March 22, 2018
WELLESLEY, Mass., March 22, 2018– Sudden outbreaks of major diseases such as Ebola, Zika, Chikungunya and H1N1 are helping to spur growth in the global vaccine market, according to a report by BCC Research. Demand is surging from emerging countries such as China and India along with underdeveloped nations in Africa.
The global market for this crucial element of health care was valued at $34 billion in 2016 and is forecast to grow by a compound annual growth rate (CAGR) of 5.6% through 2022, when it will be worth an estimated $46.5 billion, according to the report Global Markets for Vaccine Technologies.
Major players in the market include Abbott Laboratories, Baxter International Inc., Cadila Pharmaceuticals, Elanco Animal Health, Fatro, GE Healthcare, GlaxoSmithKline, Johnson & Johnson, LG Life Sciences, Merck & Co., Novartis, Pfizer Inc., Sanofi Pasteur, Thermo Fisher Scientific Inc., Virbac, XEME Biopharma Inc. and Zoetis Inc.
“Vaccines can significantly reduce the burden of various diseases and can increase life expectancy through prevention,” said BCC Research analyst and report author Anuj Pathak. “The introduction of newer vaccines covering many diseases is another factor pushing the market towards significant growth. New product offerings to meet unmet needs, contingency planning for pandemic infections, awareness of diseases prevention, improving economic conditions of developing countries and increasing interest and investments from major pharmaceutical companies are shaping the vaccines market.”
Vaccine Production Doubled in Four Years, With Developing Nations Adding to the Supply
Seasonal influenza vaccine production doubled, from 500 million units annually to 1 billion units annually, between 2006 and 2010, the report notes. More than a dozen developing nations, from South Africa to Kazakhstan, have been awarded grants to establish manufacturing centers for domestic influenza vaccines, and as of 2017 five nations – India, Indonesia, South Korea, Thailand and Romania – had vaccines in the late-stage development phase. Financial support for this effort has come from the U.S., Japan, the Asian Development Bank, Canada and the U.K. The trend for vaccine manufacturing, the report adds, is toward increased capacity, with vaccines being applied to cancer prevention efforts, seasonal flu prevention and concerns over pandemics.
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Global Markets for Vaccine Technologies( PHM014G )
Publish Date: Mar 2018
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