Increasing infectious disease cases and growing public health initiatives in emerging countries driving the global vaccine market

calendar_today 13 October, 2022 person_outline Growth Plus Reports

According to the deep-dive market assessment study by Growth+ Reports, the global vaccine market was valued at ~US$ 38.7 billion in 2021. The global vaccine market is expected to witness a CAGR of ~10.3% from 2022 to 2030.  

Vaccines are mainly aimed at use as a precautionary action in healthy individuals. They are complex biological products designed to protect against infections caused by existing or emerging communicable disease agents (pathogens such as viruses, bacteria, and parasites). Infections are caused by diseases for which traditional pharmaceuticals no longer work (e.g., against antibiotic-resistant bacteria). Their development is a complex and time-consuming process that differs significantly from conventional drug development, making regulatory assessment technically more difficult. Some pathogens, for example, can mutate or have different subtypes. It may be difficult to activate the immune system to respond to the vaccine, among other issues; this significantly challenges vaccine development. 
In November 2019, China reported the first human case of COVID-19, the infection caused by the novel coronavirus named SARS-CoV-2. Most infected people reported symptoms like throat infection, difficulty in breathing, and mild to severe respiratory illness People over the age of 65, as well as those with underlying medical conditions such as cardiovascular disease, metabolic disorders, chronic respiratory disease, or cancer, are at a higher risk of developing a life-threatening illness. COVID-19 is one of the deadliest viruses responsible for nearly 6,440,163 death and infected around 590,659,276 people worldwide from 2019 to 2022 and still counting. The outbreak of COVID-19 was out of control. To handle this emergency, governments and biotechnology companies collaborated for the earliest introduction of vaccines.

Hepatitis B is a serious and highly transmittable viral disease that can cause severe liver damage and is responsible for chronic liver diseases. Many individuals who have hepatitis have no symptoms. The symptoms of all three types of hepatitis are very similar such as the dark color of urine, stomachache: skin or eye yellowing, stool in a light or clay color, fever of moderate frequency, and appetite loss.
 According to the World Health Organization, in 2019, nearly 296 million people were living with chronic hepatitis B, and almost 1.5 million new infection cases were reported yearly. In 2019, hepatitis B caused 820,000 deaths, mostly from primary liver cancer. The significant burden of the prevalence of hepatitis B is increasing the demand for diagnostic tests, thus contributing to the growth of the serological testing segment. Immunization is the most effective method of preventing hepatitis B virus infection. Infections acquired during childhood are more likely to become chronic than those acquired later in life. According to the World Health Organization, over a billion hepatitis B vaccines have been administered worldwide since 1982. In many countries, 8%-15% of children were chronically infected with the hepatitis B virus. This rate has gradually reduced to less than 1% due to vaccination policies for children.

However, the high cost and time-consuming process for research and development of a vaccine and the risk associated with product failure restrict the growth of the global vaccine market. Vaccine development process requires at least 10 to 15 years for research and development as it involves various steps in clinical trials and regulatory approval. Additionally, vaccine development is expensive and needs nearly US$ 200 million to US$ 500 million in investments. Apart from this, product failure risk is pertinent. These are some factors that affect the growth of the global vaccine market.

North America dominated the global vaccine market, followed by the Asia Pacific. The large share of North America in the global market can be attributed to increasing government initiatives for mass immunization, increasing healthcare expenditure, and early approval for emergency use vaccination e.g., the COVID-19 vaccine. Additionally, the presence of top key players, favorable reimbursement policies, and increasing rates of infectious diseases in the region contribute to the growth of the North American vaccine market.

The prominent players operating in the global vaccine market are AstraZeneca plc, Bavarian Nordic, Bharat Biotech International Ltd., CSL Limited, Emergent BioSolutions, Inc., GlaxoSmithKline plc., Inovio Pharmaceuticals, Inc., Johnson & Johnson, Merck & Co., Inc., Mitsubishi Tanabe Pharma Corporation, Novartis AG, Novavax, Inc, Pfizer Inc., Sanofi S.A. and Serum Institute of India Pvt. Ltd. among others.
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