Global Vaccines Market to witness growth of 9% CAGR from 2017 to 2024

The research report “Global Vaccines Market Size By Age Group (Pediatric, Adult), By Technology (Attenuated, Toxoid, Conjugate, Inactivated & Subunit, Recombinant,), By Disease (Cancer, Hepatitis, Pneumococcal Disease, DTP, Dengue, Influenza, Human Papilloma Virus, Meningococcal Disease, Polio, Rotavirus), Regional Outlook (U.S., Canada, Germany, UK, Spain, Russia, Italy, France, China, Japan, India, Indonesia, Australia, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, UAE, Qatar, Egypt), Technology Development, Competitive Landscape & Forecast, 2017 – 2024” by Global Market Insights, Inc. says, Global Vaccines Market size is set to exceed USD 65 billion by 2024.

Introduction of innovative technologies in vaccination, rising government support for product development will stimulate global vaccines market growth over the coming years. Growing awareness towards preventive vaccination in pediatric and increasing adoption of therapeutic vaccines in cancer treatment will fuel industry growth.

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Increasing disease prevalence in underdeveloped countries coupled with growing incidence of cancer & HIV will serve as high impact rendering factor for the business growth. High cost and inadequate reimbursement coverage for vaccines will hamper industry expansion. Moreover, stringent government regulations for product approval will further restrain business growth.

Pediatric will grow at a significant rate over the forecast period owing to CDC recommendation for immunization schedule to protect children and infants before getting exposed to potentially life-threatening diseases.

Attenuated vaccines will grow at a substantial rate over the forecast period pertaining to factors such as robust antibody and cellular responses, and frequently deliberate lifelong immunity with only one or two doses.

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Influenza will witness considerable growth due to growing incidence, mounting number of disease-causing microbes (pathogens) and rising awareness in emerging economies towards disease prevention. Availability of vaccines at affordable prices in hospitals and clinics will augment the segment growth.

U.S. vaccines market will witness significant growth over the forecast period pertaining to enormous impact of immunization on improving health of children and protecting them with vaccines due to epidemics of preventable diseases like mumps, pertussis, and measles.

India will witness lucrative growth due to improved efficiency of immunization programs and technological advancements in vaccine storage and transport. Rising per capita income, improved healthcare infrastructure and growing healthcare expenditure will promote business growth.

China vaccines market will grow at a substantial rate owing to rising disposable income, rapid economic growth, rising number of unvaccinated migrant workers, and delivery of efficient healthcare services.

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Brazil vaccines market will growth at a considerable rate over the coming years. Availability of vaccines at low cost and rising initiatives by Brazilian government to improve vaccination coverage will stimulate steady business expansion.

Some of the companies operating in industry are Abbott, AstraZeneca, Astellas Pharma, Bristol-Myers Squibb, CSL, Emergent BioSolutions, GlaxoSmithKline, Johnson & Johnson, Merck & Co., Novartis, Novavax, Pfizer and Sanofi Pasteur.

New product launches and expansion of existing product portfolio will mainly drive the business growth. Major industry participants will endeavor to fortify their market position by adopting these strategies.

Browse Related Reports:

Preventive and Therapeutic Vaccine Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Russia, China, India, Japan, Malaysia, Thailand, Indonesia, Australia, Brazil, Saudi Arabia, UAE, South Africa), Application Growth Potential, Competitive Market Growth & Forecast, 2017 – 2024

https://www.gminsights.com/industry-analysis/preventive-and-therapeutic-vaccine-market

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