by Preventative vaccines help prevent the spread of infectious diseases by inducing immunity against targeted diseases. The increased focus on immunization drives and adoption of combination vaccines has elevated the demand for preventative vaccines. The global preventative vaccines market is estimated to be valued at US$ 51057.26 Mn in 2023 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.
Market key trends:
The growing focus on immunization of adults and youth is expected to propel the preventative vaccines market growth over the forecast period. Historically vaccination programs targeted newborns and children under the age of 5 years. However, increasing focus on herd immunity and the need to prevent spread of diseases has prompted governments and health organizations to focus their immunization programs towards adults and youth as well. According to WHO, at least 75% of the population needs to be vaccinated to establish herd immunity. However, globally vaccination coverage for children remains at 86%, while vaccination rates among adults remain considerably low at 20-30%. This presents lucrative growth opportunities for players in the preventative vaccines market to target adult and youth populations.
SWOT Analysis
Strength: Preventive vaccines provide immunity to infectious diseases and reduce the burden of disease. They have significant long-term health and economic benefits.
Weakness: Development of novel vaccines requires extensive research and clinical trials which makes the process lengthy and costly. Maintaining the cold chain supply also poses challenges especially in developing regions.
Opportunity: Growing awareness about vaccine-preventable diseases and benefits of immunization is boosting the demand. Increasing focus on universal immunization programs by WHO and governments globally presents an opportunity.
Threats: Vaccine hesitancy and refusals due to misinformation is a major threat. Outbreaks can occur if vaccination rates drop due to non-compliance which may challenge efforts.
Key Takeaways
The global Preventive Vaccines Market Growth is expected to witness high growth over the forecast period of 2023 to 2030 owing to the significant benefits they provide.
Regional analysis:
North America dominated the market and is anticipated to continue dominating over the forecast period. This is attributed to availability of advanced healthcare facilities and presence of major players. Asia Pacific is expected to grow the fastest on account of rising healthcare spending, presence of emerging economies, and expansion of immunization programs in the region.
Key players:
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. These players are focusing on developing novel and affordable vaccines through extensive R&D. Partnerships and strategic collaborations in manufacturing and distribution have also increased in recent years to boost accessibility in developing regions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
