Vaccines Market to Reach US$82 Billion by 2029 with Notable CAGR of 3.9% | Fairfield Market Research
The global vaccines market is expected to demonstrate a CAGR of 3.9% for the total vaccines market and an impressive 11.8% CAGR (excluding COVID-19 vaccines) during the period of 2023-2029. By the end of 2029, the global vaccines market is projected to reach a revenue of US$82 billion, according to Fairfield Market Research, with COVID-19 vaccines contributing significantly to market dynamics.
Market Dynamics:
- Years of Consolidation: The global vaccines market has witnessed robust revenue growth, driven in part by the profitability of vaccine manufacturers during the pandemic. The highly regulated environment in the vaccine market acts as a barrier to entry, supporting its stability and growth. However, the revenue from COVID-19 vaccines is expected to decline by nearly 13% from 2021 to 2029.
- Innovative Developments: Leading players are developing new vaccines for a wider range of diseases, with companies like Pfizer and GSK focusing on new molecular entities. Innovative vaccines typically come with higher pricing and offer incremental revenue opportunities.
- Impact of COVID-19: The pandemic has led to a boost in biotech companies like BioNtech and Moderna, with mRNA vaccines gaining emergency use authorization. Pharmaceutical giants like GSK, Merck, Pfizer, and Sanofi have partnered with biotech firms for mRNA vaccines.
Key Market Segments:
- Seasonal Influenza Vaccines: Witnessing fast growth, global influenza vaccines have been positively impacted by the COVID-19 outbreak.
- Pneumococcal Conjugate Vaccines (PCV): Emerging as the largest category in the vaccines market, the addition of PCV in routine infant immunization by countries like India, China, and Indonesia is driving demand.
- Human Papilloma Virus (HPV) Vaccines: High interest in HPV vaccination programs across all income groups has led to increased demand.
- Shingles Vaccines: Expected to achieve a CAGR of 15.6% in revenue terms among all disease indications by 2029.
Regional Insights:
- North America: Remains the largest regional contributor to the global vaccines market, driven by high-revenue markets like the US and Canada.
- Emerging Economies: South and East Asia (SEARO) and Western Pacific (WPRO) are expected to see phenomenal growth in the vaccines market, driven by countries like India and China.
Market Structure and Competition:
- Oligopolistic Market: Vaccine manufacturing is concentrated among GSK, Pfizer, Merck, and Sanofi, which control 90% of the global vaccines market in terms of value.
- Emerging Market Manufacturers: The entry of emerging market manufacturers has increased competition, reduced vaccine prices, and expanded production capacities for individual vaccines.
Prominent Competitors in the Vaccines Market:
- CSL Limited (Seqirus)
- Emergent BioSolutions Inc.
- Mitsubishi Tanabe Pharma Corporation
- Moderna
- Novavax
- Serum Institute of India Pvt. Ltd.
- Sinopharm
Browse Global Vaccines Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2029 (By Vaccine, By Country Group, By Geographic Coverage and By Company) : https://www.fairfieldmarketresearch.com/report/vaccines-market
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This press release first seen on Brilad
COMTEX_440956648/2840/2023-09-26T04:55:28
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