Preventing infectious diseases
The market for vaccines is a rapidly growing and dynamic sector of the pharmaceutical industry. It involves the development, production, and distribution of vaccines to prevent and treat a wide range of infectious diseases. The market for vaccines is primarily driven by the growing incidence of infectious diseases, rising public health awareness, and increased funding from governments and non-governmental organizations.
A rapidly growing market
The vaccine market has experienced significant growth during the last ten years. According to a report by Market Research Future, the global vaccine market was valued at approximately $32.6 billion in 2019 and is expected to grow at a CAGR (compound annual growth rate) of 10.3% during the forecast period from 2020 to 2027. There are several factors driving the growth of the vaccine market. One of the key drivers is the increasing prevalence of infectious diseases, particularly in emerging economies.
Leading companies within the vaccine market
Some dominant players within the vaccine market are Pfizer, Johnson & Johnson, AstraZeneca, and Moderna. These are all pharmaceutical companies with global presence that develop, produce, and distribute different types of vaccines to prevent a wide range of infectious diseases, including COVID-19, pneumococcal disease, meningococcal disease, and influenza.