Market Industry Reports (MIR) has published a new report titled “Vaccines Market Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global vaccines market is expected to be valued at US$ 36,297.2 Million in 2019 and is anticipated to grow at a CAGR of 6.0% from 2019 to 2030.
The growth of the vaccines market can be attributed to factors such as rising incidences of infectious diseases, namely malaria, ebola and influenza among others. Moreover, growing immunization drives worldwide conducted by several government and non-government establishments to spread awareness about diseases have been vital in contributing to the extensive growth if this market. Similarly, market players in association with various universities are conducting research to develop vaccine. For instance in September 2018, Johnson & Johnson announced the collaboration between Coalition for Epidemic Preparedness Innovations (CEPI) & Jenner Institute, University of Oxford and Janssen Vaccines & Prevention B.V., part of the Janssen Pharmaceutical Companies of Johnson & Johnson. The collaboration was aimed to develop and manufacture vaccines against Middle East Respiratory Syndrome Coronavirus (MERS-CoV). However, high developmental costs and requirement of specialized monitoring devices and equipment which further incurs costs is anticipate to impede the growth of the market in the coming years.
The prominent players in the global vaccines market are:
Pfizer Inc., GlaxoSmithKline plc., Merck & Co., Inc., Sanofi Pasteur Limited (Sanofi), AstraZeneca, CSL Limited, Bavarian Nordic, Panacea Biotec Limited, PT Bio Farma (Persero) and Serum Institute of India Pvt. Ltd. among others
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