(PharmaNewsWire.Com, January 31, 2017 ) According to the report Global Therapeutic Vaccines, published by Market Data Forecast, the global market is projected to reach USD 4820.26 million by 2020, at a CAGR of 33.6% from 2015 to 2020.
Globally, the vaccine market has a share of only five percent of the pharmaceuticals market. Nevertheless, it has been showcasing a substantial growth due to the rising incidences of cancer & HIV cases. It came a long way in the recent years from USD 5 billion in 2000 to almost USD 25 billion in 2013. World Health Organizations figures peg it at 60 Billion by 2020 accompanied with the arrival of new therapeutic, preventive and adult vaccines. Therapeutic Vaccines Market segment despite being minority shows tremendous growth rate to more than quadruple in the period. It shows how the vaccine market compared to the pharmaceutical market, is relatively small but growing at a fast rate. Despite that it has very diverse features which increase the intricacy of evaluating and understanding the pricing and procurement in their context.
Huge investment costs and strict governing policies, high cost associated with treatment are few factors inhibiting the growth of the global therapeutic vaccines market. Nevertheless, rising incidences of infectious diseases, technological advancements that significantly decrease the new vaccine development time, increase in government funding and initiatives by NGO’s are some of the factors that are driving the vaccines market growth.
Historically MNCs have did much of the innovation, research, and development in the field of vaccine production. In the next few years, there are close to 120 new vaccines in the pipeline of various multinational companies across the globe set to hit the market. Some of the key players influencing the global therapeutic vaccine market are Novartis AG, Johnson and Johnson, MedImmune, LLC, Pfizer, Inc., GlaxoSmithKline, plc., Merck and Company, Bavarian Nordic, CSL Limited, Emergent BioSolutions Inc. and Sanofi Pasteur.
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