by Preventive vaccines plays a vital role in safeguarding public health by protecting individuals from infectious diseases and reducing disease transmission in communities. Preventive vaccines provide active acquired immunity against specific infectious diseases such as measles, pertussis, pneumococcal disease, and varicella zoster virus infection to name a few. Preventive vaccines target infectious agents like bacteria and viruses and work by exposing individuals’ immune systems to weakened or dead forms of germs that cause disease such as smallpox or flu. This exposure triggers the immune system to produce antibodies and develop an immunity to the disease. The global Preventive Vaccines Market is estimated to be valued at US$ 51057.26 Mn 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 key trends:
One of the key trends in the preventive vaccines market is the increasing adoption of combination vaccines. Combination vaccines are designed to protect against more than one type of bacteria or virus. They help to reduce the number of shots and doctor visits required for vaccination. For instance, in the U.S. Pediatric Combination Vaccines market, combination vaccines account for more than 50% of total pediatric vaccine sales. This is because combination vaccines provide convenience to both patients and healthcare providers through lesser number of injections. Pharmaceutical companies are also focusing on development and commercialization of new combination vaccines which would further drive the market growth during the forecast period.
Porter’s Analysis
Threat of new entrants: The preventive vaccines market poses moderate threat of new entrants as development of novel vaccines requires significant R&D efforts and capital investments. Moreover, established regulations hinder entry of new players.
Bargaining power of buyers: Buyers have low bargaining power as preventive vaccines are necessary to prevent outbreak of diseases. Moreover, customers have limited options.
Bargaining power of suppliers: Suppliers hold moderate bargaining power owing to presence of number of suppliers offering Active Pharmaceutical Ingredients (API) and other raw materials.
Threat of new substitutes: There is no threat from new substitutes presently as vaccines have limited substitutes to offer disease prevention.
Competitive rivalry: The preventive vaccines market witnesses high rivalry among major players to gain higher market shares through new product launches and geographical expansion.
Key Takeaways
The global Preventive Vaccines Market Growth is expected to witness high growth over the forecast period. Regionally, North America dominated the preventive vaccines market in 2023 and is expected to maintain its leading position throughout the forecast period, owing to rising public awareness, immunization programs, and supportive government initiatives in the region. Asia Pacific is anticipated to be the fastest growing market for preventive vaccines between 2023 and 2030 owing to increasing healthcare expenditure, rising awareness regarding preventive healthcare and growing population.
Regional analysis
Asia Pacific is projected to exhibit the highest CAGR during the forecast period. This is attributed to factors such rising incidences of infectious diseases, increasing healthcare expenditure, rapid economic development, and growing population. China and India dominate the Asia Pacific preventive vaccines market and this trend is likely to continue during the forecast period.
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. Sanofi SA holds the leading market share in terms of revenue and is engaged in new product launches and acquisition strategies to gain market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
