Toxoid vaccine market projected to reach USD 7.67 billion by 2032, driven by global immunization efforts.
From GlobeNewswire: 2024-12-05 07:21:00
The Toxoid Vaccine Market was valued at USD 5.46 billion in 2023, projected to reach USD 7.67 billion by 2032, with a CAGR of 3.86%. Toxoid vaccines are crucial in preventing diseases like diphtheria, tetanus, and pertussis, driving global demand. The market is boosted by childhood immunization programs and vaccine development advancements, though challenges like vaccine hesitancy and production costs remain.
In 2023, the DTaP vaccines segment dominated the market with a 45.0% share, crucial for childhood immunization programs. The TDaP segment is the fastest-growing, recommended for adolescents, adults, and pregnant women to prevent pertussis. Hospitals hold a 55.0% share in the market, while government organizations are expected to be the fastest-growing due to their role in national immunization programs.
North America led the market in 2023, with well-established immunization programs and robust public health campaigns. Europe benefits from extensive government support for immunization, while Asia-Pacific is the fastest-growing region, driven by large-scale immunization campaigns and investments in healthcare infrastructure.
Overall, the Toxoid Vaccine Market shows steady growth driven by increasing awareness of vaccine-preventable diseases and advancements in immunization efforts globally. Toxoid vaccines are gaining popularity in urban areas due to increased awareness of booster shots. In January 2024, the NPPA extended SII’s permission to manufacture tetanus toxoid vaccines. However, Pfizer’s candidate for Clostridioides difficile showed only 31% efficacy in adults 50 and older in August 2024.
For more in-depth analysis and insights into the toxoid vaccine market, check out the comprehensive report from SNS Insider. The report covers market dynamics, trends, competitive landscape, segmentation, regional analysis, and more. SNS Insider is a trusted global market research and consulting agency, providing clients with the knowledge needed to thrive in changing market conditions.
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