Vaccine Market Share, Growing Demand, and Top Key Players
The rising focus on immunization programs, increasing awareness of health, improving healthcare infrastructure, and rapid spread of viruses are the biggest vaccine market growth drivers. Thus, the rise in the incidence of infectious diseases, coupled with the increasing investment in R&D for the development of new vaccines, will pave the way for the market growth. Pharmaceutical companies are currently engaged in extensive R&D in COVID 19 diagnostics, treatments, and vaccines. As per the World Health Organization, global vaccination coverage can prevent the deaths of more than 6.5 million people every year.
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Similarly, the increasing focus on immunization programs, attributed to the rising healthcare awareness, enhancing healthcare infrastructure, and surging number of government organizations working to meet this objective, is propelling vaccination rates. Engaging with communities and strengthening the quality of vaccination services would induce growth in this market. The most-trusted experts in this industry are healthcare workers, so it is necessary for them to be well prepared and supported to boost the sales amid time constraints and scarce resources.
The outbreak of the novel coronavirus has boosted the vaccine market as these drugs are considered the most-effective in preventing infections. As per reports, over $5 billion has already been poured into COVID-19 research, the majority in studying the virus genetics and accordingly developing a vaccine. With the extensive pharma sector and government efforts, including by the WHO under its COVAX program, a number of vaccines have been developed, tested, and approved for COVID-19. These include Comirnaty, Sputnik, Covishield, Covaxin, Spikevax, Janssen Nuvaxovid, and Covovax.
Thus, the rising focus on immunization programs, due to the rapid spread of viruses, will lead to high revenue in this market.
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