Vaccine is one of the cost-effective and powerful ways to protect civilians across the globe. Increasing instances of diseases are expected to foster market growth. They have the ability to transform health conditions by eradicating the risk of life-threatening infections. Surging investment toward developing new vaccines is anticipated to create a positive impact on market growth. Growing government support and rising focus on developing immunization and prevalence of infectious diseases will create demand for immunization. The World Health Organization (WHO) reports that immunization has prevented 2-3 million deaths yearly. Investments, partnerships, and mergers done by the companies have boosted the sales globally. The COVID-19 pandemic led to significant demand for vaccines to build immunity against the infection.
According to Fortune Business Insights, the global vaccines market size was valued at USD 55.44 billion in 2020. The market is projected to grow from USD 61.04 billion in 2021 to reach a valuation of USD 125.49 billion by 2028 with a CAGR of 10.8% during the forecast period. The market has leading players such as GlaxoSmithKline Plc., Sanofi, Pfizer Inc., Merck & Co., Inc., Novartis AG, CSL Limited, Emergent BioSolutions, Inc., Inovio Pharmaceuticals, Inc., Mitsubishi Tanabe Pharma Corporation, and Bavarian Nordic.
Vaccine Development for COVID-19 Propelled Market Growth During Pandemic
The COVID-19 pandemic affected more than 200 countries globally. The outbreak created the pressure on manufacturers to increase their production capacities and capabilities. Demand for COVID-19 vaccines was prominent as there was awareness and need for immunization against the disease. However, the pandemic affected the adoption of the product amongst low and middle-income countries. The market experienced a positive growth in 2020 owing to investments in R&D activities against various diseases.
Business Research Insights Presents Top 5 Manufacturers
- GlaxoSmithKline Plc. (U.K.)
GlaxoSmithKline Plc. now known as GSK plc. is a U.K.-based multinational pharmaceutical company. GSK is one of the largest healthcare companies and is included in Fortune Global 500. The company was founded in 2000 and currently has its headquarters in London, England. The company operates in three core sectors such as vaccines, pharmaceuticals, and consumer healthcare. It provides prescription medicines, supplements, and other legacy products developed by the company that are listed in the WHO’s list of essential medicines.
- Pfizer (U.S.)
Pfizer Inc. is an American biotechnology and pharmaceutical corporation, located in New York, U.S. It develops, discovers, and commercializes biopharmaceuticals. The company was founded in 1849 by Charles F. Erhart and Charles Pfizer. The company produces and develops vaccines for oncology, immunology, neurology, and endocrinology. It provides biosimilars, injectable pharmaceuticals, APIs, and contract manufacturing services. It provides products in countries of Asia Pacific, North America, South America, Europe, Australia, Africa, and the Middle East.
- Merck & Co., Inc. (U.S.)
Merck & Co., Inc. is an American pharmaceutical company that is located in New Jersey, U.S. The company conducts its businesses as Merck Sharp & Dohme (MSD) outside the U.S. and Canada. It produces and develops medicines, animal health products, and biologic therapies. The company had six drugs that generated more than USD 1 billion of revenue. It provides employment to 68,000 employees.
- Bavarian Nordic A/S (Denmark)
Bavarian Nordic A/S is biotechnology organization that focuses on developing, commercializing, and manufacturing of vaccines for cancer immune therapies and infectious diseases. The company is located in Hellerup, Denmark with its additional site in Hørsholm. The company develops two technologies that are MVA-BN and Vaccinia-fowlpox-TRICOM. It develops and produces novel antibiotics for treating and preventing life-threatening diseases.
- Novartis International AG (Switzerland)
Novartis International AG is a Swiss-American pharmaceutical corporation that is located in Basel, Switzerland. It is one of the largest pharmaceutical companies globally. The company was created through the merger of Ciba-Geigy and Sandoz in 1996. It manufactures drugs such as Clozaril, Voltaren, Tegretol, Diovan, Gleevec, Neoral, Femara, Lamisil, Ritalin, and Exjade. The company focuses on three divisions such as Sandoz (generic medicines), Pharmaceuticals, and Alcon (eye care).
Supply of Products by Various Organizations to Fuel Immunization
Occurrence of various diseases over the years has led to the need for rapid immunization. Various organizations, such as UNICEF and PAHO, have been supplying millions of antibiotics for millions of people. Large amounts of recombinant antibiotics have led to decline in infectious diseases and other diseases as well. Continuous supply of antibiotics accompanied by strong R&D activities is expected to drive the market growth.
About the author
Mayuri Patidar holds an MBA in Marketing. She is a thorough research blogger. Her inclination is toward researching and writing precise blogs for several niche markets and offering the finest information.