Preventive or prophylactic vaccines are given to people not affected by the selected infection to induce antibody production and strengthen the immune response to defend people from future infections. These vaccines contain alive, killed, or attenuated pathogens and infectious pathogen components like nucleic acids, proteins, and polysaccharides.
This vaccination is advisable at an early age through immunization initiatives and routine health programs for children in several parts of the globe. However, children are not the only part of it. The most common vaccines for adults and children worldwide are mumps, measles, rubella (MMR), influenza, pneumococcal, hepatitis, and polio. Depending on the function and composition, various preventive vaccine types exist, such as live or attenuated, subunit, inactivated, viral vector, mRNA, toxoid, and more.
Global Preventive Vaccines Market: Size and Growth Rate
The recent report published by CMI bearing the title, Preventive Vaccines Market – The market is expected to achieve a Compound Annual Growth Rate (CAGR) of approximately 2% during this period. In 2023, the market is estimated to be valued at USD 88.29 Billion, and it is projected to reach USD 94.75 Billion by 2032.
The global demand for preventive vaccines is vital. Thus, it continues to increase its size and market value due to the massive presence of several infectious diseases, including influenza, hepatitis, tuberculosis, pneumococcal disease, and many others. The World Health Organization (WHO) reported in 2022 that approximately 1.6 million cases of hepatitis C are registered per year.
In addition, COVID-19 has also contributed significantly to the rise of the preventive vaccine market because governments worldwide have ordered vast quantities of the covid19 vaccines, which are worth billions of dollars. So, in this way, all the stakeholders and private companies responsible for the mass production and supply of these COVID-19 vaccines got huge investments from governments worldwide.
Plus, the purchase agreements between the governments and the vaccine manufacturing companies have contributed hugely to the overall hike in the preventive vaccine market.
The significant trends in the preventive vaccine market
- Based on the vaccine type, the mRNA vaccine was worth a massive share in 2021. Furthermore, experts agree that this trend will continue after the predicted time.
- The COVID-19 vaccine, based on the disease type, held a massive share in the market of preventive vaccines because of its huge demand and supply.
- Based on geography, North America is currently leading the preventive vaccine market and is expected to continue to lead even after the predicted period.
What are the future opportunities in the market of preventive vaccines?
- Commercialization and improvement of vaccine candidates
The commercialization and enhancement of vaccine candidates during the clinical developmental period can highly impact the market of preventive vaccines.
- Rise of novel vaccines and delivery techniques
The hike of novel vaccines and various new delivery techniques can also play a massive role in influencing the market of preventive vaccines in the coming years.
The research report on the preventive vaccines market
Mordor Intelligence’s Latest Report on Preventive Vaccines Market – Growth, Trends, Impact of COVID-19, and Forecasts (2024-2033) provides an in-depth quantitative and qualitative market analysis. It has also provided valuable insights into market restraining and driving factors, including Porter’s five force analysis, in-depth segmentation scrutiny, future possibilities, and the competitive landscape of the market of preventive vaccines.
The market of preventive vaccines is segmented into three categories- vaccine type, disease type, and geography. The report includes well-researched insights for seventeen countries across vital regions, including Asia Pacific, Europe, South America, North America, Africa, and the Middle East.
The report has also scrutinized the significant companies in the market and offered a detailed inspection of these companies, their vital Strategies, and their product offerings for the market of preventive vaccines.