The Preventive Vaccines Market is estimated to be valued at US$ 42,660.2 Mn or 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.
Market Overview:
Preventive vaccines are products used to provide active acquired immunity against specific infectious diseases before a person has been exposed to the disease-causing pathogen. Common preventive vaccines include ones for measles, mumps, rubella, polio, hepatitis, varicella and pneumonia. With preventive vaccines, the immune system builds immunity to viruses and bacteria before actual infection. The preventive vaccination can help reduce serious complications from infectious diseases and protect public health at large.
Market key trends:
One of the key trends driving the growth of the preventive vaccines market is increasing government support for vaccination campaigns across the globe. Various government bodies and public health organizations are launching initiatives to spread awareness about preventive vaccination and their benefits. For instance, in 2019, the Indian government launched the ‘Intensified Mission Indradhanush’ initiative with an aim to reach each and every child under the age of two years and all those pregnant women who have been left uncovered under the routine immunization program. Such government support helps in increasing the immunization rates and uptake of preventive vaccines, fueling the market growth.
Porter’s Analysis
Threat of new entrants: The preventive vaccines market requires heavy R&D investments and clinical trials for new product development. Additionally, regulations for vaccine approval are stringent which acts as a barrier for new companies.
Bargaining power of buyers: The bargaining power of buyers is moderate as preventive vaccines are medical necessities. However, the presence of several manufacturers provides options to buyers.
Bargaining power of suppliers: Suppliers have low bargaining power due to availability of substitute raw materials and components. Additionally, established players can easily shift to new suppliers.
Threat of new substitutes: There is no direct substitute for vaccines however new disease preventions and treatments can pose a potential threat.
Competitive rivalry: Intense due to presence of large multinational companies with strong generic portfolio and pipeline.
SWOT Analysis
Strengths: Established production facilities and robust distribution network of major players. Increasingly prevalent immunization programs globally.
Weaknesses: High R&D and manufacturing costs. Stringent regulatory environment. Vaccine hesitancy and refusals impact demand.
Opportunities: Expanding into emerging markets. Rise in lifestyle-related diseases accentuates preventive healthcare needs.
Threats: Intense competition. Threat from new treatment alternatives. Impact of pandemic on economy and budgets for immunization programs.
Key Takeaways
The Global Preventive Vaccines Market Demand is expected to witness high growth, exhibiting CAGR of 9.4% over the forecast period, due to increasing prevalence of chronic diseases and demand for preventive healthcare. North America dominated the market in 2021 owing to presence of major players and high awareness regarding immunization.
Regionally, Asia Pacific is expected to be the fastest growing market due to large population base, improving access to healthcare services, and rapid economic development leading to lifestyle changes and disease prevalence.
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 geographic expansion and new product development through collaborations and M&As to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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