June 20, 2024
Preventive Vaccines Market

The increasing demand for disease prevention is anticipated to open up new avenue for Preventive Vaccines Market

Market Overview:

Preventive vaccines are biological therapeutics that help develop immunity against potential disease-causing pathogen or toxins. Preventive vaccines protect the body from various harmful infectious diseases such as tetanus, pneumonia, hepatitis, influenza, ear infections, measles, mumps, rubella and bacterial meningitis amongst others. Preventive vaccines are one of the most effective public health interventions for reducing morbidity and mortality associated with infectious diseases worldwide.

Market Dynamics:

Two major drivers influencing the growth of the preventive vaccines market are increasing prevalence of infectious diseases and growing awareness. Infectious diseases continue to be one of the leading causes of death and disease burden globally. According to the Centers for Disease Control and Prevention (CDC), infectious diseases account for approximately 25% of all deaths globally each year. Growing awareness about benefits of vaccination programs in preventing infectious diseases has prompted governments worldwide to promote vaccination. For instance, initiatives by organizations such as CDC, WHO, UNICEF, etc. to boost immunization rates is positively impacting the market growth. Further, rising healthcare expenditure also provided impetus to the preventive vaccines market growth over the forecast period.

Segment Analysis

The Global Preventive Vaccines Market Demand is dominated by pediatric vaccines sub-segment, which holds more than 60% share of the overall market. This is because vaccines like MMR, DTaP, PCV, Hib, RV, IPV, HepB, Varicella, Flu etc are being regularly administered to children worldwide to protect them from life threatening diseases. Furthermore, various governmental organizations actively promote pediatric immunization programs to curb the prevalence of infectious diseases in children.

PEST Analysis

Political: Governments across the globe are actively supporting immunization programs by taking initiatives like Universal Immunization Programs. This creates a conducive environment for preventive vaccine manufacturers.
Economic: Expanding middle class population in emerging economies increases healthcare spending leading to higher demand for quality vaccines. Moreover, reduced productivity and medical costs of diseases drive the demand for preventive vaccines.
Social: Increasing awareness about vaccine preventable diseases and their severe health impacts drive the adoption of vaccination. Also, social marketing campaigns promote immunization as a social good.
Technological: Advancements in vaccine technologies like recombinant DNA vaccines, conjugate vaccines, and improved adjuvant systems aid in development of efficient and safe preventive vaccines.

Key Takeaways

The global preventive vaccines market size was valued at USD 51,057.26 million in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 9.4% during the forecast period. High disease prevalence, increasing government emphasis on immunization programs, and growing focus on therapeutic vaccination are the major factors driving the preventive vaccines market.

North America accounted for the largest share of over 40% of the global preventive vaccines market in 2023 due to high awareness levels, well-established healthcare system, and sizable healthcare expenditure in the region. However, Asia Pacific region is expected to witness fastest growth over the forecast period due to rising population, increasing per capita healthcare spending and growing initiatives by governments.

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 focusing on new product launches, geographic and indication expansions, and mergers & acquisitions to strengthen their market position. For instance, in 2022 Sanofi and Translate Bio initiated human trials of mRNA seasonal influenza vaccine candidate.

Note:

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