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| Preventive Vaccines Market |
The preventive vaccines market includes vaccines that protect individuals from developing potentially life-threatening diseases in the future. Preventive vaccines are given to apparently healthy people, usually children and adolescents, to provide active acquired immunity against one or more communicable diseases. The demand for preventive vaccines is increasing majorly due to the rising focus on preventive healthcare to curb issues proactively before they aggravate. Vaccines help in strengthening the body's immune system and protecting from infections like polio, chickenpox, measles, hepatitis, HPV, and influenza.
The Global preventive vaccines market is estimated to be valued at US$ 58,817.97 million in 2024 and is
expected to exhibit a CAGR of 7.8%
over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the preventive vaccines market are Esteé Lauder Inc.,
L€TMOreal Group, WELEDA Inc., Groupe L€TMOCCITANE, and KORRES Group. Major players
are focusing on new product launches and geographical expansion to gain a
larger market share.
The key opportunities in the Preventive
Vaccines Market Size include increasing immunization programs by
various governments and non-profit organizations especially in developing and
underdeveloped regions. The lack of immunization leads to high mortality rates
from several preventable diseases. Support from private and public healthcare
organizations will further propel the market growth.
The rising demand for preventive vaccines globally has led key players to focus
on expansion strategies. Market leaders are expanding their presence across
high potential markets such as Asia Pacific, Latin America, and Middle East
& Africa through collaborations with local pharmaceutical companies and
setting up manufacturing facilities. This allows them to cater to the vast
customer demand more efficiently.
Market Drivers
Rising incidence of infectious diseases - The increasing prevalence of
infectious diseases has necessitated the need for strong immunization.
According to WHO, infectious diseases account for approximately 25% of global
deaths annually highlighting the need for prevention.
Increasing healthcare expenditures - Growing healthcare spending on
immunization by governments and individuals is driving the uptake of preventive
vaccines. Developed regions especially the U.S. invest heavily in preventive
healthcare to curb rising medical costs associated with long-term treatment.
Market Restraints
High R&D costs - The development of new preventive vaccines requires
extensive clinical trials and regulatory approvals which makes the overall
R&D process capital intensive. This increases the production costs.
Side effects associated with new product introduction - Preventive vaccines may
cause mild side effects like fever, pain, swelling in few individuals during
clinical trials. Addressing such issues prolongs the product development cycle
and approval process.
Segment Analysis
Infectious disease segment dominates the preventive vaccines market currently.
This is because infectious diseases like COVID-19, influenza, hepatitis, etc.
contribute significantly to the global disease burden. Vaccines for these
diseases are included in national immunization schedules by many countries
worldwide. Within infectious disease segment, vaccines for COVID-19 hold the
largest market share currently due to the ongoing COVID-19 pandemic.
The other major segment is cancer preventing vaccines. These vaccines help in
preventing various types of cancers caused by oncogenic viruses like HPV, HBV,
etc. HPV vaccine has emerged as the dominating sub-segment within cancer
preventing vaccines. This is due to wide recommendations for HPV vaccination by
health authorities globally to prevent cervical cancer in women.
Global Analysis
North America holds the largest share in the preventive vaccines market
currently. This is due to well-established healthcare infrastructure and
increasing immunization rates in countries like US and Canada. North America is
followed by Europe and Asia Pacific region. Asia Pacific is the fastest growing
market for preventive vaccines. This is attributed to large population base,
rising healthcare spending, increasing awareness about vaccination.
Furthermore, improving access to vaccines due to expansion of immunization
programs by governments in emerging economies like China and India are also
boosting the Asia Pacific market growth.
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Vaccines Market
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