Vaccination has been promoted as a vital public health intervention across the globe for decades. According to the World Health Organization (WHO), vaccination has reduced the global burden of infectious disease to a great extent. An extremely low risk of serious and fatal side effects associated with vaccines and growing awareness regarding vaccination by various government and non-profit organizations are the key factors driving the human vaccines market.
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The global human vaccines market was valued at US$28.3 bn in 2015 and is estimated to reach US$72.5 bn by 2024, registering an 11.2% CAGR during the forecast period. Extensive promotion and marketing strategies and favorable government support are likely to boost market growth.
According to the research report, the global market for human vaccines presented an opportunity worth US$28.3 bn in 2015. Progressing at a sturdy CAGR of 11.20% during the period from 2016 to 2024, the market is expected to touch US$72.5 bn by the end of the forecast period. The demand for conjugate vaccines is relatively higher than other vaccine types at present. However, combination vaccines are expected to create more lucrative opportunities in the years to come, thanks to the rising preference for commercial brands.
Currently, hospitals have surfaced as the most prominent distribution channels for human vaccines. Although the scenario will remain almost similar over the next few years, drugstores are anticipated to demonstrate a promising growth rate, thanks to a significantly rising vaccination rate in standalone pharmacies in developed economies. Among the regional markets, North America is anticipated to continue dominating the global market over the forthcoming years, states the research report.
Rising Awareness about Benefits of Vaccines to Boost Demand
“The global market for human vaccines is observing tremendous growth, thanks to the increasing awareness about the advantages of vaccines over other modes of drug administrations,” says the author of this report. As vaccines demonstrate a significantly low risk of serious side-effects when compared to other methods of drug administration, their demand is relatively higher at present and is expected to continue increasing in the years to come.
Apart from this, the increasing number of awareness programs by various governments and private and not-for-profit organizations is also projected to support the growth of this market over the next few years, reports the research study.
Stringent Regulatory Requirements to Pose A Threat to Market’s Growth
The future of the worldwide market for human vaccines looks bright. However, the presence of stringent regulatory requirements is likely to create hurdles in the otherwise smooth growth of this market in the years to come. Besides, the high cost of these vaccines, together with their handling, storage, and transportation, is also expected to pose a challenge to this market over the forthcoming years, states the market report.