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Vaccine Technologies Market: By Type (Recombinant & Conjugate Vaccines, Live Attenuated Vaccines, Inactivated Vaccines, Toxoid Vaccines), By End user (Pediatric, Adults, Travelers), By Distribution Channel (Hospital and retail pharmacies, Government suppliers), And Region - Global Analysis of Market Size, Share & Trends For 2019-2020 And Forecasts To 2031
Vaccines or immunizations are injections of a weakened form of a disease into a person, causing the body to produce antibodies or immunity against the disease. Effective immunisation has wiped out a number of diseases with high mortality rates, such as polio and smallpox. Vaccinations play an important role in ensuring people's long-term health in various countries; thus, they are used in a variety of regional disease-prevention strategies. Vaccines are continuing to transform our ability to prevent disease and improve health. With technological advancement, we are able to extend the benefits of vaccines to more people and provide better protection against potentially fatal infectious diseases.
Global Vaccine Technologies to surpass USD 121.94 billion by 2031 from USD 52.43 billion in 2021 at a CAGR of 7.4% in the coming years, i.e., 2021-31. The high prevalence of infectious diseases, increasing company initiatives to improve vaccine research and development, growing government support for vaccine development, and a growing emphasis on immunisation are all factors driving the growth of this market. Vaccine manufacturers' primary strategies for achieving a significant position in the thriving human vaccines sector are acquisitions, innovation, and collaborations.
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Based on type, global Vaccine Technologies Market is fragmented into Recombinant & Conjugate Vaccines, Live Attenuated Vaccines, Inactivated Vaccines, Toxoid Vaccines and Others. The conjugate vaccines segment held the greatest share of the vaccines market. This segment's large share can be attributed to rising government support and company investments in conjugate vaccine development.
Global Vaccine Technologies market is classified on the basis of end user into Pediatric, Adults, Travelers and Others. Because of the high demand for vaccines in infants, such as MMR vaccines, BCG vaccines and DPT vaccines, the paediatric segment accounted for the majority of the vaccine market share, and this trend is expected to continue during the forecast period. Furthermore, an increase in immunisation awareness about vaccination drives the growth of this vaccine market. Traveler vaccines are also expected to grow at a rapid pace in the near future, owing to their critical role in reducing the risk of exposure to various diseases associated with people travelling to various regions.
Based on distribution channel, global Vaccine Technologies Market is segmented into Hospital and retail pharmacies, Government suppliers and Others. Hospital and retail pharmacies segment held the greatest share of the vaccines technology market owing to its availability to the general public as they are under government surveillance. Furthermore, vaccination is often conducted at smaller institutions as it is a shorter duration procedure, which is also expected to fuel segment growth.
The development of new vaccine technologies is fueled by sustained investment in innovation, as well as the unwavering commitment of the scientific community. New technologies are developed to not only prevent the re-emergence of infectious diseases that have previously been successfully controlled by immunisation, but also to ensure that the global community is prepared to deal with current and future threats. Furthermore, government initiatives for raising venture capital and funding from healthcare providers to start-ups that provide such services will drive market growth even further.
Vaccinations have become more popular in recent years, owing to an increase in the prevalence of both viral and bacterial infectious diseases. Vaccinations are primarily administered to people of various ages in order to strengthen their immune systems and provide protection against various infectious diseases. Furthermore, the rise in the incidence of various infectious diseases, as well as increased awareness about early disease diagnosis and prevention, drive the demand for protective vaccines, boosting market growth.
Due to high demand for the COVID-19 vaccine, manufacturers are experiencing supply issues, resulting in delays. This could limit market growth to some extent. Furthermore, due to restrictions, the supply of routine vaccines has been disrupted, negatively affecting market progression.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Vaccine Technologies market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America's position in the global vaccines market is attributed to the high prevalence of infectious diseases and increased investments in vaccine development by government and non-government organisations. On the other hand, the APAC region is also expected to grow owing to factors such as rising healthcare costs and disposable income, government initiatives, and the presence of a large patient population are propelling the Asian vaccines market forward.
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A high level of vaccination awareness is a major driving force in the industry's advancement. High acceptance rates, sophisticated infrastructure, and production capacity will also have a positive impact on growth of vaccine technology over the forecast period. During the COVID-19 pandemic, numerous small and local players emerged to develop COVID-19 vaccines and are constantly undertaking various initiatives to strengthen the distribution chain and expand the customer base.
REPORT ATTRIBUTE |
DETAILS |
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Market size value in 2021 |
USD 52.43 billion |
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Revenue forecast in 2031 |
USD 121.94 billion |
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Growth Rate |
CAGR of 7.4% from 2021 to 2031 |
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Base year for estimation |
2020 |
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Quantitative units |
Revenue in USD million and CAGR from 2021 to 2030 |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments covered |
Type, End user, Distribution channel and Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
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Key companies profiled |
Abbott, Serum Institute of India, Pfizer, Bayer, GE Healthcare, Glaxosmithkline, Johnson and Johnson and Thermo Fisher Scientific, GlaxoSmithKline plc, and Other Prominent Players . |
Vaccine Technologies market size was estimated at USD 52.43 billion in 2021 and is expected to reach USD 121.94 billion in 2031.
Vaccines or immunizations are injections of a weakened form of a disease into a person, causing the body to produce antibodies or immunity against the disease.
Hospital and retail pharmacies, conjugate vaccines and pediatric segment accounted for the largest Vaccine Technologies market share.
Key players: Abbott, Serum Institute of India, Pfizer, Bayer, GE Healthcare are the key players in the Vaccine Technologies market.
The high prevalence of infectious diseases, increasing company initiatives to improve vaccine research and development, growing government support for vaccine development, and a growing emphasis on immunisation are all factors driving the growth of this market
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