The global vaccines market size is expected to reach USD 125.49 billion in 2028, exhibiting a CAGR of 10.8% during the forecast period. Rising investments for effective medical products and rising demand for effective vaccination during the pandemic are expected to boost the market growth. Fortune Business Insights™ provides this information in its report titled “Vaccines Market, 2021-2028.” As per the report, the market size stood at USD 55.44 billion in 2020 and USD 61.04 billion in 2021.
Vaccines are extremely useful to fight against several infections and reduce fatalities. It protects people from several infections globally. The rising demand for effective immunization is likely to boost the product’s sales. Rising investments in the development of effective medications are expected to boost the product’s demand. The increasing prevalence of infections and disorders is expected to boost the product’s demand. The geriatric population and children are prone to infections, which, in turn, leads to the adoption of effective vaccination. United Nations Children’s Funds (UNICEF) and Pan American Health Organization (PAHO) supply millions of vaccines to countries that require the vaccine. The rising adoption of medical solutions has led to a sudden decline in the prevalence of several diseases. This factor is expected to boost market growth during the upcoming years.
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World Health Organization (WHO) Announces USD 18 Billion COVID-19 Vaccine Initiative to Offer 2 Billion Vaccines
The World Health Organization (WHO) announced over USD 18 billion COVID-19 vaccines in June 2020. Through this initiative, the company shall provide 2 billion vaccines globally. Under the program Coalition for Epidemic Preparedness Innovations (CEPI), Vaccine Alliance and Gavi aim at speeding up their R&D process across all countries. This strategy may enable the companies to establish a distribution and manufacturing infrastructure. This development may boost immunization globally and increase the number of vaccinated individuals.
Robust Supply and Rising R&D Activities to Drive Industry Growth
The rising prevalence of infections and disorders is expected to strengthen the supply of effective medical solutions. Hospitals, international organizations, government foundations, and pharmaceutical companies focus on providing effective immunization to the global population to reduce diseases and boost medical services’ effectiveness. The Universal Immunization Programme (UPI) provided the pneumococcal conjugate vaccination to approximately 21 lakh children in Bihar and Himachal Pradesh in India. Rising demand for effective immunization solutions from underdeveloped and developing countries is likely to boost vaccine demand. Further, the emergence of several industry players such as Pfizer, Inovio Pharmaceuticals, Nordic, and Novavax are likely to fuel competition and enhance the production of effective vaccinations. These factors are likely to drive the market growth.
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