Analysts at Frost & Sullivan say the booming vaccines market will more than double in the seven years leading up to 2014. In a new report, the company says that novel vaccines and innovative technology pushed industry revenue to $4.5 billion in 2007. And they expect that figure to jump to $9.85 billion in 2014.
Aside from the new and more powerful vaccines that have been hitting the market, Frost & Sullivan notes that physicians and pediatricians have been effective advocates of a more aggressive use of vaccines for the broad population. And governments have proven to be very willing to foot much of the cost for vaccines; an effective strategy for avoiding to pay for more expensive therapies needed to treat the sick.
Manufacturers have responded to the growing market by investing much more into vaccine R&D. And the new approach has helped accelerate development of therapeutic vaccines, which can treat an existing disease like cancer. The analysts note, however, that the European market has dragged behind the U.S., where DTC advertising has helped push wider use of new vaccines.
- check out the report from Frost & Sullivan