Live Attenuated Vaccines Market To Record An Exponential CAGR By 2023
Research Reports
Jan 18, 2021
Live Attenuated Vaccines Market Overview
The live attenuated vaccines (LAV) market is growing at a rapid pace; mainly due to the increasing prevalence of bacterial and viral diseases. Moreover, rapidly spreading awareness towards the healthcare and the availability of various effective vaccines are escalating the market on the furthering heights. In 2016 The LAV market had evaluated at USD 34.2 BN.
Acknowledging the exponential accruals the market witnesses today, Market Research Future (MRFR) in its recently published study report asserts that the global live attenuated vaccines market will reach USD 45.2 BN by 2023 with a CAGR of approximately 10.7% during the forecast period (2017-2023).
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Initiatives taken by the governments for vaccination against diseases such as influenza and others, alongside the excellent management of public awareness programs are some of the major driving force behind the accelerating market growth. Furthermore, increasing awareness about vaccination, and growing government funding for vaccination programs along with the increasing prevalence of infectious diseases act as a tailwind propelling the market growth of LAV.
The live attenuated vaccines market is one of the fastest growing markets. Huge funding is being transpired in the research & development of LA vaccines. The growth of the market is expected to be driven by rising R&D funding, increasing awareness due to the prevention programs, and the growing number of new entrants in the market. Also, the improving healthcare infrastructure, increasing demand for LAV, and the emphasis on prevention of diseases foster the market growth.
Live Attenuated Vaccines Market – Segmentation
Live Attenuated Vaccines Market segmented its analysis into four key dynamics for the convenience of understanding;
By Types : Bacterial (BCG vaccine) and Viral Vaccines (oral polio vaccine (OPV), measles, rotavirus, and yellow fewer and others).
By Vaccine Developments : Tissue Culture, Embryonated Eggs, and Live Animals among others.
By End-Users : Hospitals, Clinics, Diagnostic Centers, and Research Institute among others.
By Regions : Europe, North America, APAC and Rest-of-the-World.
Live Attenuated Vaccines Market – Regional Analysis
The North American region accounts for the dominating market for live attenuated vaccines. Countries like Canada and the U.S. play important role in the growth of this market. Major factors such as the augmenting demand for effective vaccines to control the growing prevalence of viral infections. High per capita health care expenditures along with the rising funds invested into R&D for the development of new vaccines are supporting the growth of the market in the region. Furthermore, Initiatives taken by the government for vaccination against diseases like influenza, as well as excellent management of public awareness programs are acting as a tailwind propelling the growth of the market for LAV.
The European region is the second-largest market for live attenuated vaccines which is estimated to witness extensive growth throughout the forecast period. Growing emphasis and growing emphasis on R&D and the government financial support for research and development activities drive the market growth of LAV in the region.
The live attenuated vaccines market in the Asia Pacific region is emerging as one of the lucrative markets, globally. Growing prevalence of bacterial and viral diseases alongside the increase in the prevalence of communicable diseases are few of the key driving forces pushing up the growth of the LAV market in the region. Owing to the large advancements in medical technology, India is emerging as the fastest growing market for LAV.
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