The size of the Asia-Pacific Therapeutic Vaccines Market was estimated at USD 3040.47 Million in 2023. It is forecasted to be worth USD 7095.27 Million by 2028, growing at a CAGR of 18.47% between 2023 to 2028.
The market for therapeutic vaccines in the APAC region is expected to be driven by significant factors such as the increasing prevalence of chronic diseases such as Alzheimer's, breast cancer, and lung cancer cases. Increasing government funding for vaccine development, rising investments by leading market players, technological advancements, and new vaccine development centers across the region are further expected to propel market growth. In addition, therapeutic vaccinations have grown in popularity as illnesses like cancer and HIV have increased in emerging countries. Also, the technological advancements in HIV detection and expanded clinical trials for HIV and cancer vaccinations are two important reasons driving the APAC therapeutic vaccines market.
The key market players are focussing on the switch to therapeutic vaccinations as the need for effective therapy has risen alarming, which is expected to boost the market growth. Other factors such as increasing healthcare spending, improving healthcare infrastructure, and favorable reimbursement factors significantly contribute to market growth. Furthermore, various pharmaceutical companies' increasing research and development activities are projected to provide lucrative growth opportunities for market growth.
However, the lack of knowledge and limited resources in some countries are majorly limiting the market growth. In addition, high capital expenditures, strict regulatory restrictions, and expensive treatment costs are only a few factors that hamper market growth. Higher vaccination prices and a lack of therapeutic medication availability are restricting the therapeutic vaccines industry in the region. In addition, the stringent regulatory criteria for therapeutic vaccine approval impeded the APAC therapeutic vaccines market.
This research report on the APAC therapeutic vaccines market has been segmented and sub-segmented into the following categories:
By Disease Type:
Geographically, the APAC therapeutic vaccines market is one of the most promising regional markets in the global therapeutic vaccines market, and it is projected to register a prominent share during the forecast period. The regional market growth is propelled owing to the availability of advancing healthcare infrastructure, high prevalence of chronic diseases, and presence of key market players are boosting the market growth. Furthermore, two highly populated countries, China and India, contribute significantly to market growth and regional expansion. On the other hand, the major companies in the region are investing in vaccine development centers, which are expected to provide new vaccines to the market, allowing for market expansion.
China accounted for the largest share of the APAC market and is most likely to witness a dominant share during the forecast period. The technological advancements in the healthcare sector, increasing research and development activities, and high healthcare spending is fuelling the market growth. In addition, the rise of chronic diseases such as cancer, the discovery of novel vaccines, and the availability of superior healthcare services contribute to the country’s market growth.
India, on the other hand, is one of the fastest-growing countries in the Asia Pacific, contributing a significant portion of regional market growth while also improving the healthcare sector, increasing healthcare expenditure, and enacting supportive reimbursement policies, all of which contribute to the development of the Indian therapeutic vaccines market.
KEY MARKET PLAYERS:
Companies playing a significant role in the Asia Pacific therapeutic vaccines market covered in this report are GlaxoSmithKline, plc, Merck and Company, Bavarian Nordic, CSL Limited, Emergent BioSolutions Inc., Novartis AG, Johnson and Johnson, MedImmune, LLC, Pfizer, Inc., and Sanofi Pasteur.
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