Vaccine Market: Global Forecasts to 2022 - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-04-21 04:41:02
The global vaccine market is estimated to have reached a value of around $32.05 billion by the start of 2013, and is forecast to grow to a total of $84.44 billion by 2022. This suggests a CAGR growth rate of around 11.3% between 2013 and 2018.
The vaccine market is an established segment and is widely accepted as an indispensable division of the healthcare industry. It is poised to grow rapidly by addressing the following: emerging infectious agents, various types of cancer, allergies, cardiovascular diseases, diabetes, smoke cessation, and neurodegenerative disorders.
North America is the largest hub for the vaccine market, accounting for the largest share, followed by Europe and Asia. North America and Europe are expected to grow at a steady pace. However, the Asia-Pacific market, particularly India and China, is expected to witness a boost in demand and is poised to register maximum growth over the next 10 years, owing to the increase in aging population and prevalence of various infectious diseases.
Therapeutic vaccines, specifically targeting cancers and allergies, will offer vast opportunities for new players entering this market. The launch of the first FDA-approved therapeutic vaccine, Provenge by Dendreon (U.S.), for treating prostate cancer has acknowledged the potential of vaccines in therapeutics. This scenario is expected to further revolutionize the industry towards massive growth in the next 5 to 10 years.
In general, the vaccine market is largely perceived negatively as a low-profit venture owing to the domination of top five companies, namely, Sanofi (France), Glaxo Smithkline (U.K.), Merck (U.S.), Pfizer (U.S.), and Novartis (Switzerland). Furthermore, a strong patent portfolio and the need for large investments towards vaccine development have limited the scope of entry for new companies.
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