Global vaccines market projected to surge to $58 billion by 2025
The global vaccines market is expected to surge to $57.5 billion by 2025, up from $33.7 billion in 2018, according to new figures from market research firm Research and Markets of Dublin, Ireland.
The 7.9 percent compound annual growth rate (CAGR) predicted for the next 20 years is attributed to “increasing government initiatives towards immunization,” and “rising adoption of vaccines,” as well as a strong vaccine pipeline with technological advances in the industry. Additionally, the opportunities for market growth stem from a high prevalence of infectious diseases with potential to cause epidemics and the advent and expansion of the therapeutic vaccines market. Factors that may hinder growth include product recalls, stringent regulations and higher costs and time needed for vaccine development.
Pneumococcal vaccines held the market share in 2017. In terms of route of administration, there were more sales of intramuscular vaccines than vaccines using other routes of administration, such as subcutaneous, oral, intradermal and nasal vaccines. The report also named subunit, recombinant, polysaccharide and conjugate vaccines as garnering the greatest global market share, attributing it to increasing company focus on developing recombinant and conjugate vaccines and the “growing prevalence of diseases and increasing government initiatives.”
North America, Europe, Asia/Pacific, Latin America and Middle East/Africa dominated the market, with North America at the top of the list. However, the Asia/Pacific area is expected to grow at the highest rate (CAGR 8.9 percent) in the upcoming years.
The $57.5 billion estimate from Research and Markets is higher than the predicted $48 billion from an earlier 2018 report by Transparency Market Research.3
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