The growing demand for improved healthcare infrastructure and widespread awareness of the vaccine’s benefits are the primary factors driving the market’s growth. Governments the world over are working to ensure that every stratum of society, regardless of social or economic status, has access to vaccination. In May 2012, the WHO launched the ‘Global Vaccine Action Plan (GVAP),’ which was authorized by the World Health Assembly’s 194 member states. This plan aims to strengthen routine immunization in order to prevent the spread of communicable diseases by conducting periodic assessments to assess progress toward meeting national vaccination coverage target goals. The involvement of government and non-government organizations that are gaining prominence in this field is expected to significantly boost the vertical. UNICEF and the WHO have published guidelines for developing a national immunization plan, dubbed the comprehensive Multi-Year Plan (cMYP) for all nations worldwide, with the goal of ensuring equitable access to vaccination facilities for all individuals and increasing stakeholder participation in achieving vaccination coverage targets through the design and implementation of financially feasible strategies. Global vaccination coverage, 2014. The percentage of global immunization coverage is shown above. Global immunization coverage has been steadily increasing, resulting in a lucrative growth of the market. For example, 115 million infants worldwide received the Diphtheria, Pertussis, and Tetanus (DPT3) vaccine in 2014, and approximately 129 countries have achieved nearly 90% vaccination coverage for DPT3.
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Vaccines come in a variety of forms, including inactivated, attenuated, toxoid, subunit, conjugate, recombinant vector, and DNA. Due to the benefits associated with inactivated vaccines, such as a long shelf life and high stability, the segment is expected to dominate the market. DNA vaccines are expected to grow at the fastest rate during the forecast period, owing to their high specificity and low risk of integration into the genome when compared to other traditional vaccines.
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