The report states that the global vaccines market accounted for $31.2 Billion in 2016 and is anticipated to reach $65.1 Billion by 2023, registering a CAGR of 10.9% during the forecast period, 2017-2023.
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High prevalence of diseases worldwide, surge in government focus towards immunization programs, and the emergence of technologically advanced vaccines drive the growth of the global vaccines market. Additionally, the prospect of high growth in emerging economies provides lucrative opportunities for emerging market players. However, high duration for vaccine production and high cost associated with it impede market growth.
The report segments the global vaccines market by technology, indication, end use, and geography. Based on technology, the market is fragmented into conjugate vaccines, inactivated vaccines, live attenuated vaccines, toxoid vaccines, recombinant vaccines, and other vaccines. The recombinant vaccines segment is projected to exhibit the highest growth rate during the forecast period. Based on end use, the market is sub-segmented into pediatric vaccines, adult vaccines, and traveler vaccines. The pediatric vaccine segment accounted for nearly half of the global revenue in 2016, due to the high immunization rate among infants and adolescents.
Based on indication, the market is categorized into Pneumococcal Disease, Influenza, Human Papilloma Virus, Meningococcal Disease, Rotavirus, Varicella, Diphtheria, Pertussis, & Tetanus (DTP), Polio, Hepatitis, Measles, Mumps, & Rubella (MMR), and Other Indications. The pneumococcal disease segment is expected to maintain its dominance during the forecast period, owing to the fact that Streptococcus pneumoniae (a pathogenic bacteria) is the leading cause of infectious diseases globally. However, human papilloma virus (HPV) segment is growing at the highest CAGR of 12.4% from 2017 to 2023, as it is the most common type of sexually transmitted disease, specifically in women, which causes cervical cancer, the fourth most common type of cancer prevailing in women. Regionally, North America dominated the global vaccines market in 2016. However, Asia-Pacific is poised to exhibit the highest growth rate of 12.0%, owing to the high demand for vaccination in densely populated areas, such as India and China.
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The report also profiles key players involved in the global vaccines market, such as Astellas Pharma Inc., AstraZeneca Plc. (Medimmune, LLC.), CSL Limited, Emergent Biosolutions, Inc., GlaxoSmithKline Plc., Johnson & Johnson, Merck & Co., Inc., Pfizer Inc., Sanofi Pasteur, and Serum Institute of India Pvt. Ltd. They have adopted various strategies such as mergers & acquisitions, collaborations, partnerships, and others to gain a strong position in the industry.
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