Market Overview:
Preventive vaccines are biological preparations that help develop immunity against diseases before getting exposed to pathogens. They are administered to children and adults to provide protection against diseases like influenza, pneumococcal disease, rotavirus, HPV, meningococcal disease, pertussis and more. Preventive vaccines provide direct protection to individuals by working with their immune system so that it recognizes and remembers the disease-causing microorganisms and stops or prevents further infections. They also help prevent the spread of infectious diseases in communities via herd immunity. Adoption of preventive vaccination programs by governments worldwide has led to significant reduction in morbidity and mortality associated with several infectious diseases.
Market key trends:
One of the key trends in the preventive vaccines market is the increasing government initiatives to promote immunization programs. Government bodies across countries are implementing various programs to spread awareness about vaccine-preventable diseases and benefits of immunization. This helps in improving vaccination coverage for diseases like influenza, HPV, and pneumococcal disease. Furthermore, growing healthcare expenditure along with evolving public health infrastructure in developing nations is also boosting the adoption of preventive vaccines. Additionally, increasing investments by major players for development of new vaccines to prevent diseases like herpes, HIV, and respiratory syncytial virus (RSV) is expected to open new growth opportunities for the market over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the preventive vaccines market requires huge R&D investment and regulatory approval.
Bargaining power of buyers: The bargaining power of buyers is high as preventive vaccines are essential medical products with inelastic demand.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the availability of substitutes and focus on brand loyalty.
Threat of new substitutes: The threat of new substitutes is low as preventive vaccines have well-established products with few therapeutic alternatives.
Competitive rivalry: Competition is high among existing players to gain market share.
Key Takeaways
The Global Preventive Vaccines Market Demand is expected to witness high growth, exhibiting CAGR of 9.4% over the forecast period, due to increasing prevalence of infectious diseases. The market size for 2023 is US$ 51057.26 Mn.
Regional analysis: North America dominates the global preventive vaccines market and is expected to continue leading the pack over the forecast period. This is attributed to easy access to healthcare, government support for immunization & vaccination programs, and availability of advanced healthcare facilities in the region.
Key players analysis: 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 and Pfizer Inc. dominate the global market with their robust product offerings and aggressive marketing strategies.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
