Preventive Vaccines Market Estimated to Witness High Growth Owing to Increased Government Support for New Vaccines
Preventive vaccines are biological preparations that improve immunity against a particular disease. Preventive vaccines contain an agent that resembles a disease-causing microorganism and is often made from weakened or killed forms of the microbe, its toxins, or one of its surface proteins. Some widely used preventive vaccines are for diseases such as influenza, measles, mumps, polio, rubella, and varicella. Increased global partnerships to vaccinate more people are driving the research and development of new and improved preventive vaccines. The global preventive vaccines market is estimated to be valued at US$ 51057.26 Mn or Bn 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 Dynamics:
One of the key drivers for the growth of the preventive vaccines market is increased government support for new vaccine development. Many government bodies are investing heavily in vaccine R&D through public-private partnerships to develop new vaccines. For instance, the United States National Institutes of Health has been funding several vaccine projects through its National Institute of Allergy and Infectious Diseases division. The second driver is rising awareness about vaccine-preventable diseases. Medical awareness campaigns by health organizations are educating people about the importance of vaccination. This is increasing the demand for preventive vaccines globally. However, stringent regulations for vaccine approval is one challenge that can hamper market growth.
SWOT Analysis
Strength: Preventive vaccines help develop immunity against infectious diseases in advance before actual exposure to pathogens or infection. This protects individuals throughout their lifetime. Preventive vaccines are also cost-effective in the long-run by reducing healthcare costs associated with treatment of infectious diseases. Development of novel vaccines targetting emerging infections further strengthens the market.
Weakness: Vaccine hesitancy and misinformation remains a major challenge limiting market penetration. Research and development of new preventive vaccines require huge investments and time which may not guarantee success always. Storage and supply chain management of temperature-sensitive vaccines needs improvement in many countries.
Opportunity: Increasing global burden of infectious diseases, rapidly growing elderly population and emerging/re-emerging pathogens offer new opportunities. Spread of anti-vaxxer sentiments also necessitates efforts to boost immunization programs. Advancements in adjuvants, delivery methods and vaccine production technologies will facilitate the development of more effective and affordable vaccines.
Threats: Outbreaks of vaccine-preventable diseases act as a barrier due to failure of mass immunization programs. Pricing pressures and healthcare budget constraints of many countries pose threat.Stringent regulations for approval also increases uncertainties.
Key Takeaways
The global Preventive Vaccines Market Growth is expected to witness high growth. Factors like growing global population, rising life expectancy rates and increasing government focus on immunization programs across various countries will likely provide a push. The market in Asia Pacific region is poised to showcase maximum growth potential during the forecast years. Growing healthcare expenditure, large population base and expanding vaccine production capabilities makes China and India the dominant and fastest growing regional markets respectively.
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. Sanofi and GlaxoSmithKline currently lead the market with their wide vaccine portfolio and global presence. However, other players are involved in developing novel vaccines through partnerships and acquisitions to strengthen their market position.
For more insights, read- https://dailynewsmotion.weebly.com/report-blog/preventive-vaccines-market-estimated-to-witness-high-growth-owing-to-increased-government-support-for-new-vaccines
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