increased funding for vaccine development and new vaccine launches is driving the Vaccines Market
Technavio analyzes that the Vaccines Market is expected to grow at a CAGR of 13.83% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 56.39 billion.There are various factors that contribute to the growth of the market. The vaccines market is experiencing significant growth due to increased funding for research and development, leading to the launch of new vaccines. This investment in innovation is crucial for combating various infectious diseases and ensuring global health security. Recent launches include vaccines for COVID-19, HPV, and Dengue fever, demonstrating the industry's commitment to advancing public health.
In the global vaccines market, human vaccines represent a significant sector, encompassing a vast array of products designed to prevent life-threatening infectious diseases and foster public health. These vaccines function by stimulating the immune system to respond to specific pathogens, thereby conferring immunity against various diseases. Human vaccines can be classified into several types based on their composition, mechanism of action, and target demographic. One such category is inactivated or killed vaccines, which consist of non-infectious pathogens that have undergone heat, chemical, or radiation treatment. Notable examples include the inactivated polio vaccine (IPV) and influenza vaccine. These vaccines offer heightened safety for individuals with compromised immune systems but may necessitate multiple doses to attain optimal immunity. The human vaccines market is marked by ongoing mergers, manufacturing advancements, and sales growth, as well as the continuous introduction of new vaccines and their distribution during pandemics.
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Vaccines Market Segmentation
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The Vaccines Market is witnessing explosive growth trends due to the introduction of new vaccines for diseases like TB (Tuberculosis), with live attenuated and toxoid vaccines leading the way. However, challenges such as trial and error in vaccine development and ceasing of immunizations due to deaths continue. PAHO and healthcare systems collaborate to reduce mortality rates through immunization policies. The Government of India's partnership with Cervical Cancer Vaccine India Pvt. Ltd. (Cervavac) for Cervical cancer vaccines is noteworthy. The competitive pipeline includes live attenuated vaccines for Hepatitis A-B, parenteral and oral Dengue tetravalent vaccines, and government foundations and surveillance ensure timely vaccine supply. A recent press release announced the successful completion of a pandemic preparedness drill, emphasizing the importance of government surveillance.
The vaccines market, a significant segment of the global pharmaceuticals industry, is expected to experience robust growth due to several key drivers. According to Technavio, the global pharmaceuticals market encompasses entities involved in research and development (R&D) or production of various pharmaceuticals, including vaccines, generic and non-generic drugs, and veterinary medicines. The market's expansion will be fueled by demographic trends, such as the increasing global population aging, resulting in a larger consumer base for preventative healthcare solutions like vaccines for diseases such as Dengue fever, Influenza, Tuberculosis, Malaria, Zika virus, HIV, and TB. The high development costs associated with vaccine production further underscore the market's potential for growth.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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