PREVENTIVE VACCINES MARKET ANALYSIS

The global preventive vaccines market was valued at US$ 42,660.2 Mn in 2021 and is forecast to reach a value of US$ 80,215.0 Mn by 2028 at a CAGR of 9.4% between 2022 and 2028. The global preventive vaccines market is experiencing strong growth owing to the the outbreak of COVID-19 (global pandemic) and Rising initiatives to enhance R&D of vaccines. Furthermore, increase in prevalence of several infectious diseases across the globe is expected to boost the growth of the market. However, factors such as high cost of vaccine development and high risk of adverse effects is expected to hamper growth of the global preventive vaccines market.

Global Preventive Vaccines Market: Regional Insights

Based on geography, the global preventive vaccines market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Among regions, North America is expected to gain highest share in the market over the forecast period owing to the rise in prevalence of infectious diseases and increase in demand for vaccination in the region. For instance, in the United States, infectious diseases, such as COVID-19, continue to exact a substantial toll on health and health-care resources. According to the Centers for Disease Control and Prevention (CDC), as of March 9, 2022, over 555.9 million COVID-19 vaccine doses have been administered in the United States. Over 216.4 million people, or 65.2% of the total U.S. population, have been fully vaccinated.

Asia Pacific is also expected to witness significant growth in the global preventive vaccines market owing to the increase in prevalence of infectious diseases, increase in research and development, 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.

Figure 1. Global Preventive Vaccines Market Share (%), by Region, 2021

Global Preventive Vaccines Market Drivers:

The outbreak of COVID-19 (global pandemic) is expected to drive growth of the global preventive vaccines market during the forecast period. For instance, according to the World Health Organization (WHO), coronavirus disease (COVID-19) is an infectious disease caused by SARS-CoV-2 virus. Thus, there is an increase in demand for safe and effective vaccine. Globally, as of 4:36pm CET, 4 November 2022, there have been 628,694,934 confirmed cases of COVID-19, including around 6,576,088 deaths, and as of 1 November 2022, a total of 12,861,382,558 vaccine doses have been administered worldwide. This in turn is expected to boost market growth.

Rising initiatives to enhance R&D (research and development) of vaccines is expected to propel the growth of the global preventive vaccines market during the forecast period. For instance, viral infections are responsible for the development of several cancers, and preventive vaccines play an important role in reducing risk. Several vaccines have been developed to prevent HBV- and HPV-related cancer. Preventive cancer vaccines, such as Cervarix, Gardasil, Gardasil-9, and Hepatitis B (HBV) vaccine have been approved by the U.S. Food and Drug Administration (USFDA). This in turn is expected to aid in the growth of the market.

Global Preventive Vaccines Market Opportunities:

Rise in funding from government and non-government organizations is expected to offer lucrative growth opportunities for players in the global preventive vaccines market. For instance, research conducted by Graham and others at the National Institutes of Health (NIH), Defense Department and federally funded academic labs has been the essential ingredient in the rapid development of vaccines in response to COVID-19. The government has poured an additional $ 10.5 billion into vaccine companies since the pandemic began to accelerate the delivery of their products. This in turn is expected to offer lucrative growth opportunities for players in the market.

Rise in prevalence of several infectious diseases across the globe is expected to provide significant growth opportunities for players in the global preventive vaccines market. For instance, infectious diseases are extremely common worldwide, but some are more common than others. This in turn has increased or increase in the demand for preventive vaccines around the world. The National Institute of Allergy and Infectious Diseases (NIAID) conducts and supports research to understand, treat, and prevent both infectious and allergic diseases. This in turn is expected to offer significant growth opportunities for players in the market.

Global Preventive Vaccines Market Trends:

Vaccination is the safest and most cost-effective way to reduce overall disease burden and prevent deaths due to infectious diseases. Vaccine help the immune system counter infections faster and in a more effective manner, and there has been increase in awareness and immunization programs conducted, in both developed and developing countries. This trend is expected to continue during the forecast period, driving the growth of the market.

Moreover, governments around the world are taking all necessary steps to meet the challenges and threats posed by infectious diseases. The overall aim of the immunization (vaccination) program is to protect people from vaccine preventable diseases as well as to reduce the associated morbidity and mortality. Preventive measures are the current strategy to limit the spread of cases. This trend is expected to continue over the forecast period, driving the market growth.

Global Preventive Vaccines Market Restraints:

High cost of vaccine development is expected to hamper growth of the global preventive vaccines market. There is an increase in the demand for different types of vaccines around the world due to the increase in prevalence of infectious diseases. For instance, the cost of developing an epidemic infectious disease vaccine from preclinical trials through to end of phase 2a is US$ 31 to 68 million (US$ 14 to159 million range), assuming no risk of failure.

High risk of adverse effects is expected to hinder growth of the global preventive vaccines market. For instance, vaccines are safe, their effectiveness is constantly being monitored, and there are no studies that have proven that they cause long-term, negative health consequences. However, most side effects from vaccination are mild; are minor and disappear within a few days. Whereas, some severe side effects have also been linked to the use of vaccines.

Figure 2. Global Preventive Vaccines Market Share (%), by Vaccine Type, 2021

Global Preventive Vaccines Market Segmentation:

The global preventive vaccines market report is segmented into Vaccine Type, Disease Type, and Geography.

Based on Vaccine Type, the global preventive vaccines market is segmented into Live/Attenuated Vaccines, Inactivated Vaccines, Subunit Vaccines, Toxoid Vaccines, and Other Vaccine Types. Out of which, Live/Attenuated Vaccines Segment is expected to dominate the market over the forecast period and this is attributed to the increase in demand for live/attenuated vaccines around the world. Live/attenuated vaccines are so similar to the natural infection that they help prevent, they create a strong and long-lasting immune response.

Inactivated Vaccines Segment is also expected to witness lucrative growth in the near future and this is owing to the increase in prevalence of infectious diseases. 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.

Based on Disease Type, the market is segmented into Pneumococcal, Poliovirus, Hepatitis, Influenza, Measles, Mumps, and Rubella (MMR), and Other Disease Types. Of which, Poliovirus Segment is expected to dominate the market over the forecast period and this is attributed to the increase in cases of polio. Polio, or poliomyelitis, is a disabling and life-threatening disease caused by the poliovirus, and thus there is an increase in demand for vaccine.

Influenza Segment is also expected to witness significant growth in the near future and this is owing to the increase in prevalence of influenza-based diseases. According to the WHO, around 3 to 5 million cases of influenza-based diseases are reported annually.  

Global Preventive Vaccines Market: Key Developments

In July 2020, Johnson & Johnson announced the positive result for adenovirus serotype 26 (Ad26) vector-based vaccine against coronavirus.

In July 2020, Astrazeneca’s pipeline product AZD1222 showed robust immune responses against SARS-CoV-2 virus in Phase I/II COV001 trial.

In July 2020, Emergent BioSolutions signed a five-year agreement with Janssen Pharmaceuticals Inc., one of the companies of Johnson and Johnson for large-scale drug substance manufacturing investigational SARS-CoV-2 vaccine, Ad26.COV2-S.

Global Preventive Vaccines Market: Key Companies Insights

The global preventive vaccines market is highly competitive. This is attributed to the rise demand for safe and effective preventive vaccines, as a result, market players are focusing on developing launching novel products in the market.

Some of the key players in the global 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.

*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.