report
by Grand View Research: www.grandviewresearch.com/press-release/global-vaccine-market
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
For more information:
www.grandviewresearch.com
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