Recombinant Vaccines Market Size worth USD 25.32 billion by 2027 at a CAGR of 11.3%
Posted on Feb 7 2023 7:05 AM
"North America brought in USD 4.97 billion in revenue in 2019 and is expected to take the lead in the global market over the coming years. The region's rapid adoption of effective vaccines and ongoing R&D investments by major players are anticipated to fuel North America's market expansion."
The market for recombinant vaccines was valued at USD 10.82 billion in 2019 and is anticipated to grow to USD 25.32 billion by 2027, with a projected CAGR of 11.3%. Additionally, according to the World Health Organization (WHO), China has the highest burden of hepatitis B virus infections in the world, which is driving up demand for vaccine doses and immunisation clinics. To help reduce the burden of these diseases, governments from every nation on earth are intensely focused on implementing vaccination programmes and policies. During the anticipated period, this is expected to drive the global market.
Recent Industry Development
December 2019 - Merck received USFDA green signal to launch the first Ebola vaccine ERVEBO. Ervebo is a recombinant viral vaccine indicated against the Zaire Ebola virus.
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The full-fledged advantage of recombinant properties in providing effectiveness and safety to the patient getting immunised is one of the most important and significant drivers for the market growth. There is no chance of a shortage because the vaccines can be made quickly and in larger quantities. Additionally free of infectious viral particles, these products lower the risk of infection and can be safely administered to immunocompromised individuals. Due to the benefits of vaccines, producers are purposefully concentrating on creating novel products to fight viral diseases using cutting-edge DNA technology, genomics, and other biotechnology methods.
Additionally, a stellar market growth is anticipated in the near future due to the rising prevalence of viral diseases in various nations around the world. For instance, sales of Gardasil from Merck increased from $1.7 billion in 2014 to $3.7 billion in 2019. Additionally, 30 million people worldwide contract the hepatitis B virus each year, according to the Hepatitis B Foundation. This enormous number will probably result in an increase in hepatitis B vaccine sales each year, which will help the market expand. The aforementioned elements, along with the expanding population and strict laws requiring infant immunisation, are anticipated to propel the global market during the anticipated time period.
Development of Novel Vaccines by Significant Players to Augment Growth
Massive investments have been made in R&D to create novel drugs and vaccines as a result of the increasing prevalence of diseases and viruses. larger vaccine production is necessary to protect the population from the risk of vaccine shortage. The increasing attention that major players are giving to genomics, advanced DNA technology, and other biotechnology techniques can effectively benefit the market by enhancing production.
Additionally, the phenomenal sales of novel products will subsequently accelerate the market's expansion. For example, sales of Merck's Gardasil rose from US$ 1.7 billion in 2014 to US$ 3.7 billion in 2019. It is anticipated that the large proportion of the population affected by Hepatitis B will play a crucial role in encouraging the market's growth.
The hepatitis B virus infects 30 million people annually, according to the Hepatitis B Foundation. Additionally, the escalating government initiatives and immunization programmes will undoubtedly open up new market opportunities in the years to come.
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List of Leading Players in the Recombinant Vaccines Market:
- GlaxoSmithKline plc.
- Merck & Co., Inc
- Dynavax Technologies
- Pfizer Inc
- Sanofi S.A
- Serum Institute of India Pvt. Ltd
- Novartis AG
- Other Prominent Players
Rapid Adoption of Effective Vaccines to Propel Market in North America
The North American market, which was valued at USD 4.97 billion in 2019, is anticipated to grow significantly over the next few years. The expansion in the area is attributed to rising R&D expenditures by important players. the US's quick adoption of effective recombinant vaccines.
The market's prospects are likely to improve as cutting-edge molecular and genetic engineering tools become more widely available. During the forecast period, Asia Pacific is anticipated to grow quickly due to government-sponsored immunisation programmes. The market's growth is likely to be supported by the rising demand for efficient vaccines.
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In the near future, opportunities for the market are anticipated to arise due to the rise in cases of hepatitis B and the human papillomavirus disease. The HPV Information Center reports that in 2019, 106,430 annual incidences of the human papillomavirus were only found in China. The expanding demand for vaccine supplies may be a significant driver of the market's expansion in Asia Pacific.
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