U.S. VACCINE MARKET ANALYSIS

U.S. Vaccine MarketSize and Trends

The U.S. Vaccine market is estimated to be valued at US$ 23.8 billion in 2023 and is expected to exhibit a CAGR of 5.7% during the forecast period (2023-2030).

U.S. Vaccine Market – Driver

Emergence of COVID-19

The emergence of Covid-19 is expected to propel the growth of the U.S. vaccines market over the forecast period. For instance, according to an article published by World Health Organization in January 2020, there have been 2,833,552 confirmed cases of COVID-19 with 129,408 deaths in the U.S.

R&D initiatives for new vaccines

R&D initiatives for new vaccines by key market players is also expected to aid in the growth of the market. For instance, in March 2020, IQVIA is a multinational company serving the combined industries of health information technology and clinical research in U.S., and Quest Diagnostics is Clinical laboratory, through its joint venture Q2 Solutions, collaborated with the University of Texas Medical Branch to develop a novel assay for COVID-19 tests for the rapid development of a Coronavirus vaccine.

U.S. Vaccine Market: Key Trends

Major players in the market are focused on adopting partnership and collaboration strategies to expand their product portfolio

Major players in the market are focused on adopting partnership and collaboration strategies to expand their product portfolio is expected to propel the growth of U.S. vaccine market over the forecast period. For instance, in April 2020, Sanofi Pasteur, supplies healthcare professionals with a range of vaccines, collaborated with GSK, a pharmaceutical and biotechnology company with global headquarters in London, to develop an adjuvanted vaccine for COVID-19.

Stringent regulations that promote vaccination

Stringent regulations that promote vaccination is expected to propel the growth of U.S. Vaccine market over the forecast period. For instance, in January 2020, The Government of New Jersey, U.S., mandated college students to be vaccinated against bacterial meningitis as a condition for attending an institution.