The Preventive Vaccines Market comprises vaccines that help prevent diseases and help build immunity in the body. Preventive vaccines help the human body develop immunity to certain infections without having to get the disease first. Some common preventive vaccines include those that help prevent influenza, pertussis, tetanus, measles, mumps, and rubella. The need for preventive vaccines arises due to the growing occurrence of diseases that can be fatal if not prevented. Preventive vaccines allow people to be immunized before potential exposure to severe illnesses.
The Global Preventive Vaccines Market is estimated to be valued at US$ 58817.97 Mn in 2024 and is expected to exhibit a CAGR of 7.8% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Preventive Vaccines are Estée Lauder Inc., L’Oréal Group, WELEDA Inc., Groupe L’OCCTANE, and KORRES Group.
The growing demand in the Preventive Vaccines Market Size is attributed to rising awareness about preventive healthcare and growing occurrence of diseases. Preventive vaccines help build immunity against diseases without actual exposure to them. This is boosting the demand for preventive vaccines globally.
The global expansion of the preventive vaccines market is driven by an increasing focus on immunization programs worldwide. Various government and non-government organizations are working towards making immunization drives more accessible and affordable globally. This is supporting the expansion of preventive vaccines across international markets.
Market key Trends
The rising focus on vaccine development for new diseases is a key trend in the preventive vaccines market. With changing disease patterns witnessed worldwide, research bodies and vaccine makers are concentrating on developing vaccines for emerging diseases like Zika, Ebola, and Nipah virus. Novel vaccine technologies are allowing faster development of preventive medicines for previously unknown illnesses, thereby driving the preventive vaccines market.
Porter’s Analysis
Threat of new entrants: Low market entry barriers due to vaccinations are considered a basic need and requirements set by WHO, government regulations.
Bargaining power of buyers: Buyers have high bargaining power due to presence of many established players and availability of substitutes.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to buyers having substitutes and suppliers are concentrated.
Threat of new substitutes: Threat of new substitutes is moderate as switching costs and regulations pose challenges for new substitutes.
Competitive rivalry: Intense competition due to large number of players, similar product offerings and pricing strategies.
Geographical regions
North America accounts for largest share currently owing to increasing prevalence of diseases and awareness. Developed healthcare infrastructure and reimbursement further boost the market.
Asia Pacific is poised to witness fastest growth during forecast period on back of improving access to healthcare in emerging economies like India and China. Rising disposable income allows investments in preventive healthcare supporting regional growth.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.