The vaccine contract manufacturing industry is among the critical ones, where the initial manufacturing steps are the most difficult to be performed in an effective and safe manner. Owing to the outbreak of the pandemic the vaccine industry has picked up an exponential pace and demand, which has, in turn, accelerated the global vaccine contract manufacturing market as well.
The global vaccine contract manufacturing market is estimated to thrive due to the presence of industry giants in Europe and the US, along with the new entrants in the developing nations. This factor is also fortified by NCBI research. Moreover, the urgent need to reduce, prevent, and control the spread of the virus and the number of people suffering from it, the governments across the globe are also investing heavily in the market. This has resulted in the development of the vaccine manufacturing business by leaps & bounds and is likely to continue in the coming years too.
Moreover, the rising demand for vaccines all over the world, especially in the under-developed and developing nations will fuel the growth of the vaccine contract manufacturing industry in the forthcoming years. Enormous funding being allotted on the research activities with respect to vaccine creation and the constant need for keeping up the demand-supply balance has influenced the penetration in the vaccine contract manufacturing market. Moreover, industry giants are going into a tie-up with the regional companies to expand their client base across the globe, subsequently further affecting the development of the market.
In addition to this, an acquaintance of new items with the current product offering seen in the developed nations is probably going to uplift the growth of vaccine contract manufacturing tasks in the developing economies, accordingly expanding market size in these nations. In any case, with established pharmaceutical firms around the world adopting vaccine-producing strategies in-house, the demand in the vaccine contract manufacturing industry may observe a downfall with the affected revenue in the forthcoming years.
The global vaccine contract manufacturing market is broadly segmented into vaccine type, workflow, application, and region. In terms of vaccine type, the market is classified into DNA, subunit, attenuated, toxoid, and inactivated. On the basis of workflow, the market is bifurcated into upstream and downstream. Based on application, the global market is divided into veterinary and human.
Geographically, the global vaccine contract manufacturing market is likely to register the highest growth rate in North America within the forecast period owing to the presence of big-scale bio-pharma companies in the U.S., which emerges as the key contributors. Moreover, the government support and norms regarding the activities related to vaccine contract manufacturing in the region are also expected to contribute to the market growth. Besides, the increase in research activities by the private companies and the government, both are driving regional growth as well.
Some of the major companies dominating the global vaccine contract manufacturing market are Minneapolis Medical Research Foundation (MMRF), Goodwin Biotechnology, Inc., Soligenix Inc., Thomas Jefferson University, FUJIFILM Diosynth Biotechnologies, Bavarian Nordic A/S, Emergent BioSolutions, Catalent Biologics, BioMark, and so on.
To cite, the two leading vaccine contract manufacturing firms in India, Bharat Biotech and Serum Institute, have received quick approvals for their vaccines.