$32 Billion-Dollar Market for Vaccines: Report
Healthcare market researcher Kalorama Information said the global market for vaccines reached $32.3 billion and experienced strong growth through 2017 with continued expansion of major products. Revenue growth was expected to be 7% over the next five years, higher with emerging markets and new launches than in previous studies the firm had conducted. The finding was made in Kalorama Information’s latest report, Vaccines 2018: World Market Analysis.
“Growth will be fuelled by favorable demographics and continued new product introductions, indication expansions for some products and rising usage, particularly in India and China,” said Bruce Carlson, Publisher of Kalorama Information. “However, mitigating somewhat against this growth will be continuing concerns about vaccine safety and refusal to immunize.”
In 2017, the world market for preventive vaccines totaled $32.3 billion, up from $30.5 billion in 2016 as all segments expanded. Of this, pediatric vaccines represent 55% and adult vaccines represent 45%. Strong continued growth in the global vaccines market is expected through 2024, specifically:
- On a regional basis, the United States comprises the single largest market for vaccines, accounting for 34.6%
- China represents 7.2% of the global vaccine market.
The reported noted that growth is not unlimited. A shift has occurred from the infectious diseases themselves to a heightened concern with the safety of vaccines. Some segments of the public have become increasingly concerned about the risks associated with vaccines, which has led to some parents choosing not to vaccinate their children. Safety concerns are key reason for refusal to vaccinate. Around the world, 12% of people believe that vaccines are not safe, according to a 2016 survey of more than 65,000 people.
Pricing pressure on vaccines continues to rise with the introduction of new, higher priced vaccines and other pharmaceutical products. Recent research suggests that about three quarters of Americans think that rising drug prices are a pressing issue, and legislative or other action is needed to keep prices affordable. In response, manufacturers are seeking ways to lower production costs.
Bavaraian Nordic, Crucell, CSL, Daiichi Sankyo, Emergent Biosolutions, GlaxoSmithKline, Hawaii Biotech, Medimmune, Pfizer, Sanofi Pasteur, Soligenix Takeda and Valvenva are among the companies competing in this field.