The
vaccines market is expected to reach USD 50.42 billion by 2023 from USD 36.45 billion
in 2018, at a CAGR of 6.7%. Rising prevalence of infectious diseases,
increasing government and nongovernment funding for vaccine development, and increasing
companies initiative to enhance vaccine R&D are the factors driving the
growth of the market. The increasing number of immunization programs in
emerging regions is also providing an impetus to the vaccines market.
Partnerships,
agreements, contracts, and collaborations accounted for the largest share of
the overall growth strategy mapped from 2015–2018. Some of the leading players
who adopted this strategy are Pfizer, Inc. (US), GlaxoSmithKline, plc (UK), Sanofi
Pasteur SA (France), and Merck & Co., Inc. (US).
Key Players of Vaccines Market:
The
vaccines market is highly competitive with several big and small players. Prominent
players in this market include 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,
Bavarian Nordic (Denmark), Mitsubishi Tanabe Pharma Corporation (Japan), and
Daiichi Sankyo Company, Limited (Japan).
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In
2017, GlaxoSmithKline plc dominated the vaccines market. The company has
managed to create a unique identity in this market due to its robust product
portfolio and large geographic presence. In addition, the company also focuses
on organic and inorganic growth strategies such as collaborations and
agreements. For instance, in July 2016, the company collaborated with the
Vaccine Research Center at the National Institutes of Health (NIH) (US) to
evaluate a new vaccine for Zika known as SAM (self-amplifying mRNA). The
company also focuses on product approvals to increase its product offerings.
For instance, GSK received approval for Shingrix (used for the prevention of
shingles (herpes zoster) in people aged 50 years or older) in Canada in October
2017.
Merck
& Co., Inc. (US) was the second-largest player in the global vaccines
market in 2017. The company focuses on increasing investments in R&D
activities to enhance its product offerings, and invested USD 10.2 billion in
R&D activities in 2017. Merck also collaborated with Premier, Inc. (US) to
focus on a preventive care model that seeks to improve adolescent and adult
vaccination rates. The company has its business spread across 140 countries,
covering regions, such as the Americas, Asia Pacific, Europe, and the Middle
East.
Vaccines Market Segmentation:
Based
on technology, the market is segmented into conjugate vaccines, inactivated and
subunit vaccines, live attenuated vaccines, recombinant vaccines, and toxoid
vaccines. The conjugate vaccines segment is expected to register the highest
CAGR during the forecast period. The high growth is attributed to the rising
prevalence of infectious diseases and the increasing government investments for
development of conjugate vaccines.
Based
on type, the vaccine market is segmented into monovalent vaccines and
multivalent vaccines. The monovalent vaccines segment is projected to register
the highest CAGR during the forecast period. The increasing investment by
companies to develop new monovalent vaccines is the key factor driving the
growth of this segment.
Based
on disease indication, the vaccines 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 disease segment
is expected to witness the highest growth during the forecast period. This is
attributed to the high incidence of meningococcal diseases and increasing
government investments in meningococcal vaccination programs.
Based
on route of administration, the vaccines market is segmented into intramuscular
and subcutaneous administration, oral administration, and other routes of
administration. The intramuscular and subcutaneous administration segment is
expected to register the highest rate during the forecast period. This mode of
administration is associated with better immune response and a lower rate of
injection site reactions.
Based
on patient type, the vaccines market is segmented into pediatrics and adults. The
adult segment is expected to witness the highest rate during the forecast
period. The growth of this end-user segment for vaccines is likely to be driven
by factors such as increasing research activities for the development of new
adult vaccines and government initiatives for immunization.
Vaccines Market by Geographic Analysis:
Among
the four regional segments covered in the vaccines market—North America,
Europe, Asia, and the Rest of the World (RoW), Asia is expected to register the
highest CAGR during the forecast period. The increasing investments by
companies in India and China are supporting the growth of the vaccines market
in Asia.
To
ensure sustainability and growth in this highly competitive market, several
established players focus on acquiring small players to strengthen their product
offerings and expand their footprints across different geographies.
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