The global vaccines market is expected to flourish during the forecast period as the demand for vaccines is rising along with government support for research and development activities. A recent report published by Fairfield Market Research indicates a rise of 10.2% CAGR during the forecast period of 2020 to 2025. The global market is expected to reach US$54,684.8 Mn by 2025 from US$33,572.5 Mn in 2020.
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The rise of infectious diseases, for instance, COVID-19, is bolstering demand for improved vaccines. Therefore, the global vaccines market is expected to attain a 6.5%CAGR in terms of volume. The global vaccines market is expected to reach 5,595.4 Mn doses in 2020 to 7,675.1 Mn doses in 2025.
Stringent regulations and demands from government and regulatory bodies overseeing vaccine safety and quality will boost the demand for a wide range of vaccines in the global market. According to WHO, high-income countries (HICs) account for 82% of global vaccines sales in value terms. HICs are paying higher prices and are expected to implement newer vaccines. PAHO Revolving Fund and UNICEF Supply Division have a significant influence on the market, this allows them to attain vaccines for lower prices as compared to other counties. PAHO acquire for approximately 40 member states and UNICEF acquires for all or some vaccines for up to 100 countries. These factors will likely boost the demand for the global vaccines market.
Rising Demand for Infant Vaccines will Boost Demand for Paediatric Segment
Based on end user, the paediatric segment is expected to flourish as it accounted for the majority of the share. Increased demand for DPaT vaccines, MMR vaccines, and BCG vaccines for infants will boost the demand in this segment. Increasing births and solid infant immunization programs are also expected to boost this segment in the coming years.
Based on technology, the pneumococcal conjugate vaccine (PCV) segment will likely dominate the global market with rising investment and support from governments. According to WHO, another 42 countries are likely to include PCV in their immunization program to prevent meningitis and pneumonia. Addition of densely populated countries to the PCV immunization program is also projected to boost the market’s revenue generation capacity.
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Asia Pacific to Stay Ahead as India Becomes Key Supplier of COVID-19 Vaccine
North America is expected to lead the global vaccines market as this region has a high prevalence of infectious diseases. For instance, meningococcal, Varicella and Influenza vaccines have a higher value in this region. This region is also witnessing increased investments from government and non-government organizations for vaccine development.
The vaccines market in Asia Pacific is expected to play a significant role in how the global market shapes. With significant production of COVID-19 vaccine in India, the country stands at the fulcrum of changing the game by being the key supplier. Serum Institute of India Pvt. Ltd. and Bharat Biotech are expected to tip the balance in favour of Asia Pacific, giving the region’s vaccines market a new high.
Key Players are Adopting Strategies to Maintain Demand and Supply Balance
Only a few key players meet the international standards of quality determined by WHO. Owing to this, the global vaccines market is oligopolistic in nature. The limited number of vaccines suppliers and production capacities will affect the demand and supply balance in many individual vaccines markets, predicts research report.
The key players operating in the global vaccines market are Sinopharm, Serum Institute of India Pvt. Ltd., Novavax, Moderna, Mitsubishi Tanabe Pharma Corporation, Emergent BioSolutions Inc. and CSL Limited (Seqirus).
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