Therapeutic Vaccines Market is Estimated To Witness High Growth Owing To Rising Focus On Preventive Healthcare

 
Therapeutic Vaccines Market 

Market Overview:

Therapeutic vaccines are biological therapeutics designed to treat different types of cancers and chronic infectious diseases. Therapeutic vaccines aim to boost the body's natural defenses to fight diseases by triggering an immune response. They help the body recognize and destroy abnormal cells and thereby cure or prevent certain medical conditions. The advantages of therapeutic vaccines over traditional pharmaceuticals lie in their disease-preventing capabilities with fewer side effects.

Market key trends:
The rising focus on preventive healthcare has boosted the demand for therapeutic vaccines globally. With the growing prevalence of cancer and infectious diseases worldwide, there is mounting focus on vaccine development to avert diseases. According to the World Health Organization (WHO), infectious diseases remain one of the leading causes of death globally, with viral hepatitis, tuberculosis, HIV/AIDS, malaria, and influenza accounting for significant morbidity and mortality. This is inducing huge research investments into therapeutic vaccine development. Further, the upcoming patent expiries of blockbuster biologics offer an opportunity for therapeutic vaccine makers to capture significant market shares.

Porter’s Analysis

Threat of new entrants: The high capital requirement for R&D and clinical trials poses a barrier for new players. However, collaborations allow smaller biotech companies to develop new vaccines.

Bargaining power of buyers: Individual customers have little bargaining power due to availability of few substitutes and life-saving nature of vaccines. However, large buyers like governments negotiate for lower prices in public procurement.

Bargaining power of suppliers: Few large companies dominate the supply of core vaccine technologies and antigens. This gives them strong positions in negotiating licensing deals and supply contracts.

Threat of new substitutes: New immunotherapy approaches pose competition but traditional vaccines still have advantages of lower costs and easier administration and storage.

Competitive rivalry: Intense competition exists among large players to develop innovative new vaccines due to attractive market potential.

SWOT Analysis

Strengths: Large lucrative market and growing research into mechanisms. Established production and distribution infrastructure.

Weaknesses: High R&D costs and regulatory compliance requirements. Limited success rate of new vaccine candidates.

Opportunities: Increasing awareness and demand for personalised medicine. Expanding applications in oncology and infectious diseases.

Threats: Threat from low-cost generics and biosimilars. Stringent regulatory approvals can delay market entry.

Key Takeaways

The global Therapeutic Vaccines Market Demand is expected to witness high growth, exhibiting CAGR of 34% over the forecast period, due to increasing demand for personalized healthcare. North America currently dominates the market due to presence of major players and increasing adoption. However, Asia Pacific is expected to grow at the fastest pace due to rising healthcare expenditure and demand.

Regional analysis: North America is the largest therapeutic vaccines market currently owing to availability of advanced healthcare facilities and growing adoption of personalized medicine in the US. However, Asia Pacific region is expected to provide lucrative growth opportunities during the forecast period with China, India and Japan being major markets. This is attributed to improving access to healthcare, rising healthcare spending and increasing demand for quality medical treatments in the region.

Key players: Key players operating in the therapeutic vaccines market include Phio Pharmaceuticals Corp., GSK plc., Merck & Co., Inc., Pfizer Inc., and Agenus Inc. Major players are focusing on collaborations to develop novel candidates and technologies. They are also investing in expanding manufacturing facilities and sales networks to strengthen global market presence.

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