June 17, 2024
Preventive Vaccines Market Preventive Vaccines Market

Preventive Vaccines Market Is Estimated To Witness High Growth Owing To Increasing Government Support And Funding For R&D Activities

Preventive vaccines help build immunity against infectious diseases like influenza, pneumonia, HPV etc. before an individual gets exposed to pathogens. These vaccines induce the production of antibodies and memory cells that help fight the disease-causing pathogens if exposed in future. Rising awareness about vaccine preventable diseases and government programs to immunize children and senior citizens have boosted the demand for preventive vaccines. Major manufacturers are investing heavily in R&D to develop new and improved preventive vaccines for various infectious diseases and to expand existing vaccine portfolio.

The Global Preventive Vaccines Market is estimated to be valued at US$ 58817.97 Mn in 2024 and is expected to exhibit a CAGR of 7.8% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the Preventive Vaccines are Estée Lauder Inc., L’Oréal Group, WELEDA Inc., Groupe L’OCCITANE, and KORRES Group.

The Preventive Vaccines Market Size offers significant growth opportunities owing to rising healthcare expenditure, availability of government & private funds for vaccine development and rising geriatric population susceptible to infectious diseases.

Major players are expanding their presence in emerging markets of Asia Pacific, Latin America, and Middle East & Africa to tap the business opportunities offered in these regions.

Market Drivers

The major driver for the preventive vaccine market is the increasing government support and funding for research & development activities. Governments across the globe are focusing on immunization programs and providing substantial funding to vaccine developers. This is encouraging manufacturers to invest in development of novel and improved vaccines. For instance, in October 2022, the US government invested over $3 billion in the development of Universal Influenza Vaccine. Such initiatives are boosting research activities and new product launches, thereby fueling the market growth.

PEST Analysis

Political: Preventive vaccines market is highly regulated by various government agencies and organizations. Regulations around vaccine development and approval processes impact the market.

Economic: With rising income levels, focus on healthcare is increasing globally which is driving spending on preventive vaccines. However, economic slowdowns can impact the market.

Social: As awareness about benefits of vaccination increases, social acceptance of immunization is improving which benefits the market. However, some communities may have traditional beliefs against vaccination.

Technological: Advancements in vaccine technologies are helping overcome challenges around effectiveness, safety, and production scalability. Cell-based and genetic engineering techniques can boost technological capabilities in the long run.

Regions with Highest Market Value

North America currently accounts for the largest share of the global preventive vaccines market in terms of value. Presence of major market players, established healthcare systems, and high immunization rates drive the regional market. Asia Pacific is also emerging as a major revenue generator with rapid economic development and improving health infrastructure in several countries. Rising disposable incomes are positively influencing preventive healthcare spending including on vaccines in the region.

Fastest Growing Regional Market

The Asia Pacific region is poised to witness the highest growth in the preventive vaccines market during the forecast period. This can be attributed to factors like increasing government focus on public health programs, growing population base susceptible to diseases, and rising standards of living. Initiatives to enhance vaccine accessibility and coverage are helping boost regional market demand. Large untapped opportunities exist as implementation of immunization programs continues to expand across Asia Pacific.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.