Recombinant Vaccines Market Highlights
The Recombinant Vaccines Market research report anticipates the industry size to reach USD 1,146.2 Million by 2030 at 6.30% CAGR during the forecast period 2022-2030.
Vaccines that are produced using recombinant DNA technology or genetic engineering are called recombinant vaccines. The recombinant vector vaccine strategy enables triggering of T- cells or B-cells thus generating a strong cell-mediated or humoral immune response in the body against that particular immunogen. The global recombinant vaccines market is majorly driven by increasing technical advanced research, increasing number of regulatory approvals, the high prevalence of infectious diseases and growing penetration of key market players. Furthermore, raising awareness of good health, favorable reimbursement policies, increasing innovations in research and development of drugs and vaccines as well as rising average income of individuals is propelling the market growth. However, factors such as high cost of vaccines, risks associated with live attenuated vaccines and stringent regulatory policies are likely to restrict the growth of the market. Lack of proper health care infrastructure, as well as awareness regarding opportunistic pathogen-related diseases in middle-income countries, are a major challenge to the market growth.
Americas is the top market leader in the recombinant vaccines market owing to increasing advances in research in the field of molecular biology and genetic engineering as well as increasing prevalence of infectious diseases and cancer. Additionally, factors such as increasing government initiatives and funding for research, development of advanced medical treatment options, and rising demand for technologically advanced treatment are likely to enhance the growth of recombinant vaccines market in the American region. For instance, according to the stats presented by breast cancer organization about 12.4% of U.S. women are prone to develop invasive breast cancer over the course of her lifetime. Raising global burden of cancer has also led a lot of key players to invest their time and money to come up with solutions to curb this problem. For instance, the vaccine therapy with or without trastuzumab as well as GM-CSF vaccine for the treatment of breast cancer is in phases II clinical trial. Green signal from regulatory bodies for these vaccines will further boost up the market growth.
Europe is the second largest market and holds a healthy share in the global recombinant vaccines market due to major driving factors like availability of advanced treatment facilities, increasing healthcare expenditure along with the alarming rate of cancer and infectious diseases. Furthermore, lots of established key players in this region export their products to the developing nation. For instance, the European Commission stated that the R&D spending by the pharmaceuticals and biotechnology sectors grew by 8.7%. This investment in R&D along with the ongoing legislative reforms is expected to have a positive impact on the recombinant vaccines market.
Asia Pacific is expected to be the fastest growing market owing to the faster adaptation of healthcare technology, increasing patient pool due to cancer and infectious diseases, government initiatives to increase the healthcare quality, favorable insurance, and reimbursement policies. Key players have set up their regional headquarters and manufacturing plants in Singapore, China, Japan, Korea, and Australia thus, boosting the growth of recombinant vaccines market. Government is also taking several initiatives to spread awareness in the low-income areas. As most of the developing country due to their poor hygienic conditions and large populations are more prone to infectious diseases, they have launched compulsory immunization program against influenza, DPT, measles, and Hepatitis B and C.
The Middle East & Africa is expected to show the least growth in the market due to some major factors such as lack of awareness, limited access and availability of treatment facilities. The Middle East has the largest market share owing to the development of healthcare industry and rising availability of specialty care centers in the United Arab Emirates and Saudi Arabia.
The global recombinant vaccines market is segmented on the basis of product type, diseases, and end-user. According to the product, the market is segmented into subunit recombinant vaccines, attenuated recombinant vaccines, and vector recombinant vaccines,
Considering the disease type, the market is segmented into pneumococcal disease, cancer, hepatitis B, influenza, DPT, and others.
On account of end-user, the market is segmented into hospitals & clinics, pediatrics, adults, veterinary, and others. Veterinary is further segmented to poultry and livestock.
Based on the region the market is segmented into Americas, Europe, Asia Pacific, and the Middle East and Africa. America’s region is segmented into North America and South America. Similarly, Europe is segmented into Western Europe and Eastern Europe.
Recombinant Vaccines Market: Top Key Firms
Some of the key players mentioned in the recombinant vaccines market report are Abiomed, Emergent Bio Solutions, Inc., GlaxoSmithKline, Johnson & Johnson, Sanofi Pasteur SA, Serum Institute of India Pvt. Ltd, Mitsubishi Tanabe Pharma Corporation, Daiichi Sankyo, and Pfizer, Inc.
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