Preventive Vaccines Market Is Estimated to Witness High Growth Owing to Growing Adoption for Preventing Infectious Diseases

 

Preventive Vaccines Market

Market Overview:

Preventive vaccines are biologic products that help develop immunity against a future infection with a particular disease. They contain agents that resemble disease-causing microorganisms and are administered through needle injections or orally. Preventive vaccines are given to protect public from infectious diseases such as poliomyelitis, hepatitis, influenza, pneumonia and many more. They help strengthen the immune system so it can fight the real infection if exposed in the future.

Market Dynamics:
The preventive vaccines market is witnessing high growth owing to growing adoption of vaccines for preventing infectious diseases and rising awareness about vaccination programs. Moreover, increasing research and development activities by key players for development of new preventive vaccines along with government support through vaccination programs in developing countries is further propelling the market growth. However, rising concerns regarding side-effects of vaccination and low availability of preventive vaccines in remote areas is challenging the market growth.

SWOT Analysis

Strength: Preventive Vaccines have proven to be highly effective in eradicating several infectious diseases. They help build immunity against future infections in a cost effective manner. The development of new preventive vaccines to fight emerging diseases is a major strength.

Weakness: Distribution and storage of some preventive vaccines requires a temperature controlled cold chain which can be challenging in remote areas with lack of infrastructure. The need for regular booster doses is another weakness as it affects compliance.

Opportunity: The rising awareness about preventive healthcare and savings on treatment costs provides an opportunity to increase vaccination rates worldwide. The high growth markets in developing countries present a lucrative opportunity.

Threats: Vaccine hesitancy due to safety concerns can negatively impact market growth. Strict regulations around clinical trials also delay market entry of new vaccines.

Key Takeaways
The Global Preventive Vaccines Market Demand is expected to witness high growth, exhibiting CAGR of 9.4% over the forecast period, due to increasing government focus on immunization programs globally. Major regulatory bodies such as the WHO and governments of various countries extensively support vaccination drives with favorable policies and funding.

Regional analysis: North America dominated the preventive vaccines market in 2023 with a share of over 30%, due to high adoption and availability of novel and routine vaccination offerings. However, Asia Pacific is expected to exhibit the fastest growth, with a CAGR of around 11% during the forecast period. Rising healthcare infrastructure and disposable incomes in developing Asian countries drive the growth of preventive vaccines market in the region.

Key players: Key players operating in the 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. Major players focus on R&D to develop novel preventive vaccine candidates in high growth therapeutic areas.

Read More:

https://www.marketwebjournal.com/preventive-vaccines-market-growth-demand-and-overview/

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