The value of the vaccine market will reach $50.42 billion by 2023 from $36.45 billion in 2018, at a Compound Annual Growth Rate (CAGR) of 6.7 percent, according to recently published report by private research firm MarketsandMarkets of India.1
The report provides an overview of the global vaccine market estimating the market size and potential for future growth by vaccine and in other categories, as well as provides an analysis of competition for market share between leading vaccine manufacturers, their company profiles, and market strategies. Listed as potential factors influencing projected financial growth in the global vaccine industry are the rising prevalence of diseases, more government and non-government organization funding for vaccination programs, and initiatives by vaccine manufacturers to step up research and development (R&D) of new vaccines.
However, the report also indicates that the vaccine market may face some obstacles due to the increasing costs of vaccine development.
In the analysis, vaccines are categorized by monovalent (single strain) and multivalent (multiple strains) and there is a prediction that monovalent vaccines will lead the market. Targeted diseases include pneumococcal, influenza, diphtheria, tetanus and pertussis (DPT), hepatitis, human papillomavirus (HPV), rotavirus, meningococcal disease, measles mumps and rubella (MMR), varicella, polio, herpes zoster, dengue and others.
Of all disease indications, pneumococcal is forecasted to account for the largest share of the market due to government investment in pneumococcal vaccine programs and a projected increase in the incidence of pneumococcal disease.
The North American region is forecasted to account for the largest share of the global vaccine market followed by Europe; however, Asia is projected to experience the highest CAGR.