(PharmaNewsWire.Com, May 23, 2024 ) The report "Vaccines Market by Technology (Conjugate, Recombinant, Live Attenuated, Toxoid, Viral Vector, mRNA), Type (Monovalent, Multivalent), Disease (Pneumococcal, Flu, HPV, Herpes Zoster, MMR, Rotavirus, RSV), Route of Administration - Global Forecast to 2029", (including COVID-19 vaccines) is projected to reach USD 94.9 Billion by 2029 from USD 78.0 Billion in 2024, at a CAGR of 4.0% during the forecast period. Similarly the vaccines market (excluding COVID-19 vaccines) is projected to reach USD 80.3 Billion by 2029 from USD 53.0 Billion in 2024, at a CAGR of 8.7% during the forecast period. The growth in the vaccines market is fueled by various factors such as launch of RSV vaccines, rise in adoption of HPV vaccine and strategic partnerships between key market players.
The conjugate vaccine segment is expected to have the dominant share of the vaccine market (excluding COVID-19 vaccines) in 2023.
Based on technology, the global vaccines market (excluding COVID-19 vaccines) is segmented into recombinant vaccines, conjugate vaccines, live attenuated vaccines, toxoid vaccines, inactivated & subunit vaccines, and other vaccine technologies. In 2023, conjugate vaccine segment dominated the vaccine market. Robust research and development investments, strategic partnerships, and favorable regulatory environments have further bolstered the prominence of conjugated vaccines.
The HPV segment is expected to account for the largest share of the disease indication segment in the vaccines market (excluding COVID-19 vaccines) in 2023.
Based on disease indication, the vaccines market (excluding COVID-19 vaccines) is segmented into, influenza, combination vaccines, pneumococcal disease, HPV, meningococcal disease, herpes zoster, rotavirus, MMR, varicella, hepatitis, DTP, polio, RSV and other disease indications. RSV vaccine segment is likely to grow at faster CAGR during the forecast period of 2024-2029. Robust investments from pharmaceutical companies, government agencies, and non-profit organizations fuel RSV vaccine development. Additionally, launch of RSV vaccines is likely to uplift the growth of the segment. For instance, in May 2023, FDA approved ABRYSVO for the prevention of LRTD caused by RSV in individuals 60 years of age or older.
The Asia Pacific region (excluding COVID-19 vaccines) is anticipated to grow at significant CAGR during the forecast period.
The Asia Pacific (excluding COVID-19 vaccines) is accounted to be the fastest-growing segment of the market. Rapid population growth and urbanization, particularly in countries like China and India, are driving increased demand for vaccines to combat infectious diseases. Additionally, rising healthcare expenditure and government initiatives aimed at improving vaccination coverage further stimulate market growth. Additionally, the growing prevalence of infectious diseases coupled with increasing awareness about preventive healthcare measures is driving vaccine uptake in the region.
The vaccines market is consolidated, with a small number of players competing for market share. GSK plc (UK), Merck & Co., Inc (US) Pfizer Inc. (US), Sanofi (France), CSL (Australia), Emergent (US), Johnson & Johnson Services, Inc (US), AstraZeneca (UK), Serum Institute Of India Pvt. Ltd (India), Bavarian Nordic (Denmark), Mitsubishi Tanabe Pharma Corporation (Japan), Daiichi Sankyo Company Limited (Japan), Panacea Biotec (India), Biological E Limited (India), Bharat Biotech (India) are some of the leading players in this market. Most companies in the market focus on organic and inorganic growth strategies, such as product launches, expansions, acquisitions, partnerships, agreements, and collaborations, to increase their product offerings, cater to the unmet needs of customers, increase their profitability, and expand their presence in the global market.
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