Vaccines are essentially made up of inactive or dead microbes, injected into the body to activate immune system and produce antibodies against that particular microbe. The produced antigen stimulates immune system in order to identify, memorize and destroy the threats. Rise in frequency of diverse infectious diseases like swine flu, influenza, Ebola, hepatitis, tuberculosis, diphtheria, meningococcal and pneumococcal diseases has driven the need of vaccines.
Global vaccines industry can be classified into various categories; like, by product type, it is segmented into paediatrics and adult vaccines; by technology, segments include inactivated, subunit, conjugate, live attenuated, toxoid, and dendritic cell synthetic; by type, preventive and therapeutic; and segmentation by indication includes allergy, infectious disease, tumors and others. By product type, pediatrics segment is expected to account the largest share of the vaccines market, primarily attributed to rising prevalence of diseases in infants, especially in developing countries, and growing government initiated vaccination programs. Live attenuated is identified as the most recommended and accepted technology globally followed by inactivated technology.
Overall, growing government initiatives, inclusion of several paediatric vaccines in the national immunization schedule, constant product innovation and optimistic Asian markets are fuelling the growth of global vaccine market. Increasing demand of adult vaccination is also driving overall demand of vaccine in various demographics. However, in contrast, strict regulatory laws, huge R&D expenses and high maintenance cost in terms of storage, handling and shipment are major impediments for vaccines market growth. Logistics comprises the major maintenance cost considering 90% of the vaccines require expensive cold chain logistics in order to avoid accidental exposure to temperatures above the recommended range.
Top four companies namely, Pfizer, Novartis, Sanofi and GlaxoSmithKline, control about 70% of the vaccines market. By geography, North America controls about 42% of vaccines market followed by Europe with about 36% market share.
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