Preventive vaccines market is estimated to be valued at USD 50.41 Bn in 2024 and is expected to exhibit a CAGR of 9.7% over the forecast period (2024-2031). Rapid growth in emerging economies, increasing government initiatives for immunization, and rising awareness about preventable diseases are some key factors driving the growth of the preventive vaccines market. Furthermore, the development of new multi-disease vaccines and improved disease prevention with existing vaccines are also contributing to the market growth.
Market Dynamics:
Rising government support for immunization programs across various countries has been a major driver of growth for the global preventive vaccines market. Many governments provide vaccination either free or at subsidized costs to their citizens, especially for children. This has boosted immunization rates and reduced the burden of many preventable diseases. Moreover, increasing incidences of diseases such as meningitis, pneumonia, and flu around the world has also fueled demand for preventive vaccines. Various initiatives by non-profit organizations to spread awareness about the benefits of vaccination are further expected to support the market expansion over the forecast period. However, high development costs involved in new vaccines and lack of disease prevention awareness in low-income countries continue to hinder the overall growth of the market.
Increasing Incidence of Infectious Diseases Acts as a Major Market Driver
The incidence of various infectious diseases has been on the rise globally due to factors such as increased worldwide travel and trade, antibiotic resistance, and changing environmental conditions. Preventive vaccines play a crucial role in curbing the spread of diseases like influenza, measles, hepatitis, HPV, and others. With more cases of such illnesses emerging every year, the demand for preventive vaccines from government organizations and the general public is increasing substantially. This acts as a primary growth driver for the global preventive vaccines market.
Growing Awareness about Vaccine Preventable Diseases
Over the past few decades, there has been a significant rise in health awareness levels among the general public as well as governmental and non-governmental organizations globally. People now better understand the dangers associated with diseases like tuberculosis, diphtheria, and tetanus and protect themselves through vaccination. Initiatives by healthcare bodies to promote immunization programs have also enhanced awareness. The increasing knowledge about vaccine-preventable diseases and the role of inoculation in disease control is a key factor fueling the demand for preventive vaccines.
High Research and Development Costs Restrict Market Growth
Developing a new preventive vaccine requires extensive research and clinical trials spanning several years. The R&D process involves heavy investments in areas such as drug discovery, preclinical testing, clinical research, and regulatory approval. On average, it takes US$ 1-2 billion and 10-15 years to develop a novel preventive vaccine. The high costs associated with R&D act as a restraint for new market entrants and limit production for existing players as well.
Stringent Regulatory Framework
All vaccine formulations must undergo a rigorous review and approval procedure set by regulatory bodies like the U.S. FDA and European Medicines Agency to ensure product quality, efficacy, and safety. Obtaining necessary permissions involves strict compliance with Good Manufacturing Practices and demonstration of positive risk-benefit ratio from clinical trial data, which is a long-drawn and expensive process. The tight regulatory scenario delays the entry of new products and restrains overall market growth.
Growth in Emerging Market
There is substantial demand for prevention of infectious diseases in populaces of developing Asian, African, and Latin American countries where immunization rates are still low. Initiatives by agencies such as GAVI aim to enhance vaccine access in the emerging global economies. With growing health expenditures, rising awareness, and steps toward universal healthcare, these evolving marketplaces will likely contribute majorly to the future revenue of preventive vaccine manufacturers.
*Link: https://www.coherentmarketinsights.com/market-insight/preventive-vaccines-market-5342
Key Development
- In November, 2023, Indian Immunologicals (IIL), a biotechnological company, announced that it had launched measles and rubella vaccine Mabella for children.
- In October 2023, Serum Institute of India Pvt. Ltd., a biotechnology company, and Mylab Discovery Solutions, announced that it had launched Nasovac S4, needle free nasal influenza vaccine in India. The vaccine contains four influenza vaccine strains and it is recommended for individuals above the age of 2 years.
- In June 2023, Sanofi, a healthcare company, announced positive results from its Phase II clinical trials in infants of its 21-valent pneumococcal conjugate vaccine candidate, GBP410 (SP0202). GBP410 (SP0202), jointly developed by SK bioscience, a biotechnology company, and Sanofi, is a pneumococcal conjugate vaccine that combines specific proteins with the polysaccharide capsule of Streptococcus pneumoniae.
- In August 2022, Pfizer Inc., a global pharmaceutical company, announced that it had sponsored a 6-week consumer awareness radio campaign on pneumococcal pneumonia that commenced on August 29, 2022 on 2GB in Sydney and 3AW in Melbourne. There are 15 second and 30 second versions of two different ads, directing consumers to visit mylunghealth.com.au to take a short quiz to assess the risk of pneumococcal pneumonia and speak to doctor or nurse for more information.
Key Players: Abbvie Inc., Edesa Biotech, Inc., Amgen, Inc., Pfizer Inc., CLINUVEL PHARMACEUTICALS LTD, Uniza Group, Dr. Reddy’s Laboratories Ltd., Roivant Sciences Ltd., Incyte, Aclaris Therapeutics, Inc., Glenmark Pharmaceuticals Ltd., Sun Pharmaceutical Industries Ltd., Viatris Inc., GSK plc., Vyne Therapeutics Inc., Temprian Therapeutics Inc., and Arrien Pharmaceuticals, LLC
