The advantages of preventive vaccines include conferring long-lasting immunity against diseases, reducing disease transmission through herd immunity effects, and lowering healthcare costs associated with disease treatment and management. The need for preventive vaccines is increasing globally due to rising awareness about preventable diseases via government immunization programs and initiatives.
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 market are Estée Lauder Inc., L’Oréal Group, WELEDA Inc., Groupe L’OCCITANE, and KORRES Group. The key players dominating the market have undertaken strategies like acquisitions, partnerships, and geographical expansion to strengthen their market position and product portfolio.
The demand for Preventive Vaccines Market Size is growing rapidly driven by rising awareness about vaccine-preventable diseases, increasing healthcare spending, and government support for national immunization programs. Wider acceptance and growing preference for preventive healthcare over curative treatment are further fueling the demand.
Technological advancements in vaccine production like cell-based and recombinant technology platforms have enabled the development of efficacious, low-cost, and easy-to-deliver vaccines for diseases like HPV and influenza. Such innovations are supporting the increased adoption of preventive vaccination programs worldwide.
Market Trends
Adjuvants are gaining increased usage in preventive vaccine formulations to enhance and prolong immune responses to antigens, allowing for decreased dosing and wider safety margins. This trend is expected to continue as adjuvanted preventive vaccines for various diseases gain regulatory approvals.
Combination vaccines containing multiple disease antigens are another key trend in the market. They offer convenience and compliance benefits over standalone vaccines and are well-suited for busy immunization schedules. Rising opportunities in emerging markets and increasing governmental support for immunization programs will drive the demand for combination preventive vaccines.
Market Opportunities
Increasing adoption of preventive vaccines in middle- and low-income countries presents significant growth opportunities for players. Successful transfer of new vaccine technologies and lowering prices through economies of scale can help achieve wider access in developing markets.
Growing geriatric population susceptible to pneumococcal and shingles is creating opportunities for preventive vaccines targeting related diseases. Development efforts are ongoing for pneumococcal and herpes zoster subunit vaccines catering to the elderly population.
Impact of COVID-19 on Preventive Vaccines Market Growth
The COVID-19 pandemic has significantly impacted the growth of the preventive vaccines market. During the initial phases of the pandemic, many countries went into lockdowns which disrupted the supply chain and manufacturing of vaccines. This caused a short-term decline in market growth in 2020. However, as the pandemic progressed, it emphasized the importance of immunization against infectious diseases. This led to an increased focus on developing vaccines for COVID-19 as well as boosting routine vaccination programs globally.
In the pre-COVID era, the preventive vaccines market was growing steadily at a CAGR of around 7%. The demand was concentrated in developed markets where immunization rates were high. However, the pandemic exposed vulnerabilities in healthcare infrastructure and prompted greater investments in vaccine development and preventive healthcare. In the post-COVID period, the market is expected to witness accelerated growth. Increased healthcare spending, focus on pandemic preparedness, expanding access in developing nations are some of the key factors driving future demand. Continuous monitoring for new diseases and virus mutations will also be important for the sustained growth of this market.
Europe currently represents the largest market for preventive vaccines in terms of value. Countries like Germany, France, UK, Italy have robust healthcare systems and high vaccination coverage. However, the Asia Pacific region is projected to emerge as the fastest growing regional market during the forecast period. Rapid economic growth, rising living standards, growing healthcare expenditures are contributing to the increased demand for vaccines in developing nations like China and India. Countries are ramping up efforts to bridge immunization gaps and build resilience against future health crises.
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