30 March 2022
Visiongain has launched a new report Vaccine Sales Market Report 2022-2032: Forecasts by Indication (Pneumococcal, Rotavirus, Influenza, Hepatitis, COVID-19, Measles, Mumps & Varicella, Typhoid, Meningococcal, DPT, Others), by Route of Administration (Intramuscular, Subcutaneous, Oral), by Type (Inactivated, Live Attenuated, Toxoid, Recombinant/Conjugate/Subunit), by Distribution Channel (Hospital & Retail Pharmacies, Government Suppliers, Others), by Age Group (Paediatrics, Adults) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Recovery Scenarios.
Global Vaccine Sales Market Outlook
According to Visiongain analysis, Global Vaccine Sales market was valued at US$xx billion in 2021. The global market is expected to witness a CAGR of xx% from 2022 to 2027 and is expected to reach US$xx billion in 2027 from its previous value of US$xx billion in 2022. Visiongain further anticipates that the region will reach US$xx billion in 2032 while growing at a CAGR of xx% from 2022 to 2032.
What are the Market Drivers?
Competitive Pipeline of Major Companies to Boost Market Growth
Another important aspect driving the vaccination market is the competitive pipeline, which includes both big and developing firms' medicines. As a result of the market's size and diversity, companies are having difficulty obtaining regulatory clearance for their goods. The current challenge acknowledged by every organisation is continuous R&D and a focus on delivering fresh items in the market. Novavax, Inovio Pharmaceuticals, and Bavarian Nordic are among the top ten companies with pipeline medicines that are projected to have chances in the near future. Potential pipeline prospects include GSK, Merck, Sanofi, and Pfizer, all of which are likely to increase and contribute favourably to market growth.
Government Support Towards Vaccine Development Across Emerging Economies to Fuel Market Growth
In 2021, the global vaccines market was valued at US$239.38 billion, with COVID-19 vaccines accounting for US$ 176.87 billion. Governments all across the world have been concentrating their efforts on reducing global disease burdens, particularly for vaccine-preventable illnesses. Vaccination has also been seen as the first line of defence in the event of an endemic or pandemic outbreak, which might result in healthcare catastrophes. The increased frequency of illnesses, rising government activities toward vaccination, technical improvements in the vaccine sector, a robust pipeline for vaccines, and the advent of the COVID-19 pandemic are all driving this market's rise. Furthermore, rising epidemic potential, a growing emphasis on therapeutic vaccines, and new markets are projected to provide considerable growth prospects for vaccine providers. Product recalls and insufficient vaccination availability, on the other hand, are projected to stymie the vaccine market's growth.
Technological Advancements Anticipated to Offer Lucrative Growth Opportunities for Vaccine Manufacturers
The advancement in technology has been an important part in the development phase of any kind of vaccine. From the mid-1800s to the mid-20th century, for example, only a small number of fermentation & genetic-based vaccines entered the market. These numbers increased dramatically in the second half of the 20th century, with new vaccines coming onto the market. The booming bioindustry has been stimulating an evolution of biopharmaceutical technology since the 1980s to meet the needs of high yields, high productivity and improved speed and efficiency. In exchange, bioprocess technology's rapid development has further fuelled the growth of the biopharmaceutical industry, including vaccines. The vaccine industry is challenged to develop products of high quality at reduced costs and within shortened timelines. The need to reach the market first stresses the importance of strategies and techniques for rapid process development. Such pressures pushed the vaccine industry into embracing innovative technologies. In addition, shortening process development times would speed up overall timelines for product development of the vaccine and deliver secure and high-quality products to the global market quickly.
High Prevalence of Infectious Diseases
The high prevalence of diseases, such as tuberculosis, cholera, malaria, and hepatitis will ensure strong demand for associated vaccines coupled with research and development activities towards effective products for better adult and paediatric immunization. Currently, vaccines have been developed for 25 diseases, as against 70 types of deadly infectious agents. Over the past year, the U.S. FDA (Food and Drug Administration) has licensed many vaccines to prevent infections, such as KINRIX (GlaxoSmithKline plc.); BioThrax (Emergent BioSolutions Inc.); and Afluria (CSL Limited).
What are the Market Opportunities?
High Growth Prospects in Emerging Markets
There is a huge opportunity for companies in the global vaccines industry from emerging economies all over the world. Governments in emerging economies are taking initiatives to educate the general people about the benefits of vaccination. Along with the government, a number of private companies are organising immunisation campaigns to educate people in remote areas. The worldwide vaccines market is expected to offer significant revenue generation opportunities from developing and low- and middle-income countries throughout the forecast period.
Growing Focus on Therapeutic Vaccines
Due of increased transmission and death rates, the COVID-19 epidemic wreaked devastation over the world. The most effective strategy to reduce mortality and prevent infection is to concentrate heavily on the development of effective therapeutic vaccines. The COVID-19 therapeutic vaccine is currently being researched and developed by VRC (Vaccine Research Center), which might result in new growth possibilities for the therapeutic vaccines industry.
The global need for an effective COVID-19 therapeutic vaccine, as well as the rising number of adaptive trials for successful therapeutic vaccines, is anticipated to boost therapeutic vaccines market growth. During the pandemic, however, therapeutic vaccines that improve the body's immunological system to combat the illness have seen significant increase. The therapeutic vaccines industry is projected to see many possibilities as demand for broad-coverage therapeutic vaccines grows.
COVID-19 Impact Analysis on Vaccine Sales Market
The COVID-19 epidemic has already spread to over all nations across the globe. Manufacturers have been under pressure to enhance production capacities and boost product and commodity availability as a result of the epidemic. Regular vaccination initiatives run by UNICEF, WHO, PAHO, and other organisations have been halted because to the epidemic. In May 2020, as per UNICEF, 99 countries reported ending vaccination efforts for measles/rubella, DTP, meningococcal, polio, and a variety of other antigens.
The suspension of immunisation efforts and a drop in vaccination rates has put a huge strain on healthcare systems, raising death rates and rendering the population more vulnerable to lethal antigens. The ramifications of this scenario would be even more disastrous than the epidemic itself. According to GAVI, stopping vaccinations will result in the non-vaccination of around 13.5 million individuals from developing countries. Also, if the availability of pneumococcal vaccination is reduced, the incidence of pneumococcal illness may rise, resulting in higher death rates.
To summarise, the COVID-19 epidemic has resulted in a dramatic reduction in vaccination use. In poor and middle-income nations, vaccination rates have been slower than in high-income ones. However, the market is expected to expand positively in 2020 as a result of increased spending in disease research and development, particularly COVID vaccines.
Strong Entry Barriers to Challenge Market Growth
Production of vaccines involves high investment costs for research and development, as well as production facilities. It also calls for tremendous know-how. Know-how is hard to acquire and so transition of technology requires a strong collaboration. All these factors build barriers to entry into the development of vaccines. Because of these high entry barriers there are relatively few manufacturers of vaccines compared to manufacturers of other pharmaceutical drugs and products.
Technological Developments in Human Vaccine Development
The business's future will be influenced by technological developments in human vaccine development. The whole process of vaccine development is being simplified as improvements are achieved. This will enable for cost savings and, ideally, a reduction in the time it takes to create these vaccinations.
Progress in therapeutic vaccine research and development will produce breakthrough discoveries and address unmet medical needs. This will also lead to more novel vaccine development methods. New target locations, methods of eliciting an immune response, and delivery methods are all being researched and, in some cases, effectively adopted. More growth is predicted in this area as corporations seek new ways to obtain a competitive advantage over their competitors, which might just be a new technique to deliver an old vaccination.
The costs of producing a vaccine are a significant problem for the human vaccines business. Vaccine development needs a significant amount of effort and skill. Before a vaccine can be sold, it must go through a lengthy development process that includes many trial phases and regulatory approval. This means that a strong emphasis is placed on developing a vaccine with a high market potential and the ability to sell successfully. This might imply that certain diseases will go untreated despite the fact that a vaccination exists. There will be a balance struck between a moral need to treat others well and a business's requirement to make money. This will continue to be an issue in the coming years, and the long-term focus will be on making structural reforms in the business that can reduce prices without compromising vaccination effectiveness and quality.
The government also contributes to the funding of research into the treatment of specific ailments, as well as the addition of vaccinations to national immunisation programmes. This provides a significant boost to pharmaceutical companies' R&D activities. It enables them to speed up their testing or research, as well as develop vaccinations that would otherwise be prohibitively expensive.
For pharmaceutical firms, being a recommended vaccination is also a big incentive. This will enable them to reach a broader potential market while also ensuring that the government would purchase sufficient vaccinations.
North America accounted for US$92.05 billion in revenue in 2021 and is projected to witness a CAGR of 4.02% over the projected period. The market in North America has been steadily growing and dominating due to a variety of reasons, including increased vaccination awareness, the existence of strong manufacturers, and solid government regulations in North American nations. The market value of Asia Pacific is predicted to increase with the highest growth rate of 8.36% over the next five years. The nations in Asia Pacific have varying levels of economic development, resulting in a variety of immunisation techniques.
Japan has significant market share in Asia Pacific. The rising population of nations like China and India is a significant reason driving the demand for vaccines. On the other hand, Europe is expected to have consistent market expansion owing to contributions from high-growth nations such as Germany and France. Latin America and the Middle East and Africa are predicted to expand somewhat faster than the rest of the world, due to rising demand for immunisation to meet the rising incidence of chronic illnesses that need vaccination, particularly in African nations. Furthermore, the government's vaccine implementation efforts are anticipated to boost sales, resulting in a greater market value.
The oligarchic control that the pharmaceutical giants have over the vaccine industry poses as a threat for local vaccine manufacturers that want to enter the market. This threat is further heightened due to the recommendation list released by the CDC in the US and WHO across the world. Both the organizations release their recommended lists of vaccines usually include brand names of the top 5 pharmaceutical giants. This place huge pressure and restraints for the development of vaccines in the developing markets. This might stifle the innovation seen in the industry, where the companies become more afraid to take risks.
Some of the companies profiled in the global vaccine sales market are Bavarian Nordic, Bharat Biotech, CSL Limited, Daiichi Sankyo Co., Emergent BioSolutions Inc., GlaxoSmithKline plc, Inovio Pharmaceuticals, Inc., J&J, Merck Co., Inc., Mitsubishi Tanabe Pharma Corporation, Moderna, Inc., Novavax, Panacea Biotec Ltd., Pfizer Inc., Sanofi, Serum Institute of India Pvt. Ltd., Sun Pharmaceutical Industries Ltd., AstraZeneca PLC, Sinopharm, SINOVAC, and Takeda Pharmaceutical Company Limited among other prominent players. To gain a competitive edge, vaccine sales companies adopt a variety of strategies. These include product launch, partnerships, investment in R&D, mergers & acquisitions, regional business expansion, and facility expansion among others.
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