The global viral vaccines market was valued at USD 35,543.70 million in 2020 and is expected to reach a market valuation of USD 74,366.61 million by 2029, owing to an 8.49% CAGR during the forecast period.
Viral infections can be the world's greatest killers, thus posing significant health, economic, and social threats for the global community. The study of the scope of the global viral vaccines market includes the market size analysis of the manufacturer's products and strategies.
| Report Metric | Details |
|---|---|
| Base Year | 2021 |
| Study Period | 2017-2029 |
| Forecast Period | 2023-2031 |
| CAGR | 8.49% |
| Market Size | USD 74,366.61 million |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends |
| Geographies Covered |
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Researchers worldwide are presently conducting various research studies to expand the market. They are building lab capacities in underdeveloped countries and creating global surveillance networks to prevent disease spread through vaccination. The increased supply of vaccines worldwide is expected to meet the unmet demands through rigorous R&D, controlling the spread of endemic diseases.
Pharmaceutical and drug manufacturers, international organizations, philanthropic foundations, and hospitals aim to provide cost-effective and timely immunization to people globally. In addition, several regions under government surveillance ensure that people get essential vaccines at a minimum or no cost. For instance, the pneumococcal conjugate vaccine under the Universal Immunization Program (UPI) was rolled out to 21 lakh children living in Bihar and Himachal Pradesh in India.
The high demand for vaccines is one of the substantial reasons for the growing contribution in a million dollars' market value. Moreover, government investments and company funding drive the R&D sector to launch novel vaccines. For instance, Janssen Pharmaceutical, a pharmaceutical giant based in Belgium, collaborated with a biotechnology company, Vaxart, Inc. This collaboration was announced to rediscover oral influenza vaccines in the form of pills.
Nowadays, people worldwide tend to live longer, and every country is witnessing growth in the proportion and number of older people in their population. For instance, as per the World Health Organization (WHO) data, the population aged 60 years and above is expected to reach 2 billion by 2050, up from 900 million in 2015.
Infectious diseases are a major public health concern, and they often remain undiagnosed. Screening is crucial for improving the health outcomes of virus infected-patients. For instance, as per the CDC estimates, from October 2021 to January 2022, around 2.1 million flu illnesses, 21,000 hospitalizations, and 1,200 deaths from flu were reported in the US.
On the other hand, HPV is ubiquitous, especially in Asian countries. Approximately 80% of Australians have had human papillomavirus (HPV) at some point in their lives, according to a factsheet released by family planning NSW, Reproductive and Sexual Health. In addition, the European Centre for Disease Prevention and Control (ECDC) estimated a hepatitis C incidence of 8.7 per 100,000 in the Member States of the European Union (EU) in 2019. Further, estimates assume that about 27% of liver cirrhosis and 25% of hepatocellular carcinoma are attributable to chronic hepatitis C virus (HCV).
Such growth in the number of chronic viral diseases and infections, along with a rise in the number of the older population, is enhancing the demand for vaccines that are likely to boost people's immunity to fight health threats. This is expected to contribute heavily to the market's growth during the assessment period.
The high cost associated with vaccines is a matter of concern. The WHO, along with other national governments, are taking the initiative for the standard affordability of hepatitis, influenza, HPV, and MMR vaccine to better target vaccine supply.
Despite this, the accessibility of vaccines is still low, particularly in remote areas of developing countries such as Asia-Pacific and Africa. The increased viral diseases incidence in these locations may hinder the market's growth. As per the CDC, the updated vaccine price list for 2020 has been reported, wherein the Infanrix's per dose private cost was around USD 30. Further, the common Hepatitis A/ Hepatitis B vaccine was priced to be around USD 100.
North America's viral vaccines market has the highest revenue share and is expected to grow over the forecast period. The growth is subjected to emerging infectious diseases, a dangerous health threat worldwide. Moreover, the high prevalence of infectious diseases, including hepatitis, influenza, retroviral infections, and measles, is likely to drive the demand for vaccines during the forecast period. For instance, as per the Centers for Disease Control and Prevention, more than 1,282 cases of measles were confirmed in 31 states of the US from January 1–December 31, 2019.
Also, the use of advanced technologies in vaccine development through genetic engineering is now providing an opportunity to target new diseases has proved to be transformative. Along with this, federal funding for R&D reached USD 138.9 billion in 2019 from USD 3.5 billion in 1955 at a 5.9% compound annual growth rate (CAGR). Such a rise in R&D expenditure in the American region influences the market.
Based on type, the segment is divided into preventive vaccine and therapeutic viral. In 2020, preventive vaccines captured the highest market share. This significant share is mainly attributed to the rise in prevalence of infectious diseases, use of ground-breaking technology for vaccine development, growth in funding from government and international organizations, and high awareness regarding preventive care.
Based on indication, the segment is divided into influenza, human papillomavirus, hepatitis, measles/mumps/rubella, and others. Influenza viruses substantially impact immunity and subsequent vaccine development as it undergoes constant genetic change.
The influenza virus circulates quickly, which is responsible for regional epidemics and outbreaks, causing thousands of deaths. For instance, according to the Centers for Disease Control and Prevention (CDC), around 13 million flu cases were documented in 2019–20. Hence, the rise in the incidence rate of influenza drives the growth of this segment, registering a major share in the global market in 2020.
Based on route of administration, the segment is divided into intramuscular and subcutaneous administration, oral administration, and others. Factors such as defined control of administration rate and dose, ease of administration, and rapid exposure to the antigen boost market growth. Also, high procurement volume by government and private organizations is expected to increase the demand for viral vaccines via intramuscular and subcutaneous administration.
Based on patient type, the global viral vaccines market is segmented into pediatric and adult. In 2020, the pediatric segment accounted for the largest share of the vaccines market. The growing initiatives by public and private organizations and company programs for developing advanced pediatric vaccines to prevent diseases are anticipated to drive this segment.
By distribution channel, the global viral vaccines market is segmented into hospital and retail pharmacies, government suppliers, and others. The hospital & retail pharmacies segment held a dominating share of the global market in 2020 and is likely to grow at a higher CAGR during the forecast period.
The COVID-19 pandemic is likely to raise the demand for the viral vaccines market, given the market's growing research and development activities. For instance, in an article published by the US National Library of Medicine in January 2021, a study was performed to study the impact of intravenous viral vaccines on clinical outcomes of patients with Acute Respiratory Distress Syndrome ARDS during the COVID-19 pandemic.
The purpose of the study was to evaluate the effects of intravenous viral vaccines on inflammation and gas exchange in acute respiratory distress syndrome (ARDS) due to the COVID-19 pandemic. That increases the demand for viral vaccines, thus propelling the market's growth.
