Study: World Vaccine Market Will Be Worth $45.1 Billion by 2022 by TVR Staff

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Study: World Vaccine Market Will Be Worth $45.1 Billion by 2022

by TVR Staff

Published June 8, 2016 | Business, Pharma

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The study specifically acknowledges that there has been an increase in the number of parents who have chosen not to vaccinate their children due to rising concerns about the safety of vaccines.

A new market study by Kalorama Information, LLC of Rockville, MD estimates the value of the world vaccine market at $27.6 billion in 2015—up 11% from $24.7 billion in 2014 and 14% from $23.6 billion in 2013, reports Genetic Engineering Biotechnology News (GEN). According to the study, the market is projected to grow to $45.1 billion by 2022, owing to the continued introduction of new vaccines and the further expansion in the use of current vaccines.¹
Pfizer, Inc. and Merck & Co., Inc. of the United States, Sanofi Pasteur SA of France, and GlaxoSmithKline plc (GSK) of the United Kingdom are listed as the top vaccine manufacturers. Pfizer and Merck lead the pack with a combined total market share of $45%. Pfizer posted vaccines sales of more than $6.4 billion last year, with Merck coming in second at $5.9 billion. The remaining 55% of the market is divided up between Sanofi Pasteur, GSK and 12 other companies.¹

Pfizer’s success was fueled largely by increased sales of its Prevnar 13 pneumococcal pneumonia vaccine,² following the decision by the U.S. Centers for Disease Control and Prevention (CDC) in 2014 to recommend routine use of the vaccine by adults over 65 years of age.^{2 3} Sales for Prevnar 13 alone totaled $6.2 billion in 2015. Pfizer Chief Financial Officer Frank D’Amelio expects sales for the vaccine will remain about even in 2016.²
According to the GEN article, the Kalorama study cites “pricing pressure, product safety and refusal to immunize, obesity, supply shortages, increasing vaccine development efficiency, and innovations in vaccine delivery systems and production” as key issues affecting the vaccine market.¹
The study specifically acknowledges that there has been an increase in the number of parents who have chosen not to vaccinate their children due to rising concerns about the safety of vaccines.¹

News and reports of vaccine-related illnesses tend to exacerbate the public’s fears and result in higher rates of nonimmunization. In response, the American Academy of Pediatrics launched a Refusal to Vaccinate form in 2013 designed to educate parents about the impact of refusing to vaccinate their children and to document such refusals.¹

The market forecast by Kalorama Information contrasts sharply with a more ambitious forecast published last year by Markets and Markets, Inc. of Vancouver, WA. Markets and Markets estimated the global vaccine market would be worth $57.8 billion by 2019 and $100 billion by 2025.⁴

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