The worldwide vaccines market is projected to grow from US$ 39,128.3 million in 2019 to US$ 64,538.4 million by 2027, reflecting a compound annual growth rate (CAGR) of 6.5% from 2020 to 2027.
Key factors driving this growth include the increasing incidence of infectious diseases, heightened emphasis on immunization initiatives, and growing support for vaccine research and development. Nevertheless, the rising costs associated with vaccines and the complexities involved in their manufacturing may hinder market expansion. Conversely, a strong pipeline of vaccines is anticipated to positively influence the global vaccines market in the near future.
In today's world, there is a heightened awareness regarding the transmission of infectious diseases, exacerbated by environmental changes. These emerging diseases pose significant challenges to public health and have far-reaching effects on global economies. New infections such as HIV, hepatitis, and dengue have raised considerable alarm among governments worldwide. Additionally, diseases that were once thought to be under control, like malaria and cholera, are experiencing a resurgence. According to the Centers for Disease Control and Prevention (CDC), in 2015, approximately 16.8 million individuals in the United States sought hospital care for infectious and parasitic diseases. In Africa, chronic viral hepatitis affects around 70 million people, with 60 million suffering from Hepatitis B and 10 million from Hepatitis C. This situation predominantly impacts the youth and the economically active population, leading to significant financial burdens for advanced liver disease treatments and emotional distress. Therefore, the escalating global prevalence of infectious diseases is likely to motivate leading market players to innovate and develop new, effective vaccines and treatments.
The vaccines market is categorized by technology into several segments: Recombinant vaccines, Conjugate Vaccines, Live Attenuated Vaccines, Inactivated Vaccines, and Toxoid Vaccines. In 2019, the conjugate vaccines segment commanded the largest share of the market based on technology. This segment is expected to maintain its dominance by 2027, as conjugate vaccines represent some of the most effective immunization methods available for both infants and adults. Furthermore, this segment is projected to experience the highest growth rate of 6.3% during the forecast period from 2020 to 2027, driven by the increasing demand for effective treatments.
When analyzing the global vaccines market by patient demographics, it is divided into pediatric and adult patients. In 2018, the pediatric segment held the largest market share in terms of patient type. This segment is expected to continue leading the market in 2027, as immunization is crucial for newborns. Vaccines have played a vital role in maintaining children's health and have been instrumental in saving millions of lives over the past five decades.
Key primary and secondary sources utilized in this report on vaccines include reputable organizations such as the World Health Organization (WHO), the European Medicines Agency (EMA), the Advisory Committee on Immunization Practices (ACIP), the China Food and Drug Administration (CFDA), the Council of Scientific and Industrial Research (CSIR), the French Scientific Research Centre (FSRC), among others.