The vaccines market is estimated to attain about USD 57, 885 million by 2019. It was projected at about USD 33, 140 million in 2014. The market is likely to record around 12 percent CAGR during 2014 to 2019. The prime factors, driving the vaccines market further are increasing illnesses and rising governmental immunization programs around the world.
Technological innovations and escalating investments by governments on the coming up of highly-advanced vaccines are propelling further growth of the vaccines market. Also, augmented vaccination proposals by non-governmental establishments and vaccine companies and boost in awareness about diseases caused by non-vaccination are driving further demand for the market.
Conversely, low availability of vaccines in isolated regions and stern regulatory practices regarding vaccines are estimated to prevent further expansion of the vaccines market. The developing regions of China and India offer a range of prospects to this market. The worldwide market is split further into five categories. These include technologies, kinds, consumers, diseases and regions.
The technologies market is sub-divided into live attenuated, conjugate, toxoid, subunit, recombinant vector, synthetic, inactivated and dendritic cells. The market, on the basis of kinds, is segmented further into therapeutic and preventive. Pediatrics and adults are the two consumer segments of the vaccines market. The diseases market includes cancers, allergies and communicable illnesses.
The regions market is sliced into Europe, Asia Pacific, rest of the world and North America. North America leads the vaccines market and occupies major share. The United States is responsible for further growth of the market in North America. Asia Pacific is predicted to rise at the highest rate in the coming years. This is on account of governmental plans regarding immunization and escalating vaccination proposals by the World Health Organization.
Boosting concentration of prime participants towards vaccines and vaccination programs in India also steers the vaccines market ahead. Escalating immunization proposals by the World Health Organization also drive the sales of this market.