Global Vaccines Market Overview
Vaccines are biological products that protect the body from infectious diseases. A typical vaccine is a biological entity which is similar to the disease causing pathogen, either in the dead form or in the attenuated form. These agents contain surface proteins or a specific type of toxin. The immune system of the body is stimulated by these agents as it recognizes the agent as a foreign object and eliminates it based on a memory based mechanism.
Majority of the vaccines are administered in the body with the help of injection. But, there are some vaccines which are administered nasally or orally. The process of introducing vaccines in the body is called vaccination which produces specific immunity for a specific type of disease. There are two types of immunity present in the body which includes active immunity and passive immunity. The active immunity gets activated by the vaccine which enables it to destroy any specific agent. Once the active immunity gets stimulated, the B-lymphocytes remains sensitized and respond to that particular agent when it again enters the body.
The effect of vaccine is totally dependent on the route of administration. A British physician Edward Jenner discovered the first vaccine in the year 1796. The vaccine discovered was used to treat smallpox. Smallpox was first eradicated by vaccine. As antibiotics are not effective against viruses, vaccines provide an important role to protect the immune system of the body from different types of viruses. Vaccination helps to develop memory B cells which are capable of activating the secondary immune response in the body.
Market Size and Forecast
The market is observing vibrant growth on account of increasing rate of infectious diseases around the world, thereby driving the demand for vaccines. Increase in investment and initiatives by the companies on various types of research and development activities for the development and discovery of vaccines is expected to drive the growth of the market. Rising immunization programs by the government and their active support along with rise in the production of technologically advanced vaccines is also anticipated to fuel the market growth. Further, the increase in the geriatric population and rising prevalence of cancer around the globe is estimated to support the growth of the market.
The vaccines market is anticipated to record a remarkable CAGR over the forecast period i.e. 2019-2027. The market is segmented by end user into adult, pediatric and traveler vaccines, out of which, the pediatric vaccines segment is expected to lead the end user segment as the vaccine industry is majorly focused on reducing the incidence of serious infectious diseases in infants.CLICK TO DOWNLOAD FREE SAMPLE REPORT
Increased Prevalence of Infectious Diseases
Different types of vaccines are used for different types of infectious diseases. According to the World Health Organization (WHO), in the year 2016, the three types of infectious diseases that were ranked for being responsible for deaths were different types of diarrhea (1.4 million deaths), lower respiratory tract infections (3.0 million deaths) and tuberculosis (1.3 million deaths). The prevalence of infectious diseases are increasing and it is becoming a major concern for private and government organizations. Another report of WHO states that the cases of measles worldwide spiked in the year 2017 resulting in severe outbreaks of the disease. Due to improper vaccination coverage, the outbreak of measles took place in various regions leading to an estimation of 110 000 deaths. The report also states that the number of reported cases have enhanced more than 30% worldwide from the year 2016. This increased prevalence of infectious disease worldwide is expected to drive the market growth over the forecast period.
Technological Progress in Vaccines
Vaccines are widely used for preventing a specific disease. Vaccination and immunization eradicated smallpox. The technological advancements regarding vaccines are increasing on account of rising applications of genetic engineering to target a specific disease. Plasmid based methods are widely used for the generation and production of reassortant vaccines. Adjuvants are also needed in conjunction with new advanced technology for vaccines. Latest specific compounds are developed to enhance the immunogenicity. Such technological progressions are anticipated to enhance the growth of the market during the forecast period.
High Cost Associated with Vaccine Development
The development of vaccines require high funds for research. According to the National Centre for Biotechnology Information (NCBI), the cost associated with the development of vaccine is approximately between USD 200 million and USD 500 million per vaccine. The complex and expensive process behind the development of vaccines is anticipated to hinder the growth of the market.
By End User
On the basis of regional analysis, the global vaccines market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America is expected to lead the global vaccines market as they have advanced technologies for the research and development of vaccines. Additionally, the increasing healthcare expenditure followed by rising government support in the field of immunization and research and development of vaccines is expected to drive the growth of the market in this region.
Asia Pacific is expected to have the fastest growing market on the back of increasing initiatives by the government and private organizations for vaccination followed by the presence of large pool of population in the region.
The global vaccines market is further classified on the basis of region as follows:
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