Recombinant Vaccines Market Size Anticipated to Grow at a CAGR of 13.7% During the Forecast Period 2021-2026

Recombinant Vaccines Market Overview The Recombinant Vaccines Market size was estimated at $12.68 billion in 2020, projected to grow at a CAGR of 13.7% during the forecast period 2021-2026. Initially, vaccinations were made on a trial-and-error basis, depending on pathogen attenuation or inactivation. Currently, the advent of advance technology such as Genetic engineering, genomics, and recombinant deoxyribonucleic acid (DNA) technology have revolutionized vaccine production thereby bringing safe and effective vaccines to market. These vaccines are genetically manufactured and modified in the lab such that, the risk of infectious viral antigen is eradicated while ensuring vaccine efficacy and protection. The demand for recombinant vaccines is being driven by rising disease incidence and emerging technologies. The rise in diseases caused by bacteria or viruses, such as coronavirus, swine flu, malaria, HPV, and other diseases, has increased vaccination demand and led to the eradication of diseases like polio in a few countries. Moreover, with technological advancements, new vaccines are being developed that are more effective than traditional vaccines and have negative side effects are the major factor predicted to drive the market growth. However, factors such time taken to develop a vaccine along the high cost associated with each vaccine dose are restricting market development during the forecast period 2021-2026. Key Takeaways Geographically, North America region held 42.2% of the total market share in 2020 owing to the rising geriatric population, growing disease incident and increasing health concerns. Increasing incidence of infectious diseases such as HPV and Hepatitis B along with Covid-19 is a major driving force for the Recombinant Vaccines Market during the forecast period 2021-2026. Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Recombinant Vaccines Market. Recombinant Vaccines Market Segment Analysis- By Type By Type, the global market can be classified into subunit and live attenuated. Recombinant subunit segment is projected to grow at a CAGR of 17.6% during the forecast period 2021-2026. The recombinant subunit vaccines only comprise of the recombinant protein but not the infectious virus, as a result it protects against viral diseases. The advent of recombinant subunit vaccines has provided manufacturers with new options for combating viral antigens. Owing to their efficacy in preventing HPV, Hepatitis B, Corvid 19 and other diseases, subunit vaccines market share is increasing in terms of sales all over the world. Recombinant Vaccines Market Segment Analysis - By Disease Indication Based on disease indication, the global market can be segmented into Covid-19, human papillomavirus, hepatitis B, rotavirus, herpes zoster, meningococcal B, and others. HPV vaccines in the disease indication segment account for the highest market share in 2020 and is projected to grow at a high CAGR of 16.3% during the forecast period 2021-2026. The dominance is due to higher vaccine sales worldwide as a result of increased demand and procurement speed. In addition, new HPV vaccine pipeline candidates are expected to boost market demand in the coming years. However, Covid 19 vaccine is set to grow at the fastest CAGR due to the growing incidence and prevalence of the disease. Both COVISHIELD™ (manufactured by Serum Institute of India Pvt Ltd) and COVID-19 Vaccine AstraZeneca (manufactured by AstraZeneca) are ChAdOx1 nCoV- 19 Corona Virus Vaccines (Recombinant vaccine). Moreover, increased awareness among individuals about immunization benefits is further poised to increase the sales of the vaccines during the forecast period. Recombinant Vaccines Market Segment Analysis - By Geography Based on geography, North America dominated the Recombinant Vaccines Market with a region share of 42.2% in 2020 followed by Europe and APAC. Increased demand of advanced treatment, rising cases of infectious disease, and increasing health concerns are the major factor propelling the growth in this region. Moreover, the presence of large number of pharmaceutical and biotechnology company that invest heavily on the research along with the easy availability of technologically advanced molecular & genetic engineering instruments in this region is predicted to drive the market growth in this region. However, Asia Pacific is set to be the fastest growing region owing to the growing population and rising demand for a better healthcare structure during the forecast period 2021-2026. Recombinant Vaccines Market Drivers Increasing incidence of infectious diseases Increasing incidence of infectious diseases leading to Covid 19, Hepatitis-B and other diseases is a major factor driving the Recombinant Vaccines Market during the forecast period 2020-2025. According to the World Health Organization Covid-19 accounted for over a 100million cases worldwide and over 2.5 million deaths are directly, similarly, an estimated 30 million become newly infected each year and over 884,000 people die each year from hepatitis B and related complications such as liver cancer globally. The growing Covid-19 and Hepatitis cases and their will to immunize themselves is poised to propel the market. Technological Advancement in Recombinant Vaccines Market Technological Advancements in the fields of recombinant DNA technology, genetic engineering, and proteomics, which is improving vaccine R&D is another major factor driving Recombinant Vaccines market during the forecast period 2020-2025. The technologies are further contributing to, increasing number of clinical trials and more investments by the major players. Moreover, due to its superior advantages for diverse and complex viral diseases such as COVID-19 and rotavirus big pharma companies are developing recombinant vaccines thereby contributing to market growth. Recombinant Vaccines Market Challenge High Cost of the Product Despite the increased prevalence of chronic and infectious diseases, some factors are preventing product acceptance. The high cost associated with the per dose vaccine amount is one of them. Although international organizations are putting in their best efforts to provide millions of volume doses to every corner of the world, many areas of the country particularly the developing countries remain unvaccinated due to the high cost. For example Gardasil 9 costs about USD 227 per dose in the private sector, according to the CDC's revised vaccine price list for 2020. While Bexsero adult vaccine costs about USD 170. As a result, the high cost of vaccines makes it impossible for the middle class to afford vaccination, limiting adoption. Recombinant Vaccines Market Landscape: Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Recombinant Vaccines Market. Key companies of this market are GlaxoSmithKline, Sanofi, Novartis AG, Merck & Co. Inc, Pfizer Inc., Bharat Biotech, Bayer AG, Dynavax Technologies and Serum Institute of India Pvt Ltd. Developments: In December 2019, Merck received approval from the USFDA for a new vaccine. The ERVEBO is the first ever Ebola vaccine. In May 2019, Sanofi received USFDA approval for Dengvaxia, a live attenuated dengue vaccine.