The global vaccine market, is presently witnessing growth rates much faster than the traditional pharmaceutical market; and with many new blockbuster potential vaccines likely to hit the market in future, the growth is only expected to increase predicts an extensive market research report.
The global vaccine market, which was earlier thought as a low margin, low growth industry, is currently attracting the interest of all major pharmaceutical giants. Growing at the rate of 16.52%, global vaccine market is expected to reach US$ 21.05 Billion by 2010. The growth is only expected to increase, states a market research “Global Vaccine Market Outlook (2007-2010)” .
The US is the largest market globally for vaccines followed by Europe. The biggest factor driving the vaccine market is its potential to prevent deaths due to diseases. Vaccines have eradicated many life-threatening diseases and many more vaccines are in the pipeline, which may serve as future life saviors (particularly those for several types of cancers which are expected to be launched around 2008). However, several challenges still remain, one of the biggest being the wide gap between the developed and the developing world in terms of accessibility and quality of vaccines.
Though vaccines have been found to be more profitable than the generic pharmaceutical drugs but fetch fewer margins than branded drugs.
At present, pediatric vaccines occupy a higher market share but in future, this segment will loose its share to the adult, therapeutic and influenza vaccine segments reveals the report. Flu vaccines have huge demand at present and all major vaccine manufacturers are investing in the segment.
According to the report the Cancer and addiction vaccines will grow rapidly through 2010. The global vaccine market, in its bid to reduce costs and time to market, is likely to drive the global drug discovery CRO market.