Vaccines Market Worth $119.7 billion by 2028, Growing at a CAGR of 10.9% from 2021 – Exclusive Report by Meticulous Research®

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London, June 24, 2021 (GLOBE NEWSWIRE) — According to a new market research report, Vaccines Market by Indication (Influenza, Rotavirus, DTP Vaccines), Route of Administration (Intramuscular, Subcutaneous, Oral), Type/Antigen (Conjugate Vaccine, Live Attenuated Vaccine), Valence (Multivalent, Monovalent Vaccines)-Global Forecast to 2028“, published by Meticulous Research®, the Vaccines Market is expected to reach $119.7 billion by 2028, at a CAGR of 10.9% during the forecast period of 2021 to 2028.

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A vaccine is a biological preparation that provides active acquired immunity to a particular infectious disease. Many dangerous infectious diseases can be prevented in this simple and effective way. Also, immunization is a way to build the body's natural immunity to a disease. Over the last decade, vaccine development has received huge support from the pharmaceutical industry and governments due to successful vaccination programs. As a result, vaccines are one of the most powerful and cost-effective health interventions available.

Governments worldwide are focused on minimizing the global disease burden, specifically for vaccine-preventable diseases. They are also partnering with private sector companies to enhance vaccine research & development for diseases that pose a serious potential threat. For instance, in March 2020, Operation Warp Speed was launched by the U.S. government. Warp Speed was commissioned to produce and deliver 300 million doses of safe and effective COVID-19 vaccines by January 2021. Operation Warp Speed (OWS) collaborated with several U.S. federal government departments, including Health and Human Services and its subagencies, Agriculture, Energy, Veterans Affairs, and the private sector.

The growth of the overall vaccines market is mainly attributed to the high prevalence of diseases, increasing government initiatives towards immunization, technological advancements in the vaccines industry, a strong pipeline for vaccines, and the impact of COVID-19. However, the high costs and long timelines of vaccine development are expected to hinder the growth of this market to a certain extent. Emerging markets are expected to offer significant growth opportunities for market players. However, product recalls and inadequate access to vaccines are major challenges for the growth of the global vaccines market.

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Based on indication, the vaccines market is segmented into eleven major categories, namely, pneumococcal disease, influenza, DTP, HPV, meningococcal disease, polio, MMR, rotavirus, hepatitis, coronavirus disease, and other indications, which include varicella, herpes zoster, chlorella, and rabies. In 2021, the pneumococcal disease segment is expected to account for the largest share of the overall vaccines market. The rising incidence of coronavirus disease across the globe, increasing efforts by governments and multinational organizations to accelerate vaccine R&D and manufacturing, and a shift in the focus of pharmaceutical and biotechnology companies towards the research and development (R&D) of COVID-19 vaccines are the key factors driving the growth of this segment.

Based on route of administration, …

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