According to the latest report “Vaccine Market by Age Group (Pediatric, Adult), Disease (Cancer, Hepatitis, Pneumococcal Disease, DTP, Dengue, Influenza, Human Papilloma Virus, Meningococcal Disease, Polio, Rotavirus), Technology (Conjugate, Live, Inactivated, Recombinant, Toxoid), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of vaccine will cross $81.5 billion by 2026. Increasing innovative breakthroughs will augment market growth.
Growing development and awareness about preventable vaccines is a notable driving factor of the vaccine market. For instance, The National Immunization Program (NIP) introduced in 1997 is aimed to reduce the prevalence of preventable diseases by increasing national immunization coverage. Although vaccination coverage is increasing, infectious diseases are one of the major causes of disability, illness and death. The prevalence of pathogenic infectious conditions offers unprecedented opportunities for the market due to its efficiency against such diseases. Thus, frequent outbreaks of debilitating infections will expand the market’s potential.
Currently, vaccine immunization programs in the U.S. target approximately 17 preventable diseases. Vaccines are considered as most-effective clinically proven preventive treatment. Rising immunization led by the advantages including minimized indirect costs associated with diseases and direct healthcare costs will boost the market revenue.
The adult vaccine market was valued more than USD 17.5 billion in 2019. An increasing risk of infections and comorbidities among adults will influence demand for vaccines. According to the Centers for Disease Control and Prevention, over 300,000 people suffer from pneumococcal pneumonia leading to 150,000 hospitalizations each year. Furthermore, the human papilloma virus in adults is responsible for about 27,000 cancer cases every year. Hence, the increasing supply of vaccines pertaining to rising disease prevalence will fuel market expansion.
The hepatitis disease segment is expected to witness around 12.9% growth rate till 2026. As per the Centers for Disease Control and Prevention, there are about 1.4 million people affected with hepatitis and related conditions including liver cancer in the U.S., owing to the increasing demand and availability of hepatitis vaccines.
Recombinant technology held more than 21% of the vaccine market share in 2019. Increasing research and development in recombinant DNA technology has offered immense growth potential for recombinant DNA vaccines. It consists non-replicating plasmids that induces strong long-term immune response against pathogens. Recombinant vaccines avoid the risk of toxoids reversal into toxic form and co-purification of undesired contaminants.
Europe vaccine market accounted for 28% of revenue share in 2019 on account of expanding R&D activities coupled with increasing healthcare expenditure. Due to COVID-19 outbreak, firms are undertaking developmental activities to provide effective vaccines that will enhance market potential in the region. Additionally, government efforts in managing manufacturing and distribution of vaccines will further propel the regional growth.
Major players operating in the vaccine market include GlaxoSmithKline, Abbott Laboratories, Merck, AstraZeneca, Johnson & Johnson and Pfizer among other players. These companies are focusing on implementation of various strategies such as product innovations and partnerships to gain competitive advantage for business expansion. For instance, in April 2020, Sanofi and GlaxoSmithKline (GSK) signed a collaboration agreement for the development of an adjuvant COVID-19 vaccine. Such partnerships and collaborations will strengthen a firm’s ability to grow in the market.
