Latin America Vaccine Market Report and Forecast 2024-2032

Latin America Vaccine Market Outlook

The Latin America vaccine market size reached a value of approximately USD 5.59 billion in 2023. The market is expected to grow at a CAGR of 7.2% between 2024 and 2032, reaching a value of around USD 10.41 billion by 2032.

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Key Trends in the Market 

A vaccine is a preparation that is designed to stimulate an immune system response in the recipient’s body, protecting against a more severe reaction or infection upon contact with the antigen in other circumstances. The duration of effect of vaccines can vary, while some may be recommended to be re-taken at specific intervals, others can offer long-term protection. Based on prevalent antigens and illnesses, recommended vaccines may vary. 

• The need for vaccines is primarily being driven by the increased prevalence of various infectious illnesses. The Latin America vaccine market is being further stimulated by the growing consumer awareness of the benefits of timely vaccinations to protect against various illnesses.

• Improvements in healthcare infrastructure are enhancing the accessibility and availability of vaccines throughout the Latin America region. Expansion of healthcare centres are enabling more patients, of all ages, to seek out vaccines in a timely manner.

• The rapid development of homegrown vaccines are providing lucrative opportunities to the Latin America vaccine market. Pharmaceutical companies in countries such as Brazil, Mexico, and Cuba are developing their own vaccines which undergo clinical trials and approvals from coordinating regulators. 

Latin America Vaccine Market Analysis

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Based on technology, the market is divided into recombinant and conjugate vaccine, inactivated vaccines, live attenuated vaccines, and toxoid vaccines, among others. The market on the basis of indication is segmented into pneumococcal disease, influenza, human papilloma virus, meningococcal disease, rotavirus, varicella, measles, mumps, and rubella, diphtheria, pertussis, and tetanus (DPT), polio, hepatitis, and JE (Japanese Encephalitis) vaccine, among others. On the basis of end user, the market is segmented into paediatric vaccine, adult vaccine, and travellers vaccine. By country, the market is divided into Brazil, Argentina, and Mexico. 

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the Latin America vaccine market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans. 

• GlaxoSmithKline plc

• Novartis AG

• Pfizer Laboratories Ltd

• Sanofi

• AstraZeneca plc.

• Others

Market Share by Technology

Inactivated vaccines, by technology, are expected to account for a sizable share of the Latin America vaccine market due to their accessibility, affordability, and stability. These vaccines significantly reduce the probability of virulence reversal following immunisation because of their ability to stop pathogen reproduction. With the use of adjuvants like specific kinds of oils or aluminium hydroxide, the immunity brought on by inactivated vaccines can be further strengthened. However, for inactivated vaccines to work well, significant care must be taken during preparation, storage, and handling.

Recombinant and conjugate vaccines are likely to grow at a fast rate in the because of their expanding use in the region. Increase in support from various governments and rising investments in conjugate vaccines are some of the factors that are supporting their growth.

Market Share by Indication

With the increase in seasonal influenza cases and the growing number of recommendations for vaccination against the disease, influenza is expected to account for a significant portion of the Latin America vaccine market. One of the major factors influencing market expansion is the rising number of government programmes to boost influenza vaccination and various governments efforts to improve the supply, administration, and distribution of the vaccine. As influenza spreads easily and the vaccine is required to be retaken, there is a recuring demand that is likely to grow further in coming years as more people in the region adopt regular vaccination schedules for influenza.

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Competitive Landscape 

GlaxoSmithKline plc, established in 2000 with headquarters in Brentford, United Kingdom, is one of the biggest research-based pharmaceutical firms in the world that produces, promotes, and distributes products for human health. It creates novel vaccinations and specialised medications for the purpose of preventing and treating diseases. They operate three multinational companies that conduct research, develop, and produce cutting-edge pharmaceutical drugs, vaccines, and consumer healthcare items.

Novartis AG, with its headquarters in Basel, Switzerland was founded in 1996. A leading global company specialising in medicine, the company uses innovative science and digital technologies to create transformative treatments in areas of great need. It employs cutting-edge research and digital technology as a major global pharmaceutical firm to develop game-changing medications when there is an urgent medical need. 

AstraZeneca plc was founded in 1999 and is headquartered in Cambridge, United Kingdom, with a focus on the creation, production, and research of pharmaceutical products. The company develops, produces, and sells pharmaceutical and biotechnology products to treat cancer, cardiovascular conditions, infections, neurological conditions, respiratory conditions, gastrointestinal conditions, and inflammatory conditions.

Other market players include Pfizer Laboratories Ltd, and Sanofi, among others.

Key Highlights of the Report

Latin America Vaccine Market Report Snapshots

Latin America Vaccine Market Size

Latin America Vaccine Market Analysis

Latin America Vaccine Companies