PUBLISHER: Grand View Research | PRODUCT CODE: 1529701
PUBLISHER: Grand View Research | PRODUCT CODE: 1529701
The global vaccine market size is expected to reach USD 110.54 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.74% from 202 to 2030. The growth is attributed to the rising immunization programmes, and the development of vaccines for diseases, such as RSV and Chlamydia amongst others. There has been significant progress in improving access to vaccines for diseases of public health concern. Many new vaccines have been developed and distributed globally, resulting in the saving of countless lives and the prevention of various illnesses.
Furthermore, there are several initiatives in the vaccine market aimed at improving access to vaccines, developing new vaccines, and ensuring vaccine safety. These initiatives involve international organizations, governments, private sector entities, and philanthropic organizations. Through collaboration and innovation, these initiatives are helping to address global health challenges and improve public health outcomes. For instance, COVAX is a global initiative aimed at ensuring equitable access to COVID vaccines. The initiative is co-led by Gavi, the Vaccine Alliance, the World Health Organization (WHO), and the Coalition for Epidemic Preparedness Innovations (CEPI).
Although there are over 90 vaccine manufacturers supplying vaccines to World Health Organization Member States in 2021, supply remains highly dependent on fewer than 10 manufacturers with diverse deployable technology and global reach. This concentration leads to regional supply insecurity and market health issues, particularly in the African and Eastern Mediterranean regions. It is anticipated that the COVID vaccine market could go private in the second half of 2023 in the U.S. This privatization may lead to an increase in prices of COVID vaccines and open up the market for other players as well. For instance, both Moderna and Pfizer BioNTech have announced that the prices of their respective mRNA COVID vaccines could increase to around USD 110 to USD 130 per shot.