The global Preventive Vaccines Market is estimated to be valued at US$ 42,660.2 Mn in 2022 and is expected to exhibit a CAGR of 9.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Preventive vaccines aid in building immunity against certain diseases without actually exposing individuals to pathogens. They help prevent infectious diseases like influenza, pneumonia, measles, and hepatitis among others. The market comprises vaccines such as influenza, meningococcal, rotavirus, pneumococcal, DTP, MMR, HPV, and polio vaccines which are administered to infants, children, adolescents, and adults.
The preventive vaccines market is primarily driven by increased governmental support to eradicate infectious diseases globally. For instance, GAVI, the Vaccine Alliance, aims to immunize 300 million more children in the world’s poorest countries by 2025. Additionally, rising prevalence of infectious diseases like influenza, pneumonia, and rotavirus is also propelling the market growth. According to the World Health Organization, influenza causes an estimated 290,000 to 650,000 deaths globally each year. Extended funding by governments and insurance providers to purchase immunization programs is further fueling the demand for preventive vaccines worldwide.
Strength: Preventive vaccines have benefits of improved public health and economic growth. Continuous investments in R&D helps in development of more effective and novel vaccines. Growing awareness among population has increased vaccination uptake rate.
Weakness: High costs involved in development, production and storage of vaccines. Stringent regulatory requirements increase clinical trials timelines and costs. Dependence on government funding creates uncertainty. Side effects of few vaccines leads to vaccine hesitancy.
Opportunity: Untapped growing markets in developing regions offer significant sales potential. Innovations to develop thermostable vaccines ease distribution in remote areas. Adoption of combination vaccines reduces vaccination visits. Increasing funding from public-private partnerships to develop vaccines for infectious diseases.
Threats: Threat of alternative preventive measures and therapeutic drugs can affect uptake. Complications related to vaccine administration may pose legal and reputational risks. Emergence of new pathogens continuously challenges development of novel effective vaccines. Stringent regulatory processes may delay product approvals.
The Global Preventive Vaccines Market Demand is expected to witness high growth, exhibiting CAGR of 9.4% over the forecast period, due to increasing government support for immunization programs and initiatives by pharmaceutical companies. Asia Pacific region represents the fastest growing market for preventive vaccines due to large population base, growing economies, and increasing healthcare expenditure in major countries like India and China. North America dominates the global market accounting for over 30% market share primarily due to presence of key market players and higher uptake of newer and premium vaccines in the region.
The Asia Pacific region is projected to exhibit highest CAGR during the forecast period. Countries like China, India, Japan and South Korea are expected to boost regional market growth driven by increasing government focus on compulsory vaccination programs. Availability of low-cost generics and penetration of major international players in Asia augurs well for regional market dynamics.
Key players operating in the preventive vaccines market are Sanofi SA, Pfizer Inc., Novavax Inc., Merck & Co. Inc., Johnson & Johnson, GlaxoSmithKline PLC, Daiichi Sankyo Co. Ltd., Emergent BioSolutions Inc., AstraZeneca, and Takeda Pharmaceutical Company Limited, among others. Major players are involved in new product launches, collaborations and mergers to strengthen their product portfolio and market position. Growing R&D investments to develop new vaccines bode well for market expansion over the forecast period.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it