Vaccines Market Trends

Growth Drivers

• Mounting Administration of COVID-19 Vaccine to Boost the Market Growth - As per the data released by the World Health Organization (WHO), it was shown that as of September 19, 2022, nearly 12,640,866,343 doses of vaccine were administered globally.
  COVID-19 has been designated as one of the most life-threatening diseases that accounted for millions of deaths worldwide and ruined the economy of multiple countries. Hence, such a higher prevalence of death due to COVID-19 was set to boost the demand for vaccines to ease the circumstances. Multiple companies across the globe are constantly developing vaccines to entirely cure the symptoms of COVID-19. Therefore, all these factors are expected to hike the growth of the market over the forecast period.
• Growing Demand for Vaccines to Cure Hepatitis B - As of 2019, approximately 30 million people were estimated to be living with hepatitis B, while around 800,000 people die due to hepatitis B every year.
• Increasing Cases of Tuberculosis Across the Globe - For instance, nearly 10 million people were projected to be suffering from tuberculosis (TB) in 2020, out of which, nearly 3 million were women and 5 million were men.
• Rising Government Initiative to Prevent Poliovirus - On account of significant vaccination procedures, the cases of poliovirus are estimated to be decreased by approximately 98% affecting only 1 child out of 5 under the age of 5 years.
• Significant Requirement to Prevent Pneumococcal Pneumonia - It is observed that pneumococcal pneumonia accounted for around 3000 deaths solely in the USA.

Challenges

• Requirement for Higher Initial Investment
• Long-Lasting and Costly Procedure of R&D of the Vaccine
• Higher Possibility of Failure and Side-Effects