The global Vaccines Market is projected to reach USD 58.4 billion by 2024 from USD 51.8 billion in 2020, at a CAGR of 8.0% during the forecast period.
Vaccines play a crucial role in improving global health, with the ability to stem the spread of infectious diseases and the potential to eradiate them completely. Compared with pharmaceuticals that treat disease, however, preventive vaccines have receives less attention from both biomedical researches and innovations scholars. This neglect has substantial human and financial costs, illustrated by Covid-19 pandemic.
Market players in market are Astellas Pharma Inc., AstraZeneca Plc. (Medimmune, LLC.), CSL Limited, Emergent Biosolutions, Inc., GlaxoSmithKline Plc., Johnson & Johnson, Merck & Co., Inc., Pfizer Inc., Sanofi Pasteur, and Serum Institute of India Pvt. The pune based serum Institute of India has already begun manufacturing the Oxford vaccine (ChadOx1 nCov-19)for novel coronavirus.
Vaccines could be developed in months rather than years to help protect against emerging diseases like COVID-19
Vaccines traditionally take more than ten years to develop. This is not fast enough for responding to a novel threat like COVID-19 or an unknown influenza. Thanks to developments in cutting-edge platform technologies, that is changing. Researchers at Imperial College London are developing an innovative platform called Rapidvac that could help to develop vaccines for new diseases in months, rather than years. Further Bharat biotech, Zydus Cadila Biotech, Indian Immunological, Mynavax and Biological E are among the domestic pharm firms working on the coronavirus vaccines in India.
Vaccine patches are cheap to produce and easy to store, unlike many vaccines that require expensive and specialist cold chains to keep them viable. The patches don't need specialist training to be applied, so they could even be used at home. This will make them a potential lifeline for rural and poor families around the world, often excluded from routine immunization efforts. This could make immunization cheaper and more accessible than ever before.
Scientists at the Hilleman Labs in India have developed micro-patches that could soon be used for routine immunizations such as Hepatitis B.
Market Segmentation is based on patient type, Application and region. Based on type it includes (pediatric and adult patients). Based on Application it has (conjugate vaccines, inactivated and subunit vaccines, live attenuated vaccines, recombinant vaccines, and toxoid vaccines) and based on region (North America, Europe, Asia, and the Rest of the World). North America accounted for the largest share of the vaccines market in 2019. The large share of North America in the global vaccines market is attributed to the high prevalence of infectious diseases and increasing investments by government and non-government organizations for vaccine development. The market in Asia, on the other hand, is projected to register the highest growth during the forecast period.
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