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The global vaccines market size stood at USD 119.05 billion in 2022. The market is predicted to rise from USD 78.27 billion in 2023 to USD 122.27 billion by 2030, recording a CAGR of 6.6% from 2023 to 2030.
Fortune Business Insights™ presents this information in its report titled, “Vaccines Market Size, Share & COVID-19 Impact Analysis, By Type (Recombinant/Conjugate/Subunit, Inactivated, Live Attenuated, Viral Vector, mRNA, Toxoid, and Others), By Route of Administration (Parenteral and Oral), By Disease Indication (Viral Diseases {Hepatitis, Influenza, Human Papillomavirus, Measles/Mumps/Rubella, Rotavirus, Herpes Zoster, and Others}, and Bacterial Diseases {Meningococcal Disease, Pneumococcal Disease, Diphtheria/Tetanus/Pertussis, and Others}), By Age Group (Pediatric and Adults), By Distribution Channel (Hospital & Retail Pharmacies, Government Suppliers, and Others), and Regional Forecast, 2023-2030”.
Vaccines are the most effective way to safeguard billions of people globally. An increase in immunization awareness and government initiatives is expected to boost market expansion in the coming years. Increased investments, mergers, and partnerships of companies are boosting the manufacturing and sales of products globally.
Increasing Introduction and Approval of Vaccines Amid Pandemic Fueled Market Growth
The COVID-19 pandemic had a favorable effect on the vaccines market growth. Greater investments for R&D against diseases amid the pandemic supported market expansion. A rise in the introduction and approval of vaccines fueled market growth during the COVID-19 outbreak.
GSK Acquired a Clinical-stage Biopharmaceutical Company, Affinivax, Inc.
In August 2022, GSK acquired a clinical-stage biopharmaceutical company, Affinivax, Inc., predominantly producing new next generation pneumococcal vaccine. The company is focusing on increasing its product portfolio through this acquisition.
Strong Supply of Products and R&D Efforts to Foster Market Growth
A rise in the global supply of products to fulfill the requirements of immunization policies to avoid endemic diseases is fostering market growth. Growing focus on regular immunizations and offering cost-effective immunization to people globally by government foundations, hospitals and pharmaceutical companies is propelling market expansion. Government surveillance in all countries has become active to check that every person is vaccinated at a minimum or no cost. Market growth is driven by increasing government funding and company investments in the R&D sector to introduce novel products.
On the other hand, high costs associated with the per-dose vaccine volume is hampering market growth.
Key Companies Focus on Resolving Unmet Requirements in Eradicating Complex Diseases Through Vaccination
GlaxoSmithKline plc, Sanofi, Pfizer Inc., and Merck & Co., Inc. are some of the leading companies in the market. They have a strong product portfolio and the capability of strategic decisions. These players focus on resolving the unmet requirements in eradicating complex diseases through vaccination. For instance, Prevnar 13 of Pfizer and Polio/Pertussis/Hib of Sanofi are potential products in the market.
Notable Industry Development
List of the Companies Profiled in the Report:
To get a detailed report summary and research scope of this market, click here:
https://www.fortunebusinessinsights.com/industry-reports/vaccines-market-101769
Further Report Findings:
Table of Segmentation
ATTRIBUTE | DETAILS |
Study Period | 2019-2030 |
Base Year | 2022 |
Forecast Period | 2023-2030 |
Historical Period | 2019-2021 |
Growth Rate | CAGR of 6.6% from 2023-2030 |
Unit | Value (USD Billion) |
Segmentation | By Type
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By Route of Administration
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By Disease Indication
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By Age Group
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By Distribution Channel
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By Region
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