Varicella Live Vaccine Market is Expected to Reach $4.22 Billion by 2026
According to a new report published by Allied Market Research, titled,"Varicella Live Vaccine Market by Product, Application, and Provider: Global Opportunity Analysis and Industry Forecast, 2018-2026," the global varicella live vaccine market was valued at $2.71 billion in 2018, and is expected to reach $4.22 billion by 2026, registering a CAGR of 5.7% from 2019 to 2026.
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Viral infections can be prevented by immunization and therefore, immunization is crucial. Varicella zoster is a virus that causes diseases such as chicken pox and herpes zoster. However, these infectious diseases can be prevented by the use of varicella live vaccines. Varicella live vaccines are administered to both children and adults in a pattern of two doses to ensure complete immunization. These vaccines contain a weakened form of varicella zoster virus that is effective in creating immunity against the same virus. There are two different types of varicella live vaccines such as monovalent and combination varicella vaccines.
Rise in immunization programs worldwide is the major factor that boost the growth of the varicella live vaccine market. In addition, factors such as surge in awareness related to the use of varicella live vaccines and increase in adoption of varicella vaccination across the globe fuel the growth of the varicella live vaccine market. However, high monetary inputs associated with manufacture of the products restrict the growth of the market. Conversely, growth potential in emerging economies is expected to create lucrative opportunities for the market during the forecast period.
The global varicella live vaccine market is segmented based on product, application, and provider. On the basis of product, the market is bifurcated into monovalent varicella vaccine and combination varicella vaccine. By application, it is divided into chicken pox immunization, herpes zoster immunization and measles, mumps, rubella and varicella (MMRV) immunization.
On the basis of provider, it is segmented into public provider and private provider. Based on region, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, the UK, Italy, Spain, France, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and, rest of Asia-Pacific) and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
Based on product, the monovalent varicella vaccine segment acquired the major share of the varicella live vaccine market and is expected to experience rapid growth during the forecast period as these vaccines exhibit lesser chances of inducing febrile seizures in children as compared to combination vaccines. Moreover, easy availability and presence of large number of products is another reason that boosts the growth of the monovalent varicella vaccine market.
Based on application, chicken pox immunization acquired the largest share of the varicella live vaccine market owing to vaccination employed with an initial aim of building immunity against chicken pox. Herpes zoster segment is expected to grow at the fastest rate during the forecast period owing to surge in geriatric population worldwide and rise in awareness about the use of varicella live vaccines for herpes zoster.
On the basis of region, North America acquired a major share owing to easy availability of varicella live vaccines, presence of skilled healthcare experts, and presence of major key players that offer varicella live vaccines. Asia-Pacific is expected to grow at the fastest rate during the forecast period due to surge in awareness related to importance of immunization and rise in disposable income.
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The developing economies offer lucrative opportunities for varicella live vaccine providers to expand their business. The constantly evolving life science industry drives the growth of the market in the developing economies such as India, China, and others.
Key Findings of The Varicella Live Vaccine Market:
- Monovalent varicella vaccine occupied two-thirds share of the global varicella live vaccine market in 2018
- The herpes zoster segment is anticipated to grow with the highest CAGR throughout the forecast period
- The private segment accounted for two-third share of the market in 2018
- Asia-Pacific is anticipated to grow at the highest rate during the analysis period, followed by LAMEA