Vaccine Technologies Market Is Driven By Increasing Prevalence Of Infectious Diseases
The vaccine technologies market involves creation of modified vaccines or improved vaccine delivery technologies that can generate immune protection against infectious diseases and some cancers. Vaccines work by simulating an infection to trigger the immune system's natural defenses so it can recognize and fight the actual infection or disease. There are various types of vaccine technologies including live-attenuated vaccines, inactivated vaccines, subunit vaccines, toxoid vaccines, conjugate vaccines, and recombinant vector vaccines.
The global vaccine technologies market is estimated to be valued at US$ 52.31 Bn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Vaccine Technologies Market Demand are Blackmores Limited, Vitaco Holdings Limited, Integria Healthcare, Bioglan, Deep Blue Health (NZ) Co. Limited, Phytomed, NZ Herbals, and Sanderson. Blackmores Limited is one of the leading players focused on manufacturing high-quality herbal and vitamin supplement medicines.
The growing prevalence of infectious diseases around the world is driving the demand for vaccines. As per WHO, infectious diseases accounted for approximately 26% of the global mortality in 2017. Diseases such as COVID-19, influenza, pneumonia, tuberculosis, and HIV/AIDS are among the major infectious diseases pushing the need for vaccines.
The vaccine technologies market is expanding globally due to rising immunization programs by governments and non-profit organizations. For example, GAVI, the Vaccine Alliance aims to increase access to new and underused vaccines for children living in the world's poorest countries. It has helped vaccinate over 822 million children and prevented over 14 million deaths, as of 2021.
Market Drivers
The increasing prevalence of infectious diseases is a major driver propelling the vaccine technologies market growth. As per the data by WHO, infectious diseases accounted for 26% of global deaths in 2017. Diseases like COVID-19, influenza, pneumonia, tuberculosis, and HIV/AIDS have increased the need for vaccine development. Growing government support for immunization programs through funding and vaccination policies is also fueling the demand for vaccines.
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