Malaria vaccines are preventive measures to protect against malaria, an infectious disease transmitted through mosquito bites. Malaria, also known as plasmodium infection, manifests as recurring chills, fever, and sweating episodes. These vaccines can be administered through different routes, including intramuscular, subcutaneous, and intradermal injections. The World Health Organization (WHO) recommends using these vaccines in regions with a high incidence of malaria and effective transmission rates.
According to Data Bridge Market Research, the Malaria Vaccines Market accounted for USD 1,852.38 million in 2021 and is expected to reach USD 18,913.86 million by 2029. The market is expected to grow with a CAGR of 33.70% in the forecast period of 2022 to 2029.
“Rise in the prevalence of malaria in low-income countries boosts the market’s growth”
The prevalence of malaria in low-income countries is driving the growth of the malaria vaccine market. With the high burden of malaria in these regions, there is an urgent need for effective preventive measures. The development and availability of malaria vaccines provide a promising solution to combat the disease. The rise in malaria cases, particularly in low-income countries, creates a significant market demand for these vaccines. As efforts to control and eliminate malaria intensify, the malaria vaccine market is expected to experience growth, offering hope in reducing the burden of this devastating disease.
What restraints the growth of the malaria vaccines market?
“High cost associated with drug development restraints the market’s growth”
The high cost associated with drug development significantly restrains the growth of the malaria vaccine market. Developing vaccines is a complex and resource-intensive process that involves extensive research, clinical trials, and regulatory approvals. The substantial financial investment required for these activities and the uncertain success rates in vaccine development create a barrier for companies operating in the malaria vaccine market. The high cost of development limits the number of players entering the market and hinders the availability and affordability of malaria vaccines, impacting the overall market growth.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-malaria-vaccines-market
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