A marvel of modern science, vaccines are modified biological agents that trigger an immune response against the disease-causing pathogen at play. They have all but eradicated illnesses like smallpox and polio in certain countries, and as manufacturing processes advance, other pandemic diseases will soon have their vaccines.
Consequently, the number of vaccine candidates are climbing as new options are launched every day. According to the World Health Organization, there were 463 products in the pipeline as of September 2018. It's expected the market will grow at CAGR of 5.2 percent from 2019 to 2027, with a market worth of $62.16 billion at its top end.
Some of the factors driving this expansion are a strong pipeline for vaccines, the government's growing interest in immunization programs, and technological advances in vaccine administration. Additionally, increasing globalization means higher risks for epidemics and a more significant focus on producing therapeutic vaccines. Another consideration is the notable growth opportunity represented in emerging markets for those who manufacture vaccines. However, there is often a substantial cost associated with new vaccines, which, combined with extended timelines for making them, can impede expansion in this market.
The largest share of the global vaccine market was commanded by the pneumococcal disease segment in 2019. Demand is the market's true mistress, and rising incidents of pneumonia, meningitis, febrile bacteremia, otitis media, and sinusitis meant that governments and commercial organizations worked on initiatives to prevent and control these illnesses. There continues to be a global need for therapeutic interventions that will only expand with time.
When it comes to administration, intramuscular vaccines represented the largest share of the vaccine market. It's conveniently accessed and easily administered due to larger muscle capacity and the ability for exact control of the amount and administration rate. The other important trend was based on valence. Multivalent vaccines are serums containing more than one strain of a disease-fighting agent – it’s better coverage and value. Not surprisingly, multivalent vaccines took the major share of the market due to a consistent release of these vaccines over recent years. Also, key investors are becoming more focused on the production of multivalent vaccines.
Globally, North America is the most significant portion of the vaccine market, with Europe and the Asia-Pacific coming in close behind in 2019. The North American region takes the lead due to an uptick in infectious diseases – complete with rising research and development costs and several government-sponsored initiatives that support immunization. Interestingly, the Asia-Pacific sector is forecasted for the highest CAGR because of the high rates of disease, government investments to increase vaccination, growing approvals of vaccines, and more investments to build better vaccine manufacturing facilities.
Some of the big players in the vaccine market include France-based Sanofi, United Kingdom’s GlaxoSmithKline, US-situated Johnson & Johnson, Japan-based Daiichi Sankyo, and Australia owned CSL Limited.