Vaccines Market Set to Surge from $43.2 Billion in 2023 to $90.7+ Billion by 2035, Achieving a 6.4% CAGR

PORTLAND, OREGON, UNITED STATES, June 19, 2024 /EINPresswire.com/ — Overview of the Global Vaccines Market
The global vaccines market, valued at $43.2 billion in 2023, is anticipated to grow to $90.7 billion by 2035, reflecting a compound annual growth rate (CAGR) of 6.4% from 2024 to 2035. Vaccines are crucial for the prevention and control of infectious diseases, thereby mitigating their impact on public health. Various government immunization programs and public health campaigns play a significant role in driving the demand for vaccines, ensuring market growth.

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Importance of Vaccines
Vaccines are biological preparations that help the immune system recognize and combat specific pathogens. These preparations typically contain weakened or inactivated forms of the pathogen or its components, which stimulate an immune response without causing the disease. By priming the immune system, vaccines help prevent or reduce the severity of illnesses if the pathogen is encountered in the future.

Market Segmentation and Key Takeaways
By Technology:

The recombinant and conjugate vaccines segment dominated the market in 2023 and is expected to maintain the highest growth rate during the forecast period. These vaccines are favored for their efficacy and safety.
By Indication:

The human papilloma virus (HPV) segment led the market in 2023 and is projected to have the highest CAGR, driven by effective HPV vaccines and strong support from global health initiatives.
By End User:

The pediatric segment was the largest revenue generator in 2023 due to widespread immunization programs. However, the travelers segment is expected to grow rapidly due to increasing international travel and associated health concerns.
By Region:

North America dominated the market in 2023, thanks to robust vaccine production and distribution infrastructure. However, Asia-Pacific is expected to experience the fastest growth, driven by rising infectious disease prevalence and strong government initiatives.
Market Dynamics
The market is influenced by several factors:

Increasing Prevalence of Infectious Diseases: The rising incidence of diseases globally boosts the demand for vaccines.
Emphasis on Preventive Healthcare: Governments and healthcare organizations are heavily investing in vaccination programs to reduce disease impact.
Advancements in Biotechnology: Innovations such as recombinant DNA technology and adjuvant formulations are enhancing vaccine efficacy and safety.
Improved Vaccine Delivery Systems: New methods like needle-free injections and microneedle patches are making vaccine administration easier and improving patient compliance.

Government Immunization Programs: Initiatives like the WHO’s Expanded Program on Immunization (EPI) are expanding vaccine access, particularly in low- and middle-income countries.

Challenges and Opportunities
Vaccine Hesitancy: Misinformation and safety concerns pose significant challenges to vaccination efforts. Addressing these issues requires comprehensive communication strategies and community engagement.
Technological Advances: Innovations in mRNA vaccines and viral vector platforms offer new opportunities to develop vaccines for a broader range of diseases.

Recent Developments

Pfizer’s ABRYSVO: In August 2023, the FDA approved ABRYSVO for preventing RSV-related lower respiratory tract disease in infants.
Bavarian Nordic’s JYNNEOS: In April 2024, JYNNEOS, the only FDA-approved mpox vaccine, became commercially available in the U.S.
GSK’s Shingrix: In October 2024, GSK reached an agreement to co-promote Shingrix in China.
Merck’s Multi-valent HPV Vaccine: In March 2024, Merck announced plans for a new investigational HPV vaccine.

Competitive Landscape

Key players in the market include Pfizer, Merck & Co., and GSK, among others. These companies are actively involved in product approvals

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David Correa
Allied Market Research
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