APAC vaccine market poised to reach $80.3b 2029

The demand for vaccines will be driven by population growth and urbanisation.

The Asia-Pacific’s (APAC) vaccine market, excluding COVID-19 vaccines, is projected to grow at a significant compound annual growth rate until 2029, according to MarketsandMarkets.

According to the report, the region is touted to be the fastest-growing segment of the vaccine market with rapid population growth and urbanisation in countries like China and India driving the market’s growing demand.

Moreover, factors including rising healthcare expenditure and government initiatives, the growing prevalence of infectious diseases, and an increasing awareness of preventive healthcare measures have stimulated the region’s market growth.

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The report also revealed that the global vaccine market is expected to grow from $53b to $80.3b by 2029 at a compound annual growth rate (CAGR) of 8.7%.

In terms of revenue, the market is forecasted to reach almost $95b by 2029 from an estimated $78b this year, reflecting a CAGR increase of 4%.

Key factors that drive the market’s growth include the launch of RSV vaccines, rising HPV vaccine adoption, and strategic partnerships between key market players.