North America: Increasing Support for Vaccine Development
The growth of the market is also defined by the rising prevalence of the infectious and parasitic diseases as the diseases are alarming the need of the vaccination in the country. Therefore, considering the above mentioned factors the growth of the market in the country is likely to contribute largest share in the North American region during the forecast period.
The growth of the market is driven by the factors such as compulsion or mandate vaccination and dropping vaccination rates. However, is likely to get impacted due to the low awareness about the benefits of vaccines during the forecast period.
Companies mentioned:
PFIZER INC, GlaxoSmithKline plc., Merck & Co., Inc., Sanofi, Johnson & Johnson Services, Inc, Panacea Biotec Limited, Astellas Pharma Inc., NOVAVAX, INC., VBI Vaccines Inc, Bavarian Nordic.
US is expected to lead the market in the North American region due to the rapid growth of the biopharmaceutical industry. The industry is experiencing the rapid growth due to technological advancements and increasing flexibility and low operational cost are also adding to the growth of the market. In addition, in the country the government has mandate the immunization and vaccination for preventable diseases.
Additionally, the vaccinations rates are reimbursed by the Medicaid and the reimbursement for Medicaid vaccine administration varies by state however it is as low as US$2 in some states. Also the use of the combination vaccines has been permitted by the Advisory Committee on Immunization Practices (ACIP) at the Centers for Disease Control (CDC).
This is a safe and efficacious measure to decrease the number of injections needed to complete the childhood immunization schedule. Hence, the dropping rates of the vaccination rates are likely to raise the market significantly in the forecast period.