A recent report by Fortune Business Insights projects the value of the world market for vaccines to reach $93.08 billion by 2026, with a Compound Annual Growth Rate (CAGR) of 10.7 percent during the forecast period.1
One of the main drivers of the vaccine market is the need for greater supplies of vaccines, given stricter government vaccination policies. Pharmaceutical companies, government agencies, international organizations and hospitals are becoming more focused on administering vaccines on a regular basis. In addition, government surveillance systems in many countries are driving legislative mandates requiring more and more people to receive vaccines recommended by the state.1
An additional factor driving the vaccine market is a robust pipeline of products. Faced with increasing competition, vaccine manufacturers are under increasing market pressure to get licensure approvals for their products from regulatory agencies. Continuous research and development and launching novel vaccines in the market is the goal of every vaccine maker.
Rising global demand for vaccines against serious diseases such as malaria, dengue and Ebola is offering new business opportunities for many pharmaceutical companies such as Novavax, Inovio Pharmaceuticals and Bavarian Nordic that are among the top 10 firms expecting to have their vaccine products be approved for use in the next few years. Industry leaders GlaxoSmithKline, Merck, Sanofi and Pfizer also have several vaccines under development that may eventually be licensed and contribute to growth of the vaccine market.1
Pediatric vaccines hold the highest market share in terms of value. The potential size of the pediatric vaccines market is largely dependent on two factors—worldwide growing birth cohort and increasing pediatric vaccination doses.1
In 2018, North America generated revenue of $22.03 billion from sales of vaccines and is anticipated to be the dominant revenue-generating continent in the vaccine market through 2026. The Fortune Business Insights report states that steady and dominant growth of the North American vaccines market is expected will be due to increasing vaccine awareness, the presence of strong manufacturers and stricter government public health policies.1