(MENAFN - GetNews) The continued increase in incidences of diseases globally across all demographics, coupled with promising research and development in the healthcare sector, has led to a sustained growth of the vaccine industry, as per a report by Grand View Research. The current COVID-19 pandemic has further highlighted the importance of vaccine manufacturers among the general population.

The global vaccine market size is projected to exceed USD 77.5 billion by 2024, according to a new report by Grand View Research, Inc. The industry is projected to advance at a healthy CAGR of 10.3% over the forecast period. With the rapid growth in the incidences of various diseases globally in recent years, the development of vaccines has become of paramount importance, which has aided the market growth. The development of various molecules to cater to the growing demand for vaccines is expected to drive the market demand. In recent years, there has been an explosion in terms of companies entering the space of vaccine development, with innovative offerings becoming necessary for their survival. Furthermore, the broad coalition of governments worldwide, working to promote the awareness of vaccination benefits through immunization programs, such as the ‘Immunize Australia Program', is expected to stimulate market growth.

The current outbreak of the COVID-19 pandemic has thrust the vaccine industry into the spotlight, as key market players have been researching round the clock to develop high-quality vaccines in sufficient quantities. As of April 2021, the global tally of coronavirus-related deaths stood at almost 3 million, with a surge in cases being observed globally, after a relatively quiet period for the early part of 2021. Notable companies such as AstraZeneca and Pfizer are leading the charge for vaccine development, partnering with a number of research institutes and organizations across the globe to effectively distribute the vaccines. On a general note, immunization against diseases is one of the most critical aspects in healthcare, being required to protect the population from health issues such as tetanus, diphtheria, measles, influenza, and hepatitis. UNICEF and the WHO have published guidelines on developing a national immunization plan, the comprehensive Multi-Year Plan (cMYP) for all nations across the globe. This has been done to ensure equitable access to vaccination facilities for all individuals and increase stakeholder participation in attaining vaccination coverage targets. 

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Vaccine Market Report Highlights

 Vaccination has attained high priority for the infant and child demographics.  Data from the CDC states that by the age of 24 months in the US, 92.6% of children are vaccinated against polio, while 90.8% are immunized against measles, mumps, and rubella; chickenpox vaccination is done for 90.2% of this population

The inactivated vaccine type segment is projected to have a substantial share in the vaccine market over the forecast period, owing to advantages including easy storage and transport due to the highly stable nature of these vaccines

The cancer application segment is expected to witness the fastest growth with a CAGR of over 11.8% in the vaccine market, which can be attributed to the need for immunization against cancer coupled with the increasing prevalence of various types of cancer, such as cervical and colorectal cancers.

Asia Pacific is identified to witness lucrative growth with a CAGR of around 10.7% during the forecast period in the vaccine industry, due to the growing population base and the improved healthcare infrastructure in countries such as China, Japan, and India

The COVID-19 pandemic outbreak has led to massive developments in the vaccine industry, with hundreds of organizations undertaking trials and research in this area. Countries such as the US, India, the UK, France, and Germany, among many others, are involved in the distribution of vaccines, both domestically and internationally. According to Our World in Data, 711 million doses have been given to the general population, with 154 million being fully vaccinated

Leading players in the vaccine industry include Merck & Co., Inc., Emergent BioSolutions, Johnson and Johnson, Sanofi, Pfizer, Novartis, CSL, and GSK. Other players include Abbott Laboratories, AstraZeneca, Janssen Pharmaceuticals, Takeda Pharmaceuticals Company, and Valeant Pharmaceuticals International

In March 2021, AstraZeneca announced that the US Phase III trial of AZD1222 showcased a statistically significant vaccine effectiveness of 79% with regards to preventing symptomatic COVID-19, as well as 100% efficacy at preventing severe disease and hospitalization

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Vaccine Market Segmentation

Grand View Research has segmented the global vaccine market on the basis of type, application, and region:

Global Vaccine Market By Type (Revenue, USD Million, 2013 - 2024)

      Inactivated vaccines
     DNA vaccines
      Attenuated vaccines
      Subunit vaccines
      Conjugate vaccines
      Oil & Gas Industry
      Toxoid vaccines

Global Vaccine Market By Application (Revenue, USD Million, 2013 - 2024)

      Infectious diseases

Vaccine Market By Region (Revenue, USD Million, 2013 - 2024)

      North America
        • The U.S.
        • Canada
        • Germany
        • The U.K.
     Asia Pacific
        • Japan
        • India
     Latin America
        • Brazil
     Middle East & Africa
        • South Africa

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About Grand View Research

Grand View Research is a market research and consulting company headquartered in San Francisco, which offers syndicated research reports, customized research reports, and consulting services. The company's expansive database offers in-depth analysis across a range of industries such as chemicals, F & B, energy, healthcare, and technology, among others.

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