Vaccines can significantly reduce the burden of various diseases and can increase life expectancy through prevention. The introduction of newer vaccines covering many diseases is another factor pushing the market towards significant growth. New product offerings to meet unmet needs, contingency planning for pandemic infections, awareness of diseases prevention, improving economic conditions of developing countries, and increasing interest and investments from major pharmaceutical companies are shaping the vaccines market.
The global vaccine market is expected to grow from $REDACTED in 2016 to $REDACTED in 2022. The market is mainly driven by the sales of major human vaccines such as Prevnar 13, Gardasil, ProQuad, Varivax, M-M-R II, Polio/Pertussis/Hib Vaccines and Influenza vaccines. These vaccines combined had a revenue of more than $REDACTED in 2016.
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Top Companies mentioned
Baxter International Inc.
Johnson & Johnson, Lg Life Sciences.
Major Scope of the Report:
The global animal vaccine market is also gaining in importance. Growing demand for livestock products and an increase in the trend of pet ownership are the foremost reasons for increasing vaccination in animals. Significant developments in biotechnology, informatics and information systems haveprompted better planning and execution of animal disease prevention in many countries. The sales ofanimal vaccines accounted for about $REDACTED in 2016. It is projected to grow to $REDACTED in 2022,at a CAGR of REDACTED%.
In terms of geography, North America accounted for a major share in the market along with Asia-Pacific. Both markets combined has a market share of REDACTED%% in 2016 and is expected to grow to REDACTED% in 2022.The North American market is driven by strict regulations and high awareness whereas the Asia-Pacificmarket is driven by high demand due to the high prevalence of diseases such as influenza and hepatitis.
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