# Growing prevalence of emerging and re-emerging infectious diseases
# Increasing focus on immunization programs
# Growing government support for vaccine development
# Increasing industry initiatives to enhance vaccine R&D
However, the huge capital investments required for developing vaccines and low purchasing power in developing countries may restrain the market growth.
Global Market Segmentation:
Based on technology, the vaccine market (excluding COVID 19 vaccines) has been segmented into conjugate vaccines, recombinant vaccines, inactivated & subunit vaccines, live attenuated vaccines, toxoid vaccines, and viral vector vaccines. The conjugate vaccines segment accounted for the largest share of the global vaccines market (excluding COVID-19 vaccines), by technology, in 2020. Based on technology, the COVID-19 vaccines market has been segmented into mRNA vaccines, viral vector vaccines, and other vaccines such as inactivated, recombinant, conjugate, subunit, peptide, and DNA vaccines. The mRNA vaccines segment is expected to account for the largest share of 89.1% of the global COVID-19 vaccines market, by technology, in 2021.
Expected Growth Rate:
The global vaccine market is projected to be growing at a healthy rate of 10.2% during the forecast period.
# To define, describe, and forecast the global vaccines market on the basis of technology, type, disease indication, route of administration, end user, and region.
# To provide detailed information about the factors influencing the market growth (such as drivers, restraints, opportunities, and challenges).
# To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall vaccines market.
# To analyze the market opportunities for stakeholders and provide details of the competitive landscape for key players.
# To forecast the size of the market segments with respect to five regions, namely, North America, Europe, the Asia Pacific (APAC), Latin America, and the Middle East and Africa (MEA).
# To profile the key players and comprehensively analyze their product portfolios, market shares and rankings, and core competencies.
# To track and analyze competitive developments, such as acquisitions, product launches, expansions, regulatory approvals, agreements, partnerships, and collaborations in the global vaccines market.
Based on type, the global vaccine market is segmented into monovalent and multivalent vaccines. The monovalent vaccines segment accounted for the largest share of the global vaccines market (excluding COVID-19 vaccines) in 2020. Growing disease prevalence has prompted initiatives for immunization against specific infectious diseases such as COVID 19. This has led to a large market share for monovalent vaccines, Rising prevalence of emerging and re-emerging infectious diseases and R&D initiatives will contrive to drive the market for monovalent vaccines.
Covid-19 Impact on the Vaccine Market
The outbreak of the COVID-19 pandemic changed the market dynamics for the market. In recent years there was a slight decrease in the traditional vaccine market since the focus shifted from common vaccines to COVID-19 vaccines. There has been a tremendous amount of effort put into developing new treatments and vaccines to cure the infection. Within a few weeks of research, companies have started coming up with drugs and treatments to treat the infection.
Based on end user, the global vaccines market is segmented into pediatric and adult users. In 2020, the pediatric users segment accounted for the largest share the vaccines market (excluding COVID 19 vaccines), while the adult user segment is estimated to register the highest CAGR during the forecast period. Increased initiatives from government and non-government organizations and increasing company initiatives to develop advanced pediatric vaccines for preventing diseases are expected to drive market growth for pediatric vaccines.
# In October 2021, Pfizer received the US FDA Emergency Use Authorization (EUA) for the Pfizer-BioNTech COVID-19 Vaccine for children 5 through 11 years of age.
# In August 2021, Pfizer-BioNTech COVID-19 vaccine COMIRNATY received full US FDA approval for individuals 16 years and older.
# IIn July 2021, GSK received US FDA approval for Shingrix (Zoster Vaccine Recombinant, Adjuvanted) for the prevention of shingles (herpes zoster) in adults aged 18 years and older who are or will be at increased risk of shingles due to immunodeficiency or immunosuppression caused by known disease or therapy.
# In June 2021, Merck announced the launch of VAXELIS (Diphtheria and Tetanus Toxoids and Acellular Pertussis, Inactivated Poliovirus, Haemophilus b Conjugate and Hepatitis B Vaccine) in the US, developed in partnership with Sanofi Pasteur.
Geographical Growth Dynamics:
Global vaccine market is broadly segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America accounted for the largest share of the vaccines market in 2020. The high prevalence of infectious diseases, increasing investments by government organizations for vaccine development, increasing R&D investments by market players, and mandatory reporting are some of the key factors driving the vaccines market in North America. In 2020, Europe accounted for the second-largest share of the vaccines market. Large investments for vaccine development, and governmental push for vaccine awareness drives the market growth in this region.
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