WELLESLEY, Mass., March 22, 2018 (GLOBE NEWSWIRE) -- 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.
- The global animal vaccine market is growing as there is increasing demand for livestock production and an increase in pet ownership. This sector is anticipating a CAGR of 4.8% through 2022, when it could be valued at $8.5 billion.
- The growth of the vaccine market rests on a number of technological advancements, including the development of novel vaccines to treat infectious diseases, cancers and allergies.
- The North America and the Asia-Pacific regions account for more than two-thirds of the global vaccine market and this share is expected to grow nominally through 2022. High demand is driving the Asian market, while the North American market is affected by strict regulations and high awareness.
“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 annually to 1 billion 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.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.
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