Vaccines Market Worth $50.42 Billion by 2023 - Exclusive Report by MarketsandMarkets™

Vaccines Market Worth $50.42 Billion by 2023 - Exclusive Report by MarketsandMarkets™

PR Newswire

CHICAGO, October 26, 2018

CHICAGO, October 26, 2018 /PRNewswire/ --

According to the new market research "Vaccines Market by Technology (Live, Toxoid, Recombinant), Disease (Pneumococcal, Influenza, DTP, HPV, Hepatitis, Meningococcal, Rotavirus, Polio, MMR, Varicella, Dengue), Route (IM/SC, Oral), Patient (Pediatric, Adult), Type - Global Forecast to 2023", published by MarketsandMarkets™, 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%.

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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

Conjugate vaccines to dominate the market in 2018 

Based on technology, the Vaccines 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 Vaccines Market. The growth in this market is mainly driven by increasing investments by the government of developing countriesand rising prevalence of infectious diseases.

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

By 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 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.

North America to dominate the Vaccines 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.

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The Vaccines Market is highly competitive with the presence of several small and big players. Some of the players in the Vaccines 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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