Global vaccines market to amass extensive proceeds from the pediatric age group by 2025, increasing proportion of immunization programs to augment the industry landscape
The global vaccines market is projected to accumulate substantial proceeds over the ensuing years, primarily pertaining to the rising prevalence of infectious diseases and an enhanced proportion of immunization programs worldwide. An overwhelming majority of health professionals, medical organizations and researchers believe immunization to be extremely essential for protecting adults, children and even animals from illnesses that can result in serious complications and even death.
U.S. vaccines market size, by age group, 2018 & 2025 (USD Million)
Infections and pandemics spread rapidly and cause enough damage to the working population and other parts of the society, which indicates that a lack of good immunization could also devastate economies as a whole. Often, societies focus more on the individual cost of disease rather than the economic impact, but as per the World Health Organization, the impact of epidemics on the economy can be highly damaging. The WHO study further specifies that nations with good health conditions can have a positive and direct impact on economic growth, mostly through increased worker productivity.
Speaking further on immunization, it is one of the pivotal factors responsible for the United States to have been able to contribute majorly to the global vaccines market. Indeed, according to the latest research report by Global Market Insights, the U.S. accounted for more than 35% of the vaccines market share in 2018, due to the huge impact of immunization on its citizens. Developing nations are also expected to contribute extensively toward the global industry – India vaccines market for example, is anticipated to witness a 13.4% CAGR over 2019-2025, due to improved immunization programs and technological advancements. In case of a serious pandemic, nations need to be prepared so they’re not caught by surprise. This brings to light the fact that investments toward strong immunization programs will continue to boost the global vaccines market during the ensuing years.
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In the past decade, the world saw four major global health emergencies including the Ebola epidemic in West Africa and the Zika outbreak that was witnessed in the Americas. Researchers who recorded the rise of infectious diseases in the journal of The Royal Society suggest that infectious outbreaks have become more common in recent decades. For instance, measles outbreaks are on the rise throughout the United States, with the Centers for Disease Control confirming 159 cases this year across 10 states.
Viruses and bacteria that cause these deadly epidemics can spread globally with greater effectiveness and speed than before. One of the primary factors responsible for the same is the rapid rate of urbanization. More than half the world’s population now resides in cities and almost every country in the world is gravitating toward urbanization , which global health researchers have termed as an emerging humanitarian disaster.
Most cities are unplanned and host tens of millions of people in crowded, unhygienic conditions, which serve as the perfect breeding ground for deadly viruses to spread. Take the ongoing humanitarian crisis in Venezuela for example, that is said to spur the re-emergence of dengue, Zika, Chagas and other infectious diseases threatening to jeopardize 20 years of public health gains. With an average of 5,500 people emigrating off Venezuela even neighboring countries are likely to face the risk of potential infectious disease outbreaks. This demands a spontaneous requirement of effective vaccination – thus, the increasing prevalence of diseases, especially due to swelling urbanization rates will further boost the global vaccines market share over 2019-2025.
Each time a nation is hit by an epidemic wave, children are one of the groups that take the deadliest hit. According to the Centers for Disease Control and Prevention, 1 or 2 of every 1,000 children who are diagnosed with measles die. During the nation’s recently witnessed measles outbreak, around 92 percent of children received a combination vaccine that prevents measles, rubella, and mumps. Immunization programs prevent and protect toddlers and infants from dangerous complications and failing to vaccinate may certainly put them at risk for fatal diseases. This has escalated the demand for vaccines for kids, which has subsequently influenced the growth curve of vaccines market from the pediatric populace.
As per estimates, vaccines industry size from the pediatric age group is set to witness a CAGR of 9.1% over 2019-2025, given the high vulnerability of kids to infectious diseases along with the increasing implementation of pediatric immunization programs.
Driven by the ongoing pace of urbanization and the rising awareness regarding the potential dangers a pandemic can inculcate, the global vaccines industry is gaining increased attention. According to a new research report by Global Market Insights, Inc., the overall vaccines market size is anticipated to surpass $70 billion by 2025.
Author Name : Krithika Krishnan