Over the years, growing acceptance of vaccine technology has injected a new life into the world of healthcare. It has emerged as a vital sector of the healthcare industry, owing to the rising demand for vaccines for the prevention and treatment of rising infectious diseases like cholera, typhoid, polio, and influenza, among others. Therefore, newer technologies and growing awareness about vaccines is stimulating the growth of the vaccines technology market even further.
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Projected to grow at a CAGR of 11.8%, the global vaccine technology market is expected to reach USD 57,885.4 Million from USD 33,140.6 Million by 2019. As of now, North America leads the market, followed by Europe and Asia, and it will continue to be the largest market in the near future as well. However, Asia is anticipated to be the fastest-growing market, thereby growing at the highest CAGR during the forecast period, with China, Japan, and India being the key markets.
Among the types, the preventive vaccines held the largest market share, because of the rising number of infectious diseases, whereas on the basis of technology, the subunit market took up the majority of the market share, owing to increased research for developing safer vaccines and more effective ways of tackling diseases. On the basis of end-users, pediatrics is the key market, because of the growing prevalence of diseases like tuberculosis, mumps, and meningitis.
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Major Driving Factors
The growth of the global market for vaccine technology is mainly backed by the following factors:
- Rising number of diseases
- Government initiatives for improving immunization worldwide
- Active investments from companies
- Increasing initiatives taken by non-government organizations for promoting vaccinations
Moreover, the upcoming markets in countries like India and China and increased research on vaccines has opened the doors for many opportunities. However, little accessibility to vaccines in remote areas and strict policies and regulations may act as hurdles for the growth of this market.