Preventive Vaccines Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Preventive Vaccines Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The Preventive Vaccines Market is projected to register a CAGR of 6.1% during the forecast period (2022-2027).

Vaccine development has been rapidly increasing in recent years during the pandemic, and their use is also increasing in many parts of the world. Major firms' practices, such as continual research and development for bringing new technologies to save costs and shorten time, will drive the market worldwide. The demand for immunizations has risen in recent years as the incidence of viral and bacterial infectious illnesses has increased. Vaccinations are primarily given to people of all ages to boost their immune systems and provide protection against various infectious diseases throughout their lives. According to National Center for Immunization and Respiratory Diseases, data updated on June 19, 2022, the COVID-19 immunizations, includes protection against being hospitalized due to a COVID-19 and new infections. COVID-19 vaccinations available in United States and across the world are effective in preventing serious illness, hospitalization, and even death, especially in those who have been boosted. The World Health Organization (WHO) states that  billions of people have been vaccinated against COVID-19. According to statistics updated on 13 April 2022 by WHO, getting vaccinated is one of the most critical things one can do to protect oneself against COVID-19, assist end the pandemic, and prevent new versions from arising.

Increased government support for vaccine development, increased R&D spending, the advent of speedier vaccine development methods, and advancements in vaccine design are all factors that will drive market expansion in the future years. However, the high cost of vaccine storage and shipping, as well as strict restrictions for vaccine licencing, may limit market growth. Governments all around the world are implementing awareness initiatives in response to the rising occurrence of diseases among youngsters. Furthermore, substantial developments in vaccine technology, such as the introduction, development, and use of the hepatitis B vaccine, are expected to boost corporate growth in the coming years. MNCs' research, innovation, and development in the field of vaccine production, which draws on their extensive experience, are advantages for this region. Increased illness prevalence in children and adults will drive demand for more preventative vaccines in the coming years. To meet this demand, major pharmaceutical companies such as Merck, Pfizer, GlaxoSmithKline, and Sanofi are likely to play a significant role. With the arrival of new improved preventative and therapeutic vaccinations, the World Health Organization (WHO) in 2020 predicts that the market has a significant potential. Due to the rising frequency of numerous infectious diseases and improved economic indicators, China and India are likely to see a surge in demand and achieve maximum growth over the next ten years.

Key Market TrendsHepatitis Vaccines are Expected to Exhibit High Growth Rate over the Forecast Period

According to World Health Organization (WHO), data published on 2022 estimated that Hepatitis B or C affects roughly 354 million people globally, and for the vast majority, diagnosis and treatment are out of reach. As a result, the global prevalence of hepatitis is rising, raising worries about immunisation. The rising number of Hepatitis cases has prompted national governments and healthcare organisations to take initiatives to raise disease awareness and coordinate vaccination drives in high-risk areas. For instance, according to data provided by the World Health Organization (WHO) in 2022, WHO's global hepatitis plan, which has been supported by all WHO Member States, seeks to reduce new hepatitis infections by 90% and fatalities by 65% between 2016 and 2030. The market is expected to increase as long as market participants continue to promote Hepatitis A vaccinations. For example, VBI Vaccines Inc. announced in December 2021 that United States Food and Drug Administration (FDA) has approved PreHevbrio for the prevention of infection caused by all known subtypes of the hepatitis B virus (HBV) in individuals aged 18 and up. Hepatitis vaccines are available for both hepatitis A and hepatitis B prevention, and they work by raising a person's immunity, preventing consequences including liver failure and cancer.

Hepatitis B is more common than hepatitis A worldwide. The hepatitis B virus causes a potentially fatal liver infection called hepatitis B. (HBV). It is a significant global health issue. It can lead to persistent infection and increases the chance of cirrhosis and liver cancer mortality. According to data published by the World Health Organization (WHO) on June 2, 2022, 296 million people had chronic hepatitis B infection in 2019, with 1.5 million new infections per year. Hepatitis B caused an estimated 820 000 deaths in 2019, largely due to cirrhosis and hepatocellular carcinoma, which is a type of primary liver cancer. The hepatitis vaccine market is expected to develop as the global incidence of hepatitis rises. Furthermore, growing public knowledge of the benefits of hepatitis immunisation will help the market grow even more.

North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period

North America dominated the global market and accounted for the largest revenue share, owing to its rapidly increasing healthcare infrastructure and rising healthcare spending. The surge is powered by a huge pharmaceutical sector, world-class healthcare infrastructure, and high citizen spending on healthcare. COVID-19 vaccines and other disease vaccines are in the pipeline and undergoing clinical testing, as part of ongoing research to prevent pandemic spread. The market is likely to grow as the number of vaccines in development increases. In addition, the market is boosted by several immunization programs, government and non-government initiatives, and an increase in demand for combined vaccines. For example, according to data published by the National Center for Immunization and Respiratory Diseases on June 9, 2022, retail pharmacies in United States have administered and reported more than 254.3 million doses across programs, including 8 million doses administered onsite to long-term care facilities in the early days of the vaccination program.

During the projection period, however, the costs of vaccine storage and delivery, as well as limited reimbursement coverage, are expected to hinder the market. Furthermore, pharmaceutical businesses in the region are focusing on COVID-19-related diagnostics, therapies, health technologies, and vaccinations, as well as evaluating the efficacy of existing treatments. For instance, in May 2022, GSK plc announced that it has entered into a definitive agreement to acquire Affinivax, Inc., a clinical-stage biopharmaceutical company based in Cambridge, Boston, Massachusetts, for a USD 2.1 billion upfront payment and up to USD 1.2 billion in potential development milestones. The deal is intended to strengthen GSK's vaccine R&D pipeline, provide it access to a new, potentially revolutionary technology, and expand its scientific footprint in the Boston area. All these variables are expected to have an impact on the market's growth.

Competitive Landscape

The Preventive Vaccines Market is fragmented competitive and consists of several major players. In terms of market share, few of the major players are currently dominating the market. Some of the companies which are currently dominating the market are AstraZeneca PLC, Emergent BioSolutions Inc., Daiichi Sankyo Co. Ltd, GlaxoSmithKline PLC, Johnson & Johnson, Merck & Co., Novavax Inc., Pfizer Inc., Sanofi SA, Takeda Pharmaceutical Co. Ltd.

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