Vaccines safely use a little amount of a weakened or killed bacteria or virus or bits of lab-made protein that imitate the virus in order to prevent infection effectively by that same virus or bacteria. Thus, a vaccine allows an individual to be exposed to a pathogen in a controlled manner.
The public health always aims at preventing diseases because it’s much easier and more gainful to prevent a disease than to treat it. And that’s the exact purpose of vaccines or immunizations.
Vaccines protect us from serious diseases as well as thwart the spread of those diseases to others. Over the years, immunizations have resulted into the prevention of epidemics of once common infectious diseases such as measles, mumps, and whooping cough. Moreover, due to vaccines, diseases such as polio and smallpox are almost eradicated.
Some vaccines are required to be administered only once whereas some others needs updates or “boosters” to keep up successful immunization and continued protection against disease.
Governments around the world have been focusing more on dropping global disease burdens mainly for vaccine-preventable diseases. Vaccination is supposed to be the first line of defence in the occurrence of an endemic or pandemic outbreak that may otherwise result in healthcare issues.
Vaccine market growth trends, drivers and restraints:
Due to an appearance of the COVID-19 pandemic situation in recent years, the vaccine market is expected to grow swiftly during the forecast period of 2022-2029.
Vaccine technology is becoming highly developed in the recent decade, resulting into the significant alteration of the future of vaccine development. Further, the introduction of genetic engineering is encouraging many enhancements in vaccine development or we can say vaccinology programmes resulting in new products.
The global vaccines market is expected to grow from $61.04 billion in 2021 to $125.49 billion in 2028 at a CAGR of 10.8% in the forecast period, 2021-2028. According to Data Bridge Market Research analysis, the vaccine market will grow at a CAGR of 9.22% during the forecast period of 2022 to 2029.
Market drivers for vaccine market:
- Market demand will increase due to occurrence of infectious diseases: A growing prevalence rate of emerging and re-emerging infectious diseases is the key driver that will result in the expansion of the growth rate of the treatment/vaccine market.
- The rising investment for healthcare infrastructure: This is another major factor that influences the growth rate of vaccine market. An increasing healthcare expenditure aids in improving its infrastructure.
- An increase in the investment for R&D by public and private organizations: As the vaccine research and development activities progresses and the use of adjuvant in vaccines grow, new opportunities for the market’s growth rate will get boosted.
- Besides, development in medical technology, more initiatives by public and private organizations to increase awareness about new treatment options, and growing government funding for vaccine development are the market drivers that will expand the vaccine market.
- Other factors such as increasing elderly population and rising focus on immunization development will certainly influence the growth rate of vaccine market.
- An excessive non-refundable income, continuously varying lifestyle and high target affinity and specificity leads to the expansion of the vaccine market.
- Moreover, incessant economic development and focus on therapeutic vaccine will raise the growth rate of vaccine market in the future.
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Market restraints/challenges for vaccine market:
High cost involved in the vaccine development and lack of infrastructure in low-income countries will slow down the growth rate of vaccine market. Low purchasing power in under-developed countries will hamper the vaccine market growth. The lack of alertness and unfair access to vaccines will further challenge the market in the forecast period.
How COVID-19 has impacted on vaccine market?
COVID-19 pandemic has caused the majority of healthcare, pharmaceutical, and biotechnology companies to concentrate on diagnostic kits, protective wearables, and novel coronavirus treatment and medications. The leading pharmaceutical companies are focusing their efforts on developing a novel coronavirus vaccine.
Besides, medical experts are more occupied with COVID-19-related services. As a result, other areas of healthcare may have gone neglected. Even pharmaceutical companies are giving more importance to COVID-19-related diagnostics, therapies, health technologies, vaccinations and evaluation of the efficacy of existing treatments.
Final words:
So, this is the brief information about vaccines, its market growth, market drivers, market restraints, and effect of COVID-19 on the vaccine market.