The global vaccines market size is expected to be USD 93.08 billion by 2026, exhibiting a CAGR of 10.7% during the forecast period. The growing prevalence of malaria around the world is a key factor boosting the vaccines market. According to the World Health Organization, in 2017, there were an estimated 219 million cases of malaria in 87 countries. Total funding for malaria control and elimination reached an estimated US$ 3.1 billion in 2017. Contributions from governments of endemic countries amounted to US$ 900 million, representing 28% of total funding. Furthermore, the increasing number of deaths caused by malaria has impelled government and pharmaceutical companies to develop advanced vaccines. According to the latest world malaria report, released in November 2018, there were 219 million cases of malaria in 2017, up from 217 million cases in 2016. The estimated number of malaria death stood at 435 000 in 2017, a similar number to the previous year.
According to the report, published by Fortune Business Insights in a report, titled “Vaccines Market Size, Share & Industry Analysis, By Type (Recombinant/Conjugate/Subunit, Inactivated, Live Attenuated and Toxoid), By Route of Administration (Parenteral and Oral), By Disease Indication (Viral Diseases and Bacterial Diseases), By Age Group (Pediatric and Adults), By Distribution Channel (Hospital & Retail Pharmacies, Government Suppliers and Others) and Region Forecast, 2019-2026
For more information in the analysis of this report, visit: https://www.fortunebusinessinsights.com/industry-reports/vaccines-market-101769
Some of the prominent companies in theVaccines Market are:
- GlaxoSmithKline plc.
- Pfizer Inc.
- Merck & Co., Inc.
- Novartis AG
- Emergent BioSolutions, Inc.
- CSL Limited
- Inovio Pharmaceuticals, Inc.
- Bavarian Nordic
- Mitsubishi Tanabe Pharma Corporation.
- Other Prominent Players
Launch of Novel Vaccines to Enable Healthy Growth
The surge in the competitive pipeline, including products from the major players as well as emerging players will contribute positively to the market. The ongoing R&D and increasing focus on launching novel vaccines by key players will foster the growth of the market. The increasing demand for effective vaccines to fight diseases such as malaria, dengue has impelled pharmaceutical companies to launch novel vaccines. Companies such as Novavax, Inovio Pharmaceuticals, and Bavarian Nordic are among the top 10 players expected to have lucrative opportunities for their pipeline products in the forthcoming years.
Presence of Strong Manufacturers will Propel Growth in North America
North America generated a revenue of USD 22.03 billion in 2018 and is expected to remain dominant during the forecast period. The presence of strong manufacturers and secure government policies regarding human welfare will bolster growth in the region. Europe is expected to witness considerable growth during the forecast period. Diverse human vaccines policies across European countries such as Germany and France and robust government support will boost the vaccines market trends in Europe.