The global vaccine market is growing significantly due increasing initiatives by non-government organizations to provide immunization and improvement in production technique of vaccine in the industry. Learn details of the Trend, Development, Outlook and Demand Forecast to 2023
Various programs and campaigns are organized, such as Immunization Week by World Health Organization, to create awareness among the population all over the world. Massive unexplored market in vaccine industry of developing economies are creating ample opportunities for the vaccine market to grow at a considerable rate in the coming years.
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Moreover, the advanced research and development facilities, and new and innovative product developments by the companies are propelling the growth of the vaccine industry. Increasing prevalence of cancer and infectious diseases is fuelling the growth of the vaccine market.
Infectious diseases are the major contributor to the human mortality and morbidity. According to World Health Organization, approximately 129,064 cases were reported in 2013.
Vaccination has rescued millions of lives to provide secure and better life.
The vaccine market is categorized on the basis of type, technology, disease indication and end users. On the basis of type of vaccine, the vaccine market can be categorized as preventive vaccine and therapeutic vaccine.
Preventive vaccine leads the vaccine market due to increasing prevalence of infectious disease and increasing investment by government and non-government organizations.
Geographically, North America will be leading the global vaccine market in the coming years, due to increasing government funding for vaccines, increasing company investments for vaccine research and increasing prevalence of diseases. Asia-Pacific is the fastest growing region in the global vaccine market.
The major reasons for the fastest growth of vaccine market in the region are improving healthcare infrastructure, increasing healthcare expenditure, large population base suffering from various diseases, in the region. Moreover, the vaccine market is growing due to increasing immunization initiatives and awareness by organizations, such as World Health Organization and GAVI, in the emerging countries, such as India and China, of Asia-Pacific region.
Some of the companies operating in the global vaccine market are GlaxoSmithKline, Plc., CSL Limited, Sanofi, Medimmune, LLC., Emetgent Biosolutions, Inc., Novartis, AG, Pfizer, Inc., Merck & Co., Inc., Bavarian Nordic, and Johnson & Johnson.
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