U.S Vaccine Market to Exhibit 4.3% CAGR, Driven by Favorable Government Initiatives
Transparency Market Research has recently announced the publication of a new market research study, titled “U.S. Vaccine Market – Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020”. According to the research report, the U.S. vaccine market is anticipated to exhibit a 4.30% CAGR between 2014 and 2020. The market research report on the U.S. vaccine market is an effort to provide a comprehensive analysis including market overview, product segmentation, market trends, and vendor analysis.
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Increased consumption of chicken in recent years has boosted the demand for poultry vaccines in the U.S.; moreover, rising prevalence of zoonotic diseases has propelled the U.S. animal vaccines market. The remarkably low risk of fatal and serious side effects of vaccines and awareness initiatives by government and non-profit organizations have fueled the U.S. vaccines market. On the other hand, the rigid regulatory pathway and high cost associated with vaccine handling, storage, and transportation are some of the restraining factors that are curbing the growth of this market.
The U.S. vaccine market has been broadly classified into the human vaccine market and the animal vaccine market in the U.S. On the basis of type, the human vaccine market is further divided into pediatric and adult vaccines. Furthermore, according to different antigens, the U.S. human vaccine market has been segmented into meningococcal, influenza, human papillomavirus (HPV), hepatitis, pneumococcal, combination vaccines and more. In 2013, in terms of revenue, the combination vaccines segment comprised the largest segment of the human vaccine market. Nevertheless, the pneumococcal vaccines market is expected to develop as the biggest segment till 2020, thanks to the projected increase in the sales of Prevnar 13 throughout the forecast period. In addition, the meningococcal vaccines segment is also expected to grow rapidly in the coming years.
The U.S. animal vaccines market has been classified into companion vaccines and livestock vaccines. Further classification of companion animal vaccines has been done into canine and feline, whereas the livestock animal vaccines segment has been segmented into the poultry, bovine, porcine, ovine, and equine sub-segments. In 2013, the canine vaccines segment held a slightly larger share than the feline vaccines segment in terms of revenue, owing to the higher average cost of canine vaccination. In livestock animal vaccines, in 2013, the bovine segment held the biggest share in the market, followed by porcine vaccines. Nevertheless, the poultry vaccines segment has been expected to exhibit a progressive CAGR between 2014 and 2020.
The U.S. vaccine market has gained traction in recent years and is expected to be one of the fastest growing markets in the healthcare segment. Some of the dominating players in the U.S. human vaccine market are Sanofi, Merck & Co., Inc., Pfizer, Ltd., Novartis International AG., and GlaxoSmithKline plc. As there is stiff competition among all these players in the U.S. market, introducing innovative and new vaccines is one of the ways used by these companies to remain dominant in the market. Some of the other prominent players in the U.S. animal vaccine market are Merial (animal health department of Sanofi), Merck & Co., Inc., Zoetis, Inc., and Boehringer Ingelheim. In 2013, Zoetis, Inc. accounted for the biggest share in the U.S. animal vaccine market, followed by Merck & Co., Inc.
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