PREVENTIVE VACCINES MARKET ANALYSIS
The global preventive vaccines market is estimated to be valued at USD 50.41 Bn in 2024 and is expected to reach USD 96.35 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 9.7% from 2024 to 2031.
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The global preventive vaccines market growth is primarily driven by factors such as the increasing incidence of infectious diseases, rising demand for vaccination especially among children and senior citizens, growth in the biotechnology and pharmaceutical industries, and technological advancements in the vaccine composition and delivery. The preventive vaccines market trend involves vaccines for diseases such as influenza, meningococcal, rotavirus infection, DTP (diphtheria, tetanus, pertussis), MMR (measles, mumps and rubella), polio, and others. Increasing awareness regarding vaccination and preventive healthcare is expected to boost the demand for preventive vaccines. Moreover, the rising prevalence of tuberculosis and different types of cancers as well as the presence of promising pipelines are likely to offer new growth opportunities for players in this market.
Market Driver – Increasing Research and Development Activities by Key Market Players
Researchers and pharmaceutical companies such as GPN Vaccines Ltd, Merck & Co., Inc., Sanofi, etc. are focused on targeting diseases with no existing vaccine for various age groups to meet the needs of affected people in developing countries. This will help the companies sustain in their vaccine business for long-term, which is expected to drive the global preventive vaccines market growth over the forecast period. For instance, on August 7, 2023, GPN Vaccines Ltd, a biotechnology company, announced that the Phase I clinical trial of Gamma-PN has been fully recruited. The Phase I clinical trial is assessing the safety, tolerability, and immunogenicity of Gamma-PN, a novel broad-spectrum pneumococcal vaccine. 117 healthy volunteers aged 50-69 have been recruited, with the final cohort of 39 participants having received at least one dose of the Gamma-PN vaccine or a placebo or a licensed pneumococcal vaccine currently used in Australia.
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Market Driver – Global Accessibility of VaccinesAnother major driver is the improving global availability and accessibility of vaccines in recent years. International health organizations and pharmaceutical firms have played a big role in this through vaccination initiatives targeted at developing world populations. Schemes like GAVI, the Vaccine Alliance have facilitated widespread vaccine delivery in poorer nations by subsidizing costs for national programs. They have negotiated reduced prices with manufacturers on behalf of 64 developing country members. As a result, the prices of routine vaccines has declined steeply, making immunization drives increasingly within financial reach. The vaccines themselves have also undergone innovations that have enabled easier deployment worldwide. Various types of vaccines have been formulated which no longer require constant refrigeration during the storage and transportation to remote areas with limited infrastructure. This includes vaccines using thermostable packaging or novel delivery methods like cold-chain free patches and powder-based injections.
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Market Challenges – High Cost of Vaccine DevelopmentHigh cost of vaccine development is expected to hamper growth of the global preventive vaccines market. For instance, the cost of developing an epidemic infectious disease vaccine from preclinical trials through to end of phase 2a is US$ 31 million to 68 million assuming no risk of failure.
Market Opportunities – Increasing License Agreement among Key Market Players
Market players are focused on adopting organic growth strategies such as license agreement in order to expand their product portfolio. For instance, in September 2020, Shionogi & Co., Ltd., a pharmaceutical company, and HanaVax Inc., a drug-discovery venture company originating from the University of Tokyo, announced that they had entered into a license agreement for research, development, manufacturing, distribution, and commercialization of HanaVax’s Streptococcus pneumoniae nasal vaccine candidate.
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Insights, By Vaccine Type: Increasing Prevalence of Infectious Diseases Boosts the Demand for Inactivated VaccinesThe vaccine type segment includes live/attenuated vaccines, inactivated vaccines, subunit vaccines, toxoid vaccines, others. The inactivated vaccines sub-segment is estimated to hold 35.4% of the market share in 2024 owing to the increasing prevalence of infectious diseases which boosts the demand for inactivated vaccines. Inactivated vaccines can target viruses such as polio, hepatitis A, and rabies. There are also fractional vaccines for hepatitis B, anthrax, and toxoids such as tetanus.
Insights, By Disease Type: Strong Government Support and Promotion for Pneumococcal Prevention
The disease type segment includes pneumococcal, poliovirus, hepatitis, influenza, measles, rubella, others. The poliovirus sub-segment is estimated to hold 55.1% of the market share in 2024 owing to strong government support and promotion for its prevention. For instance, from January 1, 2020, the infant vaccination schedule for pneumococcal vaccine (PCV) had been changed by the U.K. government. All babies born on or after January 1, 2020 will receive their first dose of PCV with their other infant vaccinations at 12 weeks of age and a booster dose of this vaccine on or after their first birthday.
Insights, Distribution Channel: Increasing Government Initiatives
The distribution channel segment includes public and private. The public sub-segment is estimated to hold 67.4% of the market share in 2024 due to increasing government initiatives for spreading awareness about preventive diseases. Public distribution channels for vaccines include government health facilities like primary health centers and community clinics. These are widely spread even in remote and rural areas to maximize population coverage. For instance, in July 2021, the Health Minister of India launched the pneumococcal conjugate vaccine drive for children aged below five years at the Egmore Children’s Hospital, based in Chennai, India. At private hospitals, the three doses of vaccines would total cost US$ 144.20. However, at Egmore Children’s Hospital, the government is giving it for free.
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North America remains the dominant region in the global preventive vaccines market and is estimated to hold 45.4% of the market share in 2024 due to the increasing adoption of inorganic growth strategies, such as acquisitions, by the key players. For instance, in May 2022, GSK plc, a pharmaceutical company, announced the acquisition of Affinivax, Inc., a clinical-stage biopharmaceutical company. Affinivax, Inc. is pioneering the development of a novel class of vaccines, the most advanced of which are next-generation pneumococcal vaccines.
The Asia Pacific region has emerged as the fastest growing market due to an increase in the prevalence of infectious diseases, focused on research and development activities and government initiatives for vaccine development. For instance, in September 2022, the Indian Government announced the scientific completion of India’s first indigenously developed vaccine, named ‘CERVAVAC’ for the prevention of cervical cancer. The quadrivalent Human Papilloma Virus (qHPV) vaccine against cervical cancer is affordable and cost-effective.
Preventive Vaccines Market Report Coverage
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2023 | Market Size in 2024: | US$ 50.41 Bn |
| Historical Data for: | 2019 To 2023 | Forecast Period: | 2024 To 2031 |
| Forecast Period 2024 to 2031 CAGR: | 9.7% | 2031 Value Projection: | US$ 96.35 Bn |
| Geographies covered: |
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| Companies covered: |
Sanofi, Pfizer Inc., Merck & Co. Inc., GSK plc., Takeda Pharmaceutical Company Limited, AstraZeneca, Daiichi Sankyo Co. Ltd., Emergent BioSolutions Inc., Novavax Inc., Zydus Group, Moderna, Inc., Sinopharm Group Co. Ltd., Valneva SE, Serum Institute of India Pvt. Ltd., Johnson & Johnson Services, Inc., Bharat Biotech, and Regeneron Pharmaceuticals Inc. |
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*Definition: Preventive vaccines help immune system fight infections faster and more effectively. Vaccines are one of the most effective ways to prevent serious disease in children and adults. Thus, with the increase in prevalence of infectious diseases, the demand for preventive vaccines is also increasing with a rapid pace worldwide.
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