The rising focus on immunization programs, increasing awareness of health, improving healthcare infrastructure, and rapid spread of viruses are the biggest vaccine market growth drivers. Thus, the rise in the incidence of infectious diseases, coupled with the increasing investment in R&D for the development of new vaccines, will pave the way for the market growth. Pharmaceutical companies are currently engaged in extensive R&D in COVID 19 diagnostics, treatments, and vaccines. As per the World Health Organization, global vaccination coverage can prevent the deaths of more than 6.5 million people every year.
The vaccine market is majorly driven by the high incidence of infectious diseases. The increasing number of child deaths due to the outbreak of diseases such as polio, measles, and hepatitis has a significant impact on economies and families. The growing awareness of consumers toward improved healthcare acts as a catalyst boosting the demand for this kind of drug. Moreover, there will be a dire need to increase the supply of vaccines, to meet the rising demand of citizens in developing and developed nations, to curb the spread of diseases.
Similarly, the increasing focus on immunization programs, attributed to the rising healthcare awareness, enhancing healthcare infrastructure, and surging number of government organizations working to meet this objective, is propelling vaccination rates. Engaging with communities and strengthening the quality of vaccination services would induce growth in this market. The most-trusted experts in this industry are healthcare workers, so it is necessary for them to be well prepared and supported to boost the sales amid time constraints and scarce resources.
The vaccine market is expected to grow rapidly in APAC owing to an increasing number of vaccine manufacturers. Moreover, due to the growth in the awareness about vaccination and a rise in the number of immunization programs, the regional market is expanding. APAC has a large geriatric population and, consequently, a rise in the demand for vaccines, coupled with a hike in the government spending on their development. Additionally, APAC includes densely populated countries, such as China and India, where there is a faster spread of diseases.
The competitiveness among the players is one of the major factors driving this market. The vaccine market is diversified, and the key players have to fight for approvals from the concerned authorities for their commodities. The two important concerns of these players are continuous R&D and output of novel products. Some of the biggest vaccine manufacturers are Novavax, Bavarian Nordic, Inovio Pharmaceuticals, GSK, Sanofi, Pfizer, and Merck. To increase production, they are partnering with contract drug research and manufacturing organizations, especially in emerging economies.
The outbreak of the novel coronavirus has boosted the vaccine market as these drugs are considered the most-effective in preventing infections. As per reports, over $5 billion has already been poured into COVID-19 research, the majority in studying the virus genetics and accordingly developing a vaccine. With the extensive pharma sector and government efforts, including by the WHO under its COVAX program, a number of vaccines have been developed, tested, and approved for COVID-19. These include Comirnaty, Sputnik, Covishield, Covaxin, Spikevax, Janssen Nuvaxovid, and Covovax.
Thus, the rising focus on immunization programs, due to the rapid spread of viruses, will lead to high revenue in this market.
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