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The global vaccine market is growing significantly due increasing initiatives by non-government organizations to provide immunization and improvement in production technique of vaccine in the industry. Various programs and campaigns are organized, such as Immunization Week by World Health Organization, to create awareness among the population all over the world. Massive unexplored market in vaccine industry of developing economies are creating ample opportunities for the vaccine market to grow at a considerable rate in the coming years.
Moreover, the advanced research and development facilities, and new and innovative product developments by the companies are propelling the growth of the vaccine industry. Increasing prevalence of cancer and infectious diseases is fuelling the growth of the vaccine market. Infectious diseases are the major contributor to the human mortality and morbidity. According to World Health Organization, approximately 129,064 cases were reported in 2013. Vaccination has rescued millions of lives to provide secure and better life.
The vaccine market is categorized on the basis of type, technology, disease indication and end users. On the basis of type of vaccine, the vaccine market can be categorized as preventive vaccine and therapeutic vaccine. Preventive vaccine leads the vaccine market due to increasing prevalence of infectious disease and increasing investment by government and non-government organizations.
On the basis of technology, the vaccine market is categorized as synthetic vaccine, recombinant vaccine, subunit vaccine, toxoid vaccine, inactivated vaccine, live attenuated vaccine, dendritic cell vaccines, and conjugated vaccines. The subunit vaccines lead the market due to increasing research activity for the development of safe and effective vaccine. Based on disease indication, the market can be segmented as infectious diseases, cancer, allergies, and others. The infectious disease leads the market due to increasing government initiates to improve immunization program worldwide; whereas, the cancer vaccines market are expected to grow with the fastest rate in the coming years, due to increasing number of cancer cases every year. Moreover, on the basis of end users, the vaccine market is segmented into pediatrics and adults.
Some of the factors driving the growth of global vaccine market are rising government and non-government funding for vaccine development, increasing prevalence of diseases such as cancer and infectious diseases, and increasing use of adjuvants in vaccine preventable diseases. In addition, increasing healthcare expenditure, and increasing awareness about immunization are also some of the factors fueling the growth of the global vaccine market. However, strict regulatory requirements for approval of drugs and high capital investment in research and development are some of the factors restraining the growth of the vaccine market to some extent.
Geographically, North America will be leading the global vaccine market in the coming years, due to increasing government funding for vaccines, increasing company investments for vaccine research and increasing prevalence of diseases. Asia-Pacific is the fastest growing region in the global vaccine market. The major reasons for the fastest growth of vaccine market in the region are improving healthcare infrastructure, increasing healthcare expenditure, large population base suffering from various diseases, in the region. Moreover, the vaccine market is growing due to increasing immunization initiatives and awareness by organizations, such as World Health Organization and GAVI, in the emerging countries, such as India and China, of Asia-Pacific region.
Some of the companies operating in the global vaccine market are GlaxoSmithKline, Plc., CSL Limited, Sanofi, Medimmune, LLC., Emetgent Biosolutions, Inc., Novartis, AG, Pfizer, Inc., Merck & Co., Inc., Bavarian Nordic, and Johnson & Johnson.