Vaccine Sales market is projected to grow at a CAGR of 2.9% by 2033: Visiongain
Visiongain has published a new report entitled Vaccine Sales Market Report 2023-2033: Forecasts by Type (Inactivated, Live Attenuated, Toxoid, Recombinant/Conjugate/Subunit), by Application (Pneumococcal, Influenza, Hepatitis, Meningococcal, COVID-19, Others), by Route of Administration (Intramuscular, Subcutaneous, Oral), 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 Impact and Recovery Pattern Analysis.
The vaccine sales market was valued US$126.2 billion in 2022 and is projected to grow at a CAGR of 2.9% during the forecast period 2023-2033.
High Cost of Vaccine Development Projected to Hamper Industry Growth
Vaccine development is an extremely capital-intensive process. Vaccines are the most expensive pharmaceutical product to store and distribute because they require monitoring devices and specialised equipment. Inadequate storage and distribution facilities can diminish the effectiveness and quality of vaccines. The entire development process, which lasts ten to fifteen years and costs between $850 million and $1 billion, starts with in vitro research and ends with commercialization. Additionally, manufacturers find it challenging to control operational expenses and secure initial funding due to the low success rate of vaccine development. As a result, high cost of vaccine development is anticipated to hamper industry growth over the forecast period.
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How has COVID-19 had a Significant Impact on the Vaccine Sales Market?
The COVID-19 situation is dynamic, and the actual impact on the vaccine industry in 2023 could vary depending on a number of factors, such as the global epidemiological situation, technological advancements, and policy decisions made by governments and health organisations. It is anticipated that development and production of COVID-19 vaccines will continue in 2023. The vaccine industry will likely focus on developing updated versions of existing vaccines or booster shots to combat the emergence of new virus variants.
In 2023, widespread vaccination campaigns may still be ongoing in a number of nations, despite the fact that a great number of nations have already launched such campaigns. Governments and health organisations will likely continue to prioritise vaccine distribution and administration in an effort to increase population immunity and contain the virus’s spread.
Although global vaccine production has increased, ensuring equal access to vaccines remains a challenge. Efforts to improve vaccine availability and distribution will likely continue in 2023, particularly in low-income countries and regions with limited access to vaccines.
In 2023, the demand for COVID-19 vaccines may change. Some nations may transition from mass vaccination campaigns to targeted vaccination strategies. In addition, the demand for vaccines may be affected by factors such as vaccine efficacy against emerging variants, public perception shifts, and vaccine reluctance.
How will this Report Benefit you?
Visiongain’s 364-page report provides 140 tables and 199 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the vaccine sales market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Vaccine Sales. Get financial analysis of the overall market and different segments including type, application, route of administration, distribution channel, age group, and capture higher market share. We believe that there are strong opportunities in this fast-growing vaccine sales market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Patient-centric Approach to Develop Robust Vaccine Projected to Spur Industry Growth
The patient-centric approach used to develop efficient and robust solutions during the pandemic is one of the many elements causing disruption in the vaccination industry. By utilising the skills and extensive knowledge of innovation leaders, major industry players are sharing the next-generation vaccination platforms, creating a win-win situation that helps to break down the obstacles to competition.
Coalition of Government Bodies to Raise Vaccination Awareness to Boost Industry Growth
It is anticipated that the market growth will be influenced by the large global coalition of governments working to raise public awareness of the advantages of vaccinations through immunisation programmes with the aim of containing the spread of communicable diseases that are linked to high morbidity and mortality.
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Where are the Market Opportunities?
Immense Opportunity from Emerging Economies to Offer Lucrative Growth Prospects for Market Players
For the companies operating in the global vaccines market, there is an immense opportunity from emerging economies across the globe. In the emerging economies, government is taking steps to educate the general public regarding the pros of vaccination. Along with the government, several companies are also organizing immunization activities in order to educate the people across rural regions. Over the forecast period, the global vaccines market is projected to offer lucrative revenue generation avenues from the developing and low & middle income regions.
Technological Advancements to Offer Tremendous Growth Opportunities Over the Forecast Period
As new technology and methods are developed by mid-sized to large enterprises to address a variety of chronic conditions, there will be tremendous growth in the upcoming years. The development of nucleic acid-based vaccines, which have demonstrated considerable promise in the treatment of HIV & cancer, is one field of promising study. Companies are also looking into developing vaccinations for diseases like diabetes, respiratory syncytial virus (RSV), and asthma that have not yet been the subject of vaccine development. Companies will be able to make significant progress in producing vaccines for additional disease areas while saving time and resources by utilising platforms and models created for the COVID-19 vaccine development.
The major players operating in the vaccine sales market are AstraZeneca, Bavarian Nordic, Bharat Biotech, CSL, Daiichi Sankyo, Inc., Emergent BioSolutions Inc., GSK plc, INOVIO Pharmaceuticals, Johnson & Johnson Services, Inc., Merck & Co., Inc., Mitsubishi Tanabe Pharma Corporation, Moderna, Inc., Novavax, Panacea Biotec, Pfizer Inc., Sanofi, Serum Institute of India Pvt. Ltd., Sinopharm, SINOVAC, and Takeda Pharmaceutical Company Limited. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
- On 6th April 2023, Moderna, Inc. and Merck announced that mRNA-4157/V940, an investigational personalized mRNA cancer vaccine, in combination with KEYTRUDA, Merck’s anti-PD-1 therapy, has been granted Priority Medicines (PRIME) scheme designation by the European Medicines Agency (EMA) for the adjuvant treatment of patients with high-risk stage III/IV melanoma following complete resection. The EMA granted PRIME scheme designation based on positive data from the Phase 2b KEYNOTE-942/mRNA-4157-P201 trial.
- On 15th February 2023, Emergent BioSolutions entered into an agreement to sell its travel health business to Bavarian Nordic (BVNRY) for a total value of up to $380 million, including potential future milestone payments. Under the terms of the definitive agreement, Bavarian Nordic will acquire the rights to VIVOTIF®, indicated for the active immunization to prevent typhoid fever, and VAXCHORA®, indicated for the active immunization to prevent cholera, as well as the development-stage chikungunya vaccine candidate CHIKV VLP. Bavarian Nordic will also acquire Emergent’s manufacturing site in Bern, Switzerland, and development facilities in San Diego, California. Approximately 280 current Emergent employees are expected to join Bavarian Nordic as part of the transaction.
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To find more Visiongain research reports on the Pharma sector, click on the following links:
- Vaccine Contract Manufacturing Market Report 2023-2033
- Meningococcal Vaccines Market Report 2023-2033
- RNA Based Therapeutics and Vaccines Market Report 2022-2032
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