Dublin, Sept. 06, 2024 (GLOBE NEWSWIRE) -- The "Vaccines - Market Insights, Competitive Landscape, and Market Forecast - 2030" report has been added to ResearchAndMarkets.com's offering.
The global vaccines market is poised for a substantial growth trajectory, with expectations to achieve a compound annual growth rate (CAGR) of 9.34% from 2022 to 2027. The market is anticipated to reach a valuation of USD 116.63 billion by the end of the forecast period. This growth is largely attributed to the increased demand for vaccines due to the rising prevalence of infectious diseases and cancers, heightened focus on pediatric health care, and the proactive prevention of diseases.
Dynamics Influencing the Vaccines Market
A significant driver for the vaccines market is the global upsurge in infectious diseases, which has necessitated widespread immunization efforts to reduce both morbidity and mortality rates. The COVID-19 pandemic has also underscored the imperativeness of vaccines, creating urgent demand for the development and distribution of effective vaccinations against the virus.
Rising cancer rates globally have led to a heightened demand for therapeutic and prophylactic cancer vaccines, further stimulating the vaccines market. The introduction of new vaccines and advancements in R&D also contribute to the robust pipeline of products awaiting regulatory approval.
Challenges and Recovery Post-COVID-19 Outbreak
While the vaccines market faces challenges such as vaccine hesitancy in certain populations, the rapid development and approval of COVID-19 vaccines have set a precedent for innovation and distribution efficiency. The market saw initial disruptions to regular immunization programs during the pandemic; however, resumption and increased vaccination drives signal a strong recovery and a promising outlook for the market.
Segment Analysis and Regional Dominance
The pediatric segment is projected to capture a significant market share, driven by the critical need for immunizations in young and vulnerable populations. In terms of geographical dominance, North America, and particularly the United States, is anticipated to hold a significant portion of the market share. This dominance is thanks to rigorous cancer prevention and vaccination efforts within the region, supported by robust healthcare infrastructure and high healthcare expenditure.
Leading Market Players and Notable Developments
The vaccines market is consolidated with several key players leading the charge, including prominent biopharmaceutical companies. In recent advancements, regulatory approvals such as that of Novavax's Nuvaxovid by the United Kingdom in February 2022, the first malaria vaccine for children recommended by WHO, and the FDA's nod to Seqirus's FLUCELVAX® QUADRIVALENT for the youngest patient population, are indicative of a responsive and evolving market.
Market Outlook
The vaccines market is positioned for sustained growth with an array of opportunities for various stakeholders. The promising pipeline of vaccines and the ongoing commitment to public health initiatives globally contribute to a positive forecast for the industry.
This market performance and outlined expectations are important metrics for healthcare systems and entities engaged in the distribution and administration of vaccines to consider as they strategize for the forthcoming years.
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