The global varicella live vaccine market is estimated to grow and record a CAGR of 5.78% during the forecast period of 2020-2028. The factors fueling the market growth are the rise in the awareness of varicella live vaccine usage, a major boost in the acceptance of varicella vaccines, and active participation of government in immunization programs.
The varicella live vaccines help to build immunity against the varicella-zoster virus, which can cause serious diseases like chickenpox and herpes zoster. Immunization with varicella live vaccines is an effective method to prevent these diseases. These vaccines are categorized mainly in two types, such as combination and monovalent.
One of the important factors propelling market growth is a boost in immunization programs across the globe. Active government initiatives and continuous efforts to ensure immunization boosts the varicella live vaccine market growth. In addition, there is a soaring increase in awareness regarding the usage of varicella vaccines in developing countries like India, owing to the presence of programs that discuss vaccines and vaccination. However, high monetary inputs associated with the production of the product hinders the growth of the market. There is intense competition in the market among Merck & Co. Inc., Sanofi, and Takeda Pharmaceutical Company Limited, which are the major shareholders in the market.
The global varicella live vaccine market is geographically analyzed on the basis of the markets situated across the regions of North America, Europe, Asia Pacific, and the Rest of the World. As of 2019, the region of North America accounted for the largest market share in terms of revenue and continues the trend towards the end of the projected period. This is attributed to the easy availability of the varicella vaccines and the presence of the leading companies in the market, among other factors.The Asia Pacific region is predicted to register the highest growth rate in terms of revenue.One of the primary reasons is a surge in the availability of improved healthcare services.
Merck & Co., Inc., Bio-Med Pvt. Limited, Sanofi SA, GlaxoSmithKline PLC, Takeda Pharmaceutical Company Limited, etc. are some of the principal companies operating in the market which have a global presence.
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