According to Stratistics MRC, the Global Vaccines market is accounted for $38.36 billion in 2018 and is expected to reach $81.27 billion by 2027 growing at a CAGR of 8.7% during the forecast period.
Some of the key players in Vaccines Market include Johnson & Johnson, Astrazeneca, Mitsubishi Tanabe Pharma Corporation, Sanofi Pasteur SA, CSL Limited, Emergent Biosolutions Inc, Panacea Biotec LTD, Bharat Biotech, Serum Institute of India Pvt LTD, Bavarian Nordic, Glaxosmithkline PLC, Daiichi Sankyo Company Limited, Pfizer Inc, Biological E, and Merck & Co Inc.
While the factors like growing awareness on immunization, strong vaccine pipeline and increasing focus of the key pharmaceutical players to develop innovative vaccines are driving the growth of the market.
However, the huge capital investments required for developing vaccines may restrain the market growth.
Moreover, the high growth prospects in emerging markets and an increase in the adoption of combination vaccines in prevention strategies by the government provide new growth opportunities in the future.
Vaccines are a powerful way to protect billions of people against many diseases that can be very dangerous and even deadly.
A vaccine recognizes foreign invaders and releases the antibodies to destroy them and also provides immunity against that particular disease in the future.
Most of the vaccines are given by injection, but some are given orally or nasally.
Based on the distribution channel, the hospital & retail pharmacies are likely to have a huge demand in the forecast period because vaccinations are a shorter duration procedure often conducted at smaller institutions.
Also, people prefer nearby vaccination access. Hospital & retail pharmacies across the globe are under government surveillance to ensure vaccines demand is met and have adequate vaccine stock.
By geography, North America is estimated to have a huge demand owing to the high prevalence of infectious diseases and growing investments by government and non-government organizations for vaccine development.
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