The global recombinant vaccines market size is expected to reach USD 25.32 billion by 2027, exhibiting a CAGR of 11.3% between 2019 to 2027. The introduction of innovative recombinant vaccines owing to the incidence of several infectious viruses such as coronavirus and hepatitis B will uplift the market potential during the forecast period, The market size stood at USD 10.82 billion in 2019.
For More Information:https://www.fortunebusinessinsights.com/industry-reports/recombinant-vaccines-market-101935
The reportrecombinant vaccinesmarketcomprises:
- Thorough report of the market
- Superior insights into the market
- Market drivers and restraints
- Regional analysis with valuable insights
- COVID-19 effect on recombinant vaccines
Market Driver:
Development of Novel Vaccines by Significant Players to Augment Growth
The growing prevalence of diseases and viruses has led to huge investments in RD for the development of innovative drugs and vaccines. The production of vaccines in larger quantities to relieve the population and prevent the risk of vaccine unavailability. The rising focus of key players towards advanced DNA technology, genomics, and other biotechnology techniques can further enhance the production and thus, benefit the market effectively. Furthermore, the stellar sales of novel products will subsequently boost the growth of the market. For instance, Mercks Gardasil sales sprouted to US$ 3.7 billion in 2019 from US$ 1.7 billion in 2014.
The vast majority of the population affected by Hepatitis B is predicted to be an essential factor in promoting the expansion of the market. As per the Hepatitis B Foundation, every year 30 million people are infected by the hepatitis B virus. Besides, the rising government initiatives and immunization programs will certainly create opportunities for the market in the forthcoming years.
