PUBLISHER: DataM Intelligence | PRODUCT CODE: 1268942
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1268942
The global live attenuated vaccines market size reached US$ 7,190.7 million in 2022 and is projected to witness lucrative growth by reaching up to US$ 15,520.9 million by 2030. The market is expected to exhibit a CAGR of 10.3% during the forecast period (2023-2030).
The live attenuated vaccines market has seen significant growth in recent years due to the increasing demand for effective and safe vaccines against various infectious diseases, worldwide. These vaccines are known for their ability to provide long-lasting immunity with a single dose, as they are capable of replicating in the body and inducing a strong immune response.
Moreover, the COVID-19 pandemic highlighted the importance of vaccination in preventing the spread of infectious diseases, which further boosts the live attenuated vaccines market growth.
There is an increasing awareness among individuals, communities, and healthcare providers about the importance of vaccination in preventing infectious diseases. Vaccination campaigns, education programs, and promotional activities by governments, non-governmental organizations (NGOs), and healthcare agencies are creating awareness about the benefits of vaccines, including live attenuated vaccines. This increased awareness is driving the demand for live attenuated vaccines as a preventive measure against infectious diseases.
Many governments around the world are actively promoting vaccination programs as a key public health intervention. Governments are implementing various initiatives, such as national immunization programs, vaccination mandates, and funding for vaccine research and development, to improve vaccine coverage rates and protect their people from infectious diseases. These favorable government initiatives are providing a supportive environment for the growth of the live attenuated vaccines market.
The development and distribution of vaccines are subject to stringent regulatory requirements and approvals from regulatory agencies such as the U.S. Food and Drug Administration (FDA), the European Medicines Agency (EMA), and other national regulatory bodies. Meeting these regulatory requirements can be time-consuming and costly, and failure to obtain regulatory approvals can significantly impact the availability and marketability of live attenuated vaccines. Regulatory challenges may act as a restraint to the growth of the live attenuated vaccines market.
The urgency and global impact of the COVID-19 pandemic have accelerated the research and development of vaccines, including live attenuated vaccines, to combat the virus. This has led to increased investment and efforts in vaccine development, which may have positive spillover effects on the live attenuated vaccines market as well.
The COVID-19 pandemic has heightened public awareness about the importance of vaccines in preventing infectious diseases. This increased awareness and emphasis on vaccination may lead to greater acceptance and uptake of vaccines, including live attenuated vaccines, in the general population, which can positively impact the market.
The ongoing conflict between Russia and Ukraine may have potential implications for the live attenuated vaccines market, particularly in the region directly affected by the conflict. The conflict may disrupt the transportation and distribution of live attenuated vaccines, leading to potential shortages or delays in vaccine availability. This could impact the ability of healthcare systems in the affected region to administer vaccines and may result in decreased demand for live attenuated vaccines.
The conflict may lead to the displacement of population, damage to healthcare infrastructure, and disruption of healthcare services, including vaccination programs. This could result in decreased access to healthcare, including live attenuated vaccines, for those affected by the conflict, leading to reduced demand and uptake of vaccines.
The global live attenuated vaccines market is segmented based on type, development, end user and region.
The viral vaccine segment of the global live attenuated vaccine market was valued at US$ 4,059.9 million in 2022 and is estimated to grow at a CAGR of 10.5% over the forecast period to reach US$ 8,839.2 million by 2030. Viral vaccines are biological preparations that stimulate the immune system to produce an immune response against specific viruses, helping to prevent or reduce the severity of viral diseases. The viral vaccine segment encompasses vaccines for a wide range of viral diseases, including but not limited to influenza, measles, mumps, rubella, hepatitis, human papillomavirus (HPV), polio, and COVID-19.
In recent years, due to various factors such as increasing awareness about the benefits of vaccination, rising global population, growing burden of viral diseases, advancements in vaccine technology, and increased investment in research and development, the market has witnessed growth. Vaccination is considered one of the most cost-effective ways to prevent infectious diseases, and it has led to the eradication or significant reduction of many viral diseases that were once major global health threats. Overall, the viral vaccine segment plays a crucial role in public health by providing effective tools to prevent the spread of viral diseases and protect global populations from infectious diseases.
The strong presence of major players and increased awareness about the use of eco-friendly vaccine types
The live attenuated vaccines market is highly competitive with the presence of a large number of existing major players and small vendors. Some of the major players in the global live attenuated vaccines market include Merck & Co., Inc., GlaxoSmithKline plc, Pfizer Inc., Sanofi, Astellas Pharma, CSL Limited, Serum Institute of India Pvt. Ltd., BioDiem, AstraZeneca, Emergent BioSolutions Inc., and Vivaldi Biosciences Inc., among others.
The global live attenuated vaccines market report would provide approximately 54 tables, 46 figures and 195 pages.
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