Preventive Vaccines Market Outlook 2031
The global preventive vaccines market size was USD 87.02 Billion in 2022 and is estimated to reach USD 98.79 Billion by 2031 expand at a substantial CAGR 1.42% during the forecast period, 2023–2031. The growth of the market is attributed to increasing healthcare expenditure, new development of the vaccines, and rising demand for preventive vaccines in low- and middle-income countries.
Vaccine supports the body’s immune system against future infections or disease. These vaccines consist of attenuated or killed microbes, or microbial DNA. The immune system produces antibodies after administration. It is agent-specific, relatively harmless, and antigenic components that can induce protective immunity against the corresponding infectious agent.
Routine immunization programs protect the children from a number of infectious diseases that previously caused millions of deaths each year. Effective immunization has eradicated number of diseases, such as polio and smallpox. Preventive vaccinations are essentially administered to people of different age groups, which strengthen their immune system throughout lifetime. Preventive vaccination provides the possibility of avoiding some infectious diseases.
Preventive Vaccines Market Trends, Drivers, Restraints, and Opportunities
- Preventive vaccinations play a crucial role to maintain sustainable health of people. Thus, the growing awareness about benefits is estimated to propel the market expansion in the coming years.
- Increased funding from government and international organizations, and increasing awareness about preventive care are projected to drive the market expansion during the forecast period.
- Growing government support for vaccine development and rising focus on immunization are anticipated to boost the market growth during the forecast period.
- Huge capital investments required for developing vaccines can restrict the market growth.
- Preventive vaccines are not developed for several life-threatening conditions, restricting the market growth during the forecast period.
- Increasing R&D investment to enhance preventive vaccine is anticipated to create opportunities for the market expansion.
- The COVID-19 pandemic has increased the burden on the healthcare sector, spurring the market growth.
Scope of Preventive Vaccines Market Report
The report on the global preventive vaccines market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Preventive Vaccines Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Vaccine Types (Live/Attenuated Vaccines, Inactivated Vaccines, Subunit Vaccines, Toxoid Vaccines, and Others) and Disease Types (Pneumococcal, Poliovirus, Hepatitis, Influenza, Measles, Mumps & Rubella (MMR), and Others)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
AstraZeneca PLC, Emergent BioSolutions Inc, GlaxoSmithKline PLC, Johnson & Johnson, and Merck & Co.
Preventive Vaccines Market Segment Insights
Live/attenuated vaccines segment to hold a major market share
Based on vaccine types, the market is segmented into live/attenuated vaccines, inactivated vaccines, subunit vaccines, toxoid vaccines, and others. The live/attenuated vaccines segment is expected to constitute a key market share during the forecast period. This type of vaccine is a weakened version does not cause any symptoms of infection.
Hepatitis segment to expand at a substantial CAGR
In terms of disease types, the market is divided into pneumococcal, poliovirus, hepatitis, influenza, measles, mumps & rubella (MMR), and others. The hepatitis segment is anticipated to register an impressive CAGR during the forecast period. Increasing incidence of the disease & infections and the presence of preventive vaccines are expected to fuel the market growth.
North America to dominate the market
On the basis of regions, the market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market during the forecast period. The regional market growth can be attributed to the US as it is the largest contributor to its revenue.
The Centers for Disease Control and Prevention's (CDC) and Advisory Committee for Immunization Practices (ACIP) publishes recommendations for adult and childhood vaccination. As per the World Health Organization (WHO) guidelines, the US has one of the leading healthcare systems and the vaccination coverage is estimated to drive the market growth.
The global preventive vaccines market has been segmented on the basis of
- Live/Attenuated Vaccines
- Inactivated Vaccines
- Subunit Vaccines
- Toxoid Vaccines
- Mumps & Rubella (MMR)
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
Key players competing in the preventive vaccines market include AstraZeneca PLC, Emergent BioSolutions Inc, GlaxoSmithKline PLC, Johnson & Johnson, and Merck & Co.