Wellesley, Mass, Feb. 16, 2017 (GLOBE NEWSWIRE) -- The global rise in infectious and noninfectious diseases, the growing population, and advancements in science and technology are growing the global vaccines market. BCC Research reveals in its new report that the resurgence of vaccine preventable diseases and the emergence of new pandemics and immunization programs run in developing geographies are also key grow factors.
The global market for vaccine technologies should reach $33.3 billion and $45.2 billion by 2016 and 2021, respectively, growing at a five-year compound annual growth rate (CAGR) of 6.3%. Human vaccines as a segment should grow from $27.2 billion in 2016 to $37.5 billion by 2021, demonstrating a five-year CAGR of 6.6%. Animal vaccines as a segment should total $7.7 billion by 2021, up from $6 billion in 2016, with a five-year CAGR of 4.9%.
Growth in the vaccines market is anticipated on the basis of technological advancements with respect to the development of novel vaccines towards emerging infectious diseases, cancers and allergies. Continuous improvements in vaccine design, delivery technologies and manufacturing also will stimulate growth. The introduction of newer vaccines covering many diseases should the market towards significant growth, as well. New product offerings to meet unmet needs, contingency planning for pandemic infections, awareness about diseases prevention, improving economic conditions of developing countries and increasing interest and investments from major pharmaceutical companies are shaping the vaccines market.
Research and development on vaccines has grown exponentially in recent years, reflecting the ethical and medical needs to combat fatal infectious outbreaks. Increased funding from public and private agencies and organizations is helping to accelerate R&D efforts in this arena of medical science. The Ebola outbreak in 2015 and the race to develop a new vaccine to fight the Zika virus demonstrate the importance of vaccines in promoting public health. Accordingly, both small biotechnology companies and leading pharmaceutical firms have expanded vaccine research and production in the past decade, as returns on investment have become more attractive.
"The vaccine market, initially considered as a low-profit business, is now one of the brighter spots for pharmaceutical companies in terms of revenue streams,” says BCC Research analyst Shalini S. Dewan. "Increasing public awareness about preventive healthcare and increased spending by governments on disease prevention has encouraged manufacturers about vaccines. For example, increased public awareness about viral diseases such as hepatitis, MMR and polio has augmented the vaccination rates in many countries."
Global Markets for Vaccine Technologies (PHM014F) analyzes vaccine technology and its challenges, innovations, opportunities and regulatory hurdles. The report also examines market sizes and developments for vaccine classes, vaccine types, vaccine end-users, and disease indications. Global market drivers and trends, with data from 2015, estimates for 2016, and projections of CAGRs through 2021 also are provided.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.