Vaccines Market estimated to garner remarkable revenue by the end of 2033, growing at a CAGR of 8% during the forecast period, i.e., 2023-2033. In the year 2022, market generated impressive revenue. The growth of the market can primarily be accounted to the robust prevalence of COVID-19 across the globe. World Health Organization (WHO) stated that at 5:39 pm CEST, September 23, 2022, 611,421,786 new cases of COVID-19 were confirmed.
Global vaccines market trends such as, the rising penetration of diseases that requires vaccination is projected to influence the growth of the market positively over the forecast period. For instance, UNICEF released a list showing the list of diseases cured by vaccines and some of the diseases are diphtheria, tetanus, Hemophilic, rotavirus, measles & mumps, and others. A noteworthy growth in the cases of mump disease has been observed in the recent decade. As of 2020, around 140 cases of mumps from 30 health departments were reported in the USA. Additionally, up surged government initiatives and investments to develop vaccines and exponential growth in the health care expenditure worldwide are further projected to hike the growth of the market over the forecast period.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
8% |
Application {Viral Diseases (Influenza, Hepatitis, Herpes Zoster, Rubella, Rotavirus), Bacterial Diseases (Diphtheria, Meningococcal, Pneumococcal)}
The global vaccines market is segmented and analyzed for demand and supply by application into viral diseases (influenza, hepatitis, herpes zoster, rubella, rotavirus, and others), and bacterial diseases (diphtheria, meningococcal, pneumococcal, and others), out of which, the bacterial diseases segment is projected to witness noteworthy growth over the forecast period. The growth of the segment can be accounted to the prevalence of bacterial diseases globally. For instance, in 2019, over 1 million people lost their lives due to antibiotic-bacterial resistant infections.
Our in-depth analysis of the global vaccines market includes the following segments:
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By Type
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By Administration Route |
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By Age Group |
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By Application |
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By Distribution Channel |
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Regionally, the global vaccines market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in the Asia Pacific is projected to hold the largest market share by the end of 2033. The growth of the market can be attributed to the increment in birth rate, rising geriatric population and growing penetration of major key players of the market in the region. Based on the data released by the Asian Development Bank, the number of geriatrics is projected to hit 923 million by 2050. Moreover, increasing awareness of vaccination, a sudden outbreak of COVID-19, and exponential growth in government initiatives regarding health welfare are further estimated to propel the growth of the market over the forecast period.
Author Credits: Radhika Gupta, Shivam Bhutani
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