Dublin, June 24, 2021 (GLOBE NEWSWIRE) -- The "Vaccines Global Market Report 2020-30: COVID-19 Impact and Recovery" report has been added to ResearchAndMarkets.com's offering.
The global vaccines market is expected to decline from $56.7 billion in 2019 to $52.9 billion in 2020 at a compound annual growth rate (CAGR) of -6.8%.
The vaccines market consists of sales of vaccines and related services. This industry includes establishments that produce anti-infective vaccines, autoimmunity vaccines and vaccines for cancer and other diseases. Vaccines create antibody-antigen reaction that helps in attaining resistance to the disease causing organism. Vaccines include recombinant vaccines, conjugate vaccines, live attenuated vaccines, inactivated vaccines, toxoid vaccines and others.
The decline is mainly due to the worldwide supply and demand failures of drugs due to the COVID-19 outbreak. The biologic drug shortages because of an inadequate production of biologics is hampering the market growth. The inadequate or slowed production is due to the restrictions imposed by governments of various countries to shutdown factories or function with minimal staffing to contain the spread of virus and keep the staff safe.
The market is then expected to recover and grow at a CAGR of 14.2% from 2021 and reach $95.9 billion in 2023.
Rising awareness on immunization and vaccination benefits in emerging markets is consistently driving the global vaccines market growth. World Health Organization (WHO) is taking initiatives to increase awareness of immunization through global vaccine action plan (GVAP) and global Immunization vision and strategy (GIVS). They aim to strengthen routine immunization, control morbidity and mortality from vaccine preventable diseases and help countries to immunize more people with a greater range of vaccines.
The Organization accomplishes this work through its biological programme, the WHO Collaborating Centers, and the WHO Expert Committee on Biological Standardization (ECBS). In 2017, according to WHO statistics, 85% of the total infants across the globe, (116.2 million) received 3 doses of diphtheria-tetanus-pertussis vaccine in order to increase immunization and protect them against infectious diseases that can cause serious illness and disability. Furthermore, 123 countries reached 90% coverage of DTP3 vaccine in 2017.
The vaccines market growth is limited due to severe shortage of skilled healthcare professionals for developing biologics drugs which requires specialized skillsets. These skillsets are limited to some research organizations and medical equipment companies in the USA and Europe, this is expected to be a major restraint on the market.
As of 2018, 40% of the biopharma industry was facing difficulties in hiring for process development staff due to shortage of talent. This shortage also led to rise in competition and salaries for the limited talent pool available for biologics talent, thereby further limiting growth of the market.
The vaccines market has been witnessing multiple strategic initiatives and mergers and acquisitions in the recent years. Top companies in the market are strategically acquiring start-ups and mid-sized companies to broaden products and services. For instance, in February 2019, Bharat Biotech acquired Chiron Behring Vaccines, a clinical biotechnology company, one of the leading manufacturers of rabies vaccines across the globe.
Major players in the market are AstraZeneca, Emergent Biosolutions , Glaxosmithkline , Merck , Pfizer
Key Topics Covered:
1. Executive Summary
2. Vaccines Market Characteristics
3. Vaccines Market Size And Growth
3.1. Global Vaccines Historic Market, 2015-2019, $ Billion
3.1.1. Drivers Of The Market
3.1.2. Restraints On The Market
3.2. Global Vaccines Forecast Market, 2019-2023F, 2025F, 2030F, $ Billion
3.2.1. Drivers Of The Market
3.2.2. Restraints On the Market
4. Vaccines Market Segmentation
4.1. Global Vaccines Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
Others (Cancer And Others)
4.2. Global Vaccines Market, Segmentation By Technology, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
Inactivated and Subunit Vaccines
Live Attenuated Vaccines
4.3. Global Vaccines Market, Segmentation By Route of Administration, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
4.4. Global Vaccines Market, Segmentation By Valance, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
4.5. Global Vaccines Market, Segmentation By Distribution Channel, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5. Vaccines Market Regional And Country Analysis
5.1. Global Vaccines Market, Split By Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5.2. Global Vaccines Market, Split By Country, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
Daiichi Sankyo Company
Johnson & Johnson
Mitsubishi Tanabe Pharma Corporation
Serum Institute of India
Takeda Pharmaceutical Co. Ltd.
Biological E Limited
BiondVax Pharmaceuticals Ltd
Inovio Pharmaceuticals Inc.
Madison Vaccines Incorporated
Sinovac Biotech Ltd.
VBI Vaccine Inc
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