The global Vaccine Technologies Market is estimated to be valued at US$ 45.40 Bn In 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Vaccine technologies refer to methods and approaches that are used for vaccine development and production. Vaccines work by mimicking an infection to stimulate the immune system to develop defenses against the actual disease. They help prevent infectious diseases like smallpox, diphtheria, pertussis and many more. Advantages of vaccines include eradicating smallpox globally, reducing polio by over 99%, controlling measles and rubella outbreaks. Vaccines offer an affordable public health intervention which protects communities and future generations by reducing the burden of infectious diseases.
Market Key Trends:
One of the key trends in the vaccine technologies market is the growing focus on novel vaccine delivery technologies. Nanoparticles, microneedle patches, nasal sprays etc are being explored as they may improve efficacy, stability and reduce side effects. Another trend is the growing vaccine R&D for infectious diseases like COVID-19, Ebola, Zika virus etc driven by emerging outbreaks. This is stimulating development of DNA vaccines, RNA vaccines, viral vector vaccines with better stability, dose sparing and quick scalability. Continuous improvements in adjuvant technologies is also a trend, to enhance immune response and antibody production with lower vaccine dosages.
- Threat of new entrants: New players face high barriers such as huge manufacturing costs and strong regulatory guidelines for vaccines.
- Bargaining power of buyers: Buyers have medium bargaining power due to the availability of substitutes and importance of vaccines for human health.
- Bargaining power of suppliers: A few major players control the supply chain resulting in their high bargaining power over other players.
- Threat of new substitutes: There is a low threat as vaccines have very few substitutes for preventing communicable diseases.
- Competitive rivalry: Intense due to the presence of many global players and huge R&D investments required to develop new and advanced vaccines.
The Global Vaccine Technologies Market Size is expected to witness high growth, exhibiting 11% CAGR over the forecast period 2023 to 2030, due to increasing government support for vaccines development and their initiatives to immunize all sections of society.
The North American region dominates the global market owing to increasing research funding, robust healthcare infrastructure, and growing awareness about immunization. Meanwhile, Asia Pacific is anticipated to be the fastest-growing region because of rising healthcare spending, growing income levels, and expansion of immunization programs in major countries like China and India.
Key players operating in the Vaccine Technologies Market include Pfizer-BioNTech, Moderna, Johnson & Johnson, AstraZeneca, Sanofi Pasteur, Novavax, GlaxoSmithKline (GSK), Sinovac Biotech, Sinopharm, Bharat Biotech, Emergent BioSolutions, Dynavax Technologies, CureVac, Valneva, and Takeda. These major players are adopting strategies like acquisitions, partnerships, and new vaccine development to strengthen their market position.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it