The Vaccines Market is valued at $187 billion in 2021, with COVID-19 vaccines contributing $137 billion. A vaccine provides controlled exposure to a pathogen. Governments across the globe have been heavily focusing on minimizing the global disease burden, specifically for vaccine-preventable diseases. Vaccination has also been considered the first line of defense to avoid an endemic and pandemic situation leading to healthcare emergencies.
The growth in this market is majorly driven by the high prevalence of diseases, increasing government initiatives towards immunization, technological advancements in the vaccine industry, a strong pipeline for vaccines, and the emergence of the COVID-19 pandemic. 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. However, product recalls and inadequate access to vaccines are the key factors expected to hinder the growth of the vaccines market.
COVID-19 Impact Assessment
The sudden outbreak of COVID-19 since November 2019 led to a rise in mortality rates globally. Overall, 31% of cases, 45% of hospitalizations, 53% of ICU admissions, and 80% of deaths associated with COVID-19 were among adults aged 65 years and over, with the highest percentage of severe outcomes among persons aged 85 years and over.
With the rise in overall confirmed cases, the global population eagerly awaited a vaccine capable of combating the virus. The rising demand for coronavirus vaccines is expected to fuel the growth of the vaccine industry. Although vaccine development traditionally required years to complete the necessary testing, governments and medical regulators speeded up vaccine development due to the severity of the pandemic. As of 27th July 2021, approximately 108 COVID-19 vaccines were in the clinical development phase, and 184 vaccines were in the pre-clinical development stage, while 21 vaccines were already approved states WHO.
Several initiatives have been undertaken by organizations, governments, and vaccine manufacturers to progress vaccine development and its distribution. The World Health Organization collaborated with scientists, businesses, and global health organizations to speed up the pandemic response through the ACT Accelerator. In March 2020, Operation Warp Speed (OWS) was launched by the U.S. government. OWS was commissioned to produce and deliver 300 million doses of safe and effective COVID-19 vaccines by January 2021. The COVAX initiative was launched in April 2020, which is a part of the World Health Organization’s (WHO) Access to COVID19 Tools (ACT) Accelerator, which is being spearheaded by the Coalition for Epidemic Preparedness Innovations (CEPI); Gavi, the Vaccine Alliance; and the WHO. The goal was to work with vaccine manufacturers to offer low-cost COVID-19 vaccines to countries.
Thus, all the above collaborative efforts are expected to increase coronavirus vaccines' production in the upcoming years, thereby propelling the overall vaccines market growth.
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Technological Advancements in Vaccine Administration
Vaccine technology has evolved significantly during the last decade, profoundly changing the future of vaccine development. The introduction of genetic engineering has fueled many advances in vaccine development programs, leading to new products. Various virus vaccines that use the attenuated form of the virus have been developed through these methods. Also, new technologies enable the faster detection of viruses and allow for concentration levels to be kept high enough to generate an immune response.
Recent vaccine technologies are largely driven by the need to accelerate response times against emerging threats and make vaccines available for quick deployment. The increasing need to develop vaccines against difficult targets and improve delivery systems for maximum potency is also at the focus of innovation in the vaccine industry. The development of synthetic vaccine candidates, genomic analysis of disease progression and vaccine response, structure-based antigen design, and nanoparticle delivery systems are a few of the technological advancements in vaccine delivery.
Therefore, technological advancements are expected to drive the emergence of new and more effective vaccines for various new indications, fueling the growth of the vaccines market.
Long Timelines of Vaccine Manufacturing Hinder the Growth of the Vaccines Market
Due to the complexity of production and associated procedures, vaccine development is considered a costly, complex, and time-consuming procedure, often lasting for about 10–15 years. During production, outcomes may vary significantly due to infinite combinations of biological materials, microorganisms, equipment used, environmental conditions, and the steps followed during culturing. Also, the reagents and the methods used to monitor culture characteristics increase the complexity of the process, lengthening manufacturing timelines.
Further, product approvals from regulatory authorities require additional time as the authorities analyze the quality and efficacy of the product and the process through which the product has been created. The vaccines enter clinical trials after the manufacturers present adequate pre-clinical data on the vaccines’ safety to validate the vaccines' activity in humans. Even after approval, vaccine batches are tested for safety and stability each year to ensure adherence to the regulatory guidelines. Moreover, the longer the timelines, the higher the cost of manufacturing, which limits the entry of new manufacturers, thereby hindering the market’s growth.
Key Findings in the Global Vaccines Market Study:
The influenza segment is estimated to register the fastest growth in the vaccines market
Rising awareness regarding the importance of influenza vaccination, rise in the government efforts for vaccination against influenza, and increasing clinical trials support the demand for influenza vaccines globally.
The intramuscular route of vaccine administration to register the fastest growth in the vaccines market
The ease of intramuscular administration and quick absorption of vaccines administered through the intramuscular route is propelling the segment. Further, the COVID-19 pandemic is contributing to the segment growth as many of the COVID-19 vaccines which are launched are being administered through this route.
Multivalent vaccines to dominate the global vaccines market
The launch of new multivalent vaccines, increasing investments by key players in the R&D of multivalent vaccines, and the technological advancements in multivalent vaccine production are the major factors attributed to the large share of this segment in the vaccines market.
Asia-Pacific: Fastest-growing Regional Market
North America is estimated to command the largest share of the global vaccines market in 2021, followed by Asia-Pacific, Europe, Latin America, and the Middle East & Africa. However, Asia-Pacific will be the fastest-growing regional market due to the increase in the emergence of infectious diseases, a large population of patients suffering from diseases, rising public awareness for vaccination, and governmental support towards immunization.
Key Players
The report includes a competitive landscape based on extensive assessment of the key strategic developments that market participants have adopted over the past four years. The key players profiled in the global vaccines market report are 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.).
Scope of the Report:
Vaccines Market, by Indication
- Pneumococcal Diseases
- Influenza
- Human Papilloma Virus (HPV)
- DTP
- Meningococcal Disease
- MMR
- Rotavirus
- Poliomyelitis (Polio)
- Hepatitis
- Other Indications
(Note: Other indications include varicella, herpes zoster vaccines, chlorella, severe acute respiratory syndrome, and rabies diseases)
Vaccines Market, by Route of Administration
- Intramuscular
- Subcutaneous
- Oral
- Other Routes of Administration
(Note: Other routes of administration include intradermal, transcutaneous, and nasal)
Vaccines Market, by Type
- Live Attenuated Vaccines
- Inactivated Vaccines
- Subunit and Conjugate vaccines
- Toxoid Vaccines
- Combination Vaccines
Vaccines Market, by Valence
- Monovalent
- Polyvalent (Multivalent)
COVID-19 Vaccines Market
- Prevalence
- 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
- Vaccination Coverage
Vaccines Market, by Geography
- North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- Japan
- India
- Rest of APAC (RoAPAC)
- Latin America
- Middle East & Africa
Key questions answered in the report: