Human Vaccines Market Opportunity will Rise to US$72.5 bn by 2024
, 13 June 2019 -- By distribution channel, the hospital pharmacies segment accounted for the lion’s share in the global human vaccines market. However, the drugstores segment is projected to expand at a considerable CAGR during the forecast period owing to a dramatically increasing vaccination rate in standalone pharmacies in the U.S.
Human Vaccines Market: Snapshot
Vaccination has been promoted as a vital public health intervention across the globe for decades. According to the World Health Organization (WHO), vaccination has reduced the global burden of infectious disease to a great extent. An extremely low risk of serious and fatal side effects associated with vaccines and growing awareness regarding vaccination by various government and non-profit organizations are the key factors driving the human vaccines market.
The global human vaccines market was valued at US$28.3 bn in 2015 and is estimated to reach US$72.5 bn by 2024, registering an 11.2% CAGR during the forecast period. Extensive promotion and marketing strategies and favorable government support are likely to boost market growth.
Conjugates Dominate Human Vaccines Market by Type
On basis of vaccine type, the conjugate vaccines segment accounted for the majority share in the global human vaccines market in 2015. Prevnar, manufactured by Pfizer, Inc., is a conjugate vaccine, which generated a significant revenue of US$6.2 bn globally in 2015 alone. This is a key factor contributing to the dominance of conjugates in the human vaccine market. However, the growing preference for commercial brands available in the market is likely to drive the combination vaccines segment.
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The pneumococcal segment accounted for the majority share in the global human vaccines market by product. A large number of products are commercially available in the market and the prevalence of pneumonia is high across several regions. These factors have been known to drive the pneumococcal segment.
By age group, pediatric vaccines accounted for a 57.5% share in the global human vaccines market in 2015. Factors such as the high prevalence of pneumonia and polio among children across the world are likely to fuel this segment. On the other hand, ##### vaccines are expected to expand at the highest CAGR from 2016 to 2024.
By distribution channel, the hospital pharmacies segment accounted for the lion’s share in the global human vaccines market. However, the drugstores segment is projected to expand at a considerable CAGR during the forecast period owing to a dramatically increasing vaccination rate in standalone pharmacies in the U.S.
Strong Government Support Benefits Markets in APAC, LATAM, and Africa
North America was the dominant market for human vaccines in terms of revenue in 2015 owing to the growing demand for vaccination among ###### and children. The market is also fueled by the increase in government efforts toward vaccination programs and the fact that most vaccines are available in the U.S.
Asia Pacific is expected to register the strongest growth in the market for human vaccines. Increasing government efforts toward immunization for various diseases such as polio, flu, rotavirus, and typhoid has been boosting the market. A massive population base is also likely to fuel market growth, especially in China and India. China is likely to dominate the Asia Pacific human vaccines market during the forecast period owing to a large population base and growing government support toward vaccination.
Brazil is likely to be the leading market for human vaccines in Latin America by 2024. A large population base, growing healthcare infrastructure, and a rise in subsidiaries for industry participants are the major factors boosting the human vaccines market in Brazil. GCC plays a significant role in the human vaccines market in the Middle East and Africa, as does South Africa. The market in Africa has been witnessing strong growth due to frequent outbreaks in the region, a rapid rise in vaccination programs, and increasing investments by major players.
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Submitted by hawer on Thursday, 13 June 2019 at 7:09 PM
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