Vaccines Market worth $50.42 billion by 2023 | GlaxoSmithKline, Pfizer, Merck & Co, Sanofi Pasteur, CSL Limited & Emergent BioSolutions

According to new research report "Vaccines Market by Disease (Pneumococcal, Influenza, DTP, HPV, Hepatitis, Meningococcal, Rotavirus, Polio, MMR, Varicella, Dengue), Technology (Live, Toxoid, Recombinant), Route (IM/SC, Oral), Patient (Pediatric, Adult), Type - Global Forecast to 2023", the global market is expected to reach USD 50.42 billion by 2023 from USD 36.45 billion in 2018, at a CAGR of 6.7%. The growth of the market is attributed to the rising prevalence of diseases, increasing government and nongovernment funding for vaccine development, and increasing companies initiatives to enhance R&D.

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Conjugate vaccines to dominate the market in 2018

Based on technology, the market is segmented into conjugate vaccines, inactivated and subunit vaccines, live attenuated vaccines, recombinant vaccines, and toxoid vaccines. In 2018, the conjugate segment is expected to account for the largest share of the market. The growth in this market is mainly driven by increasing investments by the government of developing countriesand rising prevalence of infectious diseases.

Based on disease indication, the meningococcal segment is projected to grow at the highest CAGR during the forecast period.

By disease indication, the market is segmented into pneumococcal disease, influenza, DTP, hepatitis, human papillomavirus (HPV), rotavirus, meningococcal disease, MMR (measles, mumps, and rubella), varicella, polio, herpes zoster, dengue, and other disease indications. The meningococcal segment is expected to register the highest rate during the forecast period. The growth in this segment can primarily be attributed to the increasing government investments in meningococcal vaccination programs and high prevalence of meningococcal disease.

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North America to dominate the global market

In 2018, North America is expected to dominate the market. The large share of this geographical segment is attributed to factors such as increasing investments by government organizations and companies to promote immunization as well as develop new vaccines. Europe is expected to hold the second largest share of this market. Factors such as availability of funding and venture capital investments for the development of new vaccines and increasing government initiatives are expected to drive market growth in this region.

The vaccines market is highly competitive with the presence of several small and big players. Some of the players in the market are GlaxoSmithKline plc (UK), Pfizer, Inc. (US), Merck & Co., Inc. (US), Sanofi Pasteur SA (France), CSL Limited (Australia), Emergent BioSolutions, Inc. (US), Johnson & Johnson (US), MedImmune, LLC (US), Astellas Pharma Inc. (Japan), Serum Institute of India (India), Bavarian Nordic (Denmark), Mitsubishi Tanabe Pharma Corporation (Japan), and Daiichi Sankyo Company, Limited (Japan).

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