Inactivated Vaccines Market Set to Reach $7.3 Billion in 2028 - Global Growth Driven by Immunization Initiatives and Advancements in Biomanufacturing As Per The Business Research Company's Inactivated Vaccines Global Market Report 2024
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LONDON, Jan. 18, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Inactivated Vaccines Global Market Report 2024, the inactivated vaccines market has exhibited consistent growth, with the market size reaching *$5.95 billion in 2023* and expected to climb to *$6.19 billion in 2024*, boasting a Compound Annual Growth Rate *(CAGR) of 4.2%.* This positive trajectory is anticipated to persist in the coming years, projecting a steady growth rate with the inactivated vaccines market size forecasted to reach *$7.33 billion in 2028*, reflecting a *CAGR of 4.3%.**Steady Growth and Historic Drivers*
Historically, the inactivated vaccines market has experienced growth propelled by polio eradication efforts, influenza vaccination programs, emerging infectious diseases, and regulatory approvals. The forthcoming year is expected to see continued expansion attributed to pandemic preparedness, expanding vaccine coverage, biomanufacturing advancements, and health equity initiatives.
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*Key Trends Shaping the Future*
Major trends in the forecast period include the emergence of mRNA vaccine platforms, the development of combination vaccines, the creation of thermostable vaccines, and the implementation of digital vaccine passports.
*Immunization Initiatives Driving Growth*
The increasing focus on immunization initiatives is anticipated to propel the growth of the inactivated vaccines market. Organized efforts and campaigns aimed at vaccinating individuals or communities play a vital role in protecting against infectious diseases. Growing immunization initiatives lead to a surge in demand for inactivated vaccines, fostering market growth and encouraging further research and development investments.
According to the World Health Organization, vaccines prevent the loss of 4-5 million lives globally each year by protecting against infectious diseases like hepatitis, diphtheria, tetanus, pertussis (whooping cough), measles, and polio. In 2022, around 84% of infants globally received three doses of the polio vaccine, emphasizing the impact of immunization initiatives on global health.
*Innovation in Action: Advanced Inactivated Vaccines*
Major players in the inactivated vaccines market, including Pfizer Inc., Johnson & Johnson Services Inc., Sinopharm Group Co. Ltd., and others, are introducing innovative and advanced inactivated vaccines to sustain their positions in the market. For instance, GSK PLC recently launched Shingrix, a new inactivated vaccination for shingles protection.
*How Stakeholders Can Leverage the Report*
Stakeholders, including producers, distributors, investors, and researchers, can benefit significantly from the comprehensive insights provided in the inactivated vaccines market report. By understanding market dynamics, emerging trends, and competitive landscapes, stakeholders can make informed decisions and contribute to the continued success of the inactivated vaccines market.
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*Market Segmentation Overview*
The inactivated vaccines market is segmented by type (Viral Vaccine, Bacterial Vaccine), method of inactivation (Solvent Detergent, Radiation, pH Concentration, Heat Inactivation, Other Methods Of Inactivation), and distribution channel (Hospital Pharmacy, Retail Pharmacy, Other Distribution Channels).
*Global Landscape and Fastest-Growing Regions*
North America emerged as the largest region in the inactivated vaccines market in 2023, while Asia-Pacific is expected to be the fastest-growing region in the forecast period.
*Inactivated Vaccines Global Market Report 2024* by The Business Research Company provides insights on the inactivated vaccines market size, inactivated vaccines market segments, inactivated vaccines market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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