Vaccine Market Booming
April 2nd, 2007
The pharmaceutical industry is developing new vaccines to prevent or mitigate the effects of diseases across the globe, which will substantially boost market demand.
The worldwide vaccine market is expected to reach more than $10 billion in 2007, according to “Vaccines: The World Market,” a report from the medical market research firm Kalorama Information.
The report states that vaccines are being tested in several areas including for HIV, several forms of cancer, and other diseases including Epstein-Barr virus, Hepatitis C, and herpes.
The report also predicts that as many as five new vaccines to treat cancer may soon be available, creating an $8 billion dollar cancer vaccine market by 2012, representing over half of the $15 billion total vaccine market that will exist that year, according to Kalorama.
Kalorama Information publisher Steven Heffner states that along with developing vaccines, other issues in developing nations must be addressed to increase survival rates including routine exams, drug safety issues, the availability of drug supplies, the reuse of needles and needle-stick injuries.
“There are certainly major issues hindering the wider usage of current vaccines on a global level,” Heffner said. “However, most are being seriously addressed by the world health community, and investments in advanced therapeutics technologies as well as novel approaches to vaccine delivery abound.”