The Latin American Therapeutic Vaccines Market size is estimated to grow to USD 1923.58 Million by 2028 from the current value of USD 883.53 Million in 2023, growing at a CAGR of 16.84% between 2023 to 2028.
Several approaches are being developed to boost the immune response to various infectious and cancerous cells in the pipeline. There are presently close to 120 new vaccines in the pipeline of various multinational companies across the globe set to hit the market in the next few years. Added to this, the vaccine market is relatively concentrated on both supply and demand sides. It is highly regulated and primarily dependent on public purchasers and donor policies. It has very distinct features that increase the complexity of assessing and understanding pricing and procurement in their context.
Coming to Latin America, Sanofi Pasteur, the vaccines division of Sanofi, announced that Brazil had granted regulatory approval to Dengvaxia®, representing the third successful licensure of the dengue vaccine, which was also approved in Mexico and the Philippines earlier in 2015. This, because Brazil is the fifth most populated globally and first in Latin America, is plagued by 1.4 million dengue patients. The remaining countries in Latin America also have a natural threat as they lie in the tropical Amazon basin, making them a hotbed for various epidemics.
An increase in funding’s from the government for vaccine development, a rise in investments by the major market players, rising prevalence of the disease, technological advancements, initiatives by NGOs are some of the factors that are propelling the Latin American therapeutic vaccines market growth.
However, massive capital expenditures and stringent regulatory policies, and high costs associated with treatment are a few factors inhibiting the market's growth.
This research report on the Latin American therapeutic vaccines market has been segmented and sub-segmented into the following categories:
By Disease Type:
Geographically, the Latin American therapeutic vaccines market accounted for a minor share in the global market in 2022. The enormous rise in the prevalence of numerous chronic diseases, such as cancer, HIV, and cardiovascular diseases, has significantly impacted the Latin American market for therapeutic vaccines. The worrisome rise in the need for effective treatment has switched the attention in Latin America to therapeutic vaccinations. Several pharmaceutical companies have begun developing innovative vaccinations for diseases such as breast cancer, lung cancer, and Alzheimer's disease. Although these breakthroughs are still in the pipeline and have yet to be commercialized, they promise a bright future for the therapeutic vaccination business in Latin America.
Mexico is Latin America's largest market, and Brazil's market has significant growth potential, while Argentina's market is focused on discovering and developing novel vaccines.
KEY MARKET PLAYERS:
Companies playing a notable role in the Latin American 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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