Vaccines Industry is Witnessing Phenomenal Growth

Vaccination administration employs antigenic components, which aid in strengthening an individuals immune system. This process assists in development of adaptive immunity to a pathogen, and thereby prevents morbidity from infection. Vaccination plays an important role in the prevention strategies of infectious diseases adopted by several countries. Demand for vaccines is high in countries susceptible to epidemic diseases, contributing to the significant market growth.

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The emerging vaccines for malaria, dengue, Zika, HIV, Ebola, and other serotypes are expected to propel the market growth in the forthcoming years. In addition, the ongoing vaccination programs and the recommendation doses for respective vaccine in the developing and the under-developed countries have supplemented the market growth.

The global vaccines market is projected to reach $65,148 million by 2023, growing at a CAGR of 10.9% from 2017 to 2023. The conjugate vaccines segment accounted for more than one-third of the global market in 2016.

High prevalence of diseases requiring administration of vaccines and emerging vaccines for different infectious diseases, such as, HIV, dengue, and Zika virus infection, and different technologies employed in the development of effective vaccines are expected to drive growth of the global vaccines market in the future. In addition, focus of governments on immunization programs aids in creating awareness among people about safety and availability of vaccines. However, it takes approximately 11-12 years for a single vaccine to be introduced in the commercial market.

This prolonged procedure of vaccine development restrains the development of new vaccines, thereby hampering the market growth. In addition, high monetary inputs in the development of vaccines decrease their adoption, limiting the growth further.

The pneumococcal disease segment is anticipated to maintain its dominance during the forecast period, accounting for maximum market revenue throughout forecast period, owing to the fact that Streptococcus pneumoniae (a pathogenic bacteria) is the leading cause of infectious diseases globally. In addition, high prevalence of these diseases in pediatric and geriatric population and growth in demand for varied serotype coverage propel growth of this segment. However, human papilloma virus (HPV) indication is growing at the highest CAGR of 12.4% from 2017 to 2023, as it is the most common type of sexually transmitted disease, specifically in women, which causes cervical cancer, the fourth most common type of cancer prevailing in women.

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