The vaccines market excluding COVID is expected to reach $81 billion by 2028, growing at a CAGR of 7.2% from 2021 to 2028
Redding, California, Oct. 26, 2021 (GLOBE NEWSWIRE) -- According to a new market research report titled “Vaccines Market by Indication (Pneumococcal, Influenza, Rotavirus, Hepatitis, COVID-19), Route of Administration (Intramuscular, Subcutaneous, Oral), Type (Inactivated, Live Attenuated, Subunit Vaccines), Valence (Multivalent, Monovalent) - Forecast to 2028”, published by Meticulous Research®, the vaccines market is valued at $187 billion in 2021, with COVID-19 vaccines contributing $137 billion. Due to the COVID-19 pandemic, there has been a surge in demand for vaccines to combat the pandemic. The majority of the global population is getting vaccinated for the virus. The vaccines market excluding COVID is expected to reach $81 billion by 2028, growing at a CAGR of 7.2% from 2021 to 2028.
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A vaccine is a biological preparation that provides active acquired immunity to a particular infectious disease. Vaccines activate the immune system without making us sick. Many dangerous infectious diseases can be prevented in this simple and effective way. Also, immunization is a way to build our body's natural immunity to a disease. High prevalence of diseases, increasing government initiatives towards immunization, technological advancement in the vaccine industry, a strong pipeline for vaccines, and the emergence of the COVID-19 pandemic is propelling the vaccines market. In addition, increasing epidemic potential, growing focus on therapeutic vaccines, and emerging markets are expected to offer significant growth opportunities for players operating in the vaccines market.
Over the last decade, the field of vaccine development has received huge support from the pharmaceutical industry and governments due to successful vaccination programs that helped eradicate infectious diseases, such as chickenpox and polio, globally. Vaccines are one of the most powerful and cost-effective health interventions available. Yet many preventable diseases still cost millions of lives and billions of dollars every year. The emergence of the COVID-19 pandemic has led to the expansion of the vaccines market.
Impact of COVID-19 on the Vaccines Market
As the COVID-19 contagion swept the globe, governments and medical regulators speeded up the vaccine development process. Although vaccine development traditionally requires years to complete the necessary testing, governments and medical regulators are speeding up vaccine development due to the severity of the pandemic.
As of July 2021, approximately 108 COVID-19 vaccines were in the clinical development phase, and 184 vaccines were in their pre-clinical development stage, while 21 vaccines were already approved (Source: WHO). The FDA has granted the ‘fast track’ status to several promising products. On 13th July 2020, the FDA announced that Pfizer and Biopharmaceutical New Technologies (BioNTech) earned the ‘fast track’ designation for two COVID-19 vaccines, and as of December 2020, Britain's medicines regulator, the MHRA, approved the Pfizer/BioNTech coronavirus vaccine for mass vaccination.
The vaccines market study presents historical market data in terms of values (2019 and 2020), estimated current data (2021), and forecasts it for 2028 - by Indication (Influenza, Rotavirus, and DTP Vaccines), route of administration (intramuscular, subcutaneous, and oral), type (conjugate vaccines and live attenuated vaccines), and valence (multivalent and monovalent vaccines).
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Based on disease indication, in 2021, the COVID-19 vaccines segment is estimated to account for the largest share of the overall vaccines market. With the rise in coronavirus cases globally, joint efforts by organizations and companies in speeding up the vaccine development are contributing to the large share.
The pneumococcal vaccines segment followed COVID-19 vaccines for the largest share of the overall vaccines market in 2021 due to rising incidence of pneumococcal diseases like pneumonia, meningitis, febrile bacteremia, otitis media, and sinusitis; development of quality vaccines such as PPSV23; and initiatives by government organizations and private sectors to prevent and control the outbreak of pneumococcal diseases. However, the influenza vaccines segment is expected to grow at the fastest CAGR due to rising awareness regarding the importance of influenza vaccination, growing government involvement in vaccination against influenza, and increasing clinical trials.
Based on administration route, the intramuscular vaccine segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment is due to the ease of intramuscular administration and quick absorption of vaccines administered through this route. Further, the COVID-19 pandemic is contributing to its large share as many of the COVID-19 vaccines like the COVISHIELD and COVAXIN launched are being administered through this route.
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Based on valence, vaccines are classified as monovalent or polyvalent (multivalent). In 2021, the multivalent vaccines segment is estimated to account for the larger share of the overall vaccines market and is slated to grow fastest with a CAGR during the forecast period. The growing launch of innovative multivalent vaccines and increasing investments by key players in the R&D of multivalent vaccines are propelling the segment growth.
The report also includes an extensive assessment of the key strategic developments that leading market participants have adopted over the past four years (2018–2021). In recent years, the vaccines market has witnessed several approvals, agreements, collaborations, partnerships, expansions, and acquisitions. For instance, in June 2021, Sanofi (France) collaborated with Translate Bio (U.S.) to initiate Phase 1 clinical trials to evaluate an mRNA-based investigational vaccine against seasonal influenza.
In February 2021, GlaxoSmithKline plc (U.K.) collaborated with CureVac N.V. (Germany) to develop next-generation mRNA vaccines for COVID-19. Also, in February 2021, USFDA granted Emergency Use Authorization (EUA) for the single-dose COVID-19 vaccine developed by the Janssen Pharmaceutical Companies of Johnson & Johnson for use in individuals aged more than 18 years.
The vaccines market is a highly consolidated market with major players, such as Sanofi (France), Merck & Co., Inc. (U.S.), GlaxoSmithKline plc (U.K.), Pfizer Inc. (U.S.), Johnson & Johnson (U.S.), Daiichi Sankyo Co., Ltd. (Japan), Takeda Pharmaceutical Company Limited (Japan), CSL Limited (Australia), Emergent BioSolutions Inc. (U.S.), and AstraZeneca PLC (U.K.) among others.
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Scope of the Report:
Vaccines Market, by Indication
Human Papilloma Virus (HPV)
(Note: Other indications include varicella, herpes zoster vaccines, chlorella, severe acute respiratory syndrome, and rabies diseases)
Vaccines Market, by Route of Administration
Other Routes of Administration
(Note: Other routes of administration include intradermal, transcutaneous, and nasal)
Vaccines Market, by Type
Live Attenuated Vaccines
Subunit and Conjugate Vaccines
Vaccines Market, by Valence
COVID-19 Vaccines Market
COVID-19 Vaccines Market Size and Forecast
Initiatives for Coronavirus Vaccine Development
Authorized Vaccines & Phase 3 Vaccine Candidates
COVID-19 Vaccine Pipeline Analysis
Purchase Data for COVID-19 Vaccines
Vaccines Market, by Geography
Rest of Europe (RoE)
Rest of APAC (RoAPAC)
Middle East & Africa
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Amidst this crisis, Meticulous Research® is continuously assessing the impact of COVID-19 pandemic on various sub-markets and enables global organizations to strategize for the post-COVID-19 world and sustain their growth. Let us know if you would like to assess the impact of COVID-19 on any industry here- https://www.meticulousresearch.com/custom-research
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