Future Prospects of Vaccine Industry Remain Promising with Growth of Preventive Vaccines Market
Market Overview:
The 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 are biological therapeutics administered to humans and animals to prevent infectious diseases. They help boost immunity against specific infectious agents like bacteria and viruses.
Market Dynamics:
The growth of the preventive vaccines market will be driven by increasing awareness about vaccine-preventable diseases and government initiatives to promote immunization programs. According to WHO, vaccination prevents 2-3 million deaths each year globally. Various awareness campaigns by governments and NGOs educate people about benefits of vaccination. In addition, availability of government-funded vaccination programs ensure immunization of all sections of the society irrespective of their ability to pay. For instance, under the Universal Immunization Program of India, vaccines are provided freely to all children up to 12 years of age. Such initiatives are expected to increase the demand for preventive vaccines over the forecast period.
Market key trends:
One of the key trends in the preventive vaccines market is the development of combination vaccines. Combination or multivalent vaccines provide protection against multiple infectious diseases with a single vaccine administration. This helps in reducing the disease burden as well as the number of injections, thereby improving patient compliance. Rising adoption of combination vaccines is expected to drive the growth of the preventive vaccines market during the forecast period.
SWOT Analysis
Strengths: Wide product portfolio and strong brand image of key players like Sanofi, Pfizer and GSK. These companies offer varied vaccine products for different disease indications.
Weaknesses: High R&D costs associated with development of new vaccines. Vaccine development process is complex and lengthy involving extensive clinical trials.
Opportunities: Emergence of new diseases drives the need for novel vaccines. Growing immunization programs in developing countries also open up new opportunities.
Threats: Stringent regulatory approvals and recalls poses threats. Outbreaks of diseases may impact sales of existing vaccines.
Key Takeaways
The Global Preventive Vaccines Market Demand was valued at US$ 42,660.2 Mn in 2021 and is expected to reach US$ 76,098.5 Mn by 2028, expanding at a CAGR of 9.4% during the forecast period. The market is driven by increasing government focus on immunization programs aimed at preventing various infectious diseases.
Regional analysis:
North America dominated the global preventive vaccines market in 2021 and is expected to continue its dominance over the forecast period. This is attributed to high immunization rates backed by strong regulatory support and availability of advanced vaccines in the region. Asia Pacific is expected to exhibit the fastest growth over 2022-2028 due to large population base, improving access to vaccines, and growing healthcare expenditure 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 new product launches and expansion of manufacturing facilities especially in high growth emerging markets to strengthen their market position.
Read More- https://cmi-latestreportorientedblogs.blogspot.com/2023/10/future-prospects-of-vaccine-industry.html
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