Market Size of Preventive Vaccines Industry
Study Period | 2019 - 2029 |
Market Size (2024) | USD 89.51 Billion |
Market Size (2029) | USD 96.04 Billion |
CAGR (2024 - 2029) | 1.42 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
Preventive Vaccines Market Analysis
The Preventive Vaccines Market size is estimated at USD 89.51 billion in 2024, and is expected to reach USD 96.04 billion by 2029, growing at a CAGR of 1.42% during the forecast period (2024-2029).
The COVID-19 pandemic had a significant impact on the vaccination market as the vaccination campaigns for other diseases such as measles, polio, and tetanus were severely impacted due to lockdown restrictions and diversion of resources for the management of COVID-19, which led to a decline in the number of vaccinations. For instance, according to an article published by Vaccine Journal in August 2022, the decrease in HBV vaccinations resulted in a small increase in HBV incidence after 2021, which may persist for years. Therefore, due to the decreased HBV vaccine during the COVID-19 pandemic, the market saw a downfall during the initial days of the pandemic for vaccines other than COVID-19. Similarly, in a study published in CMR, in December 2021, administration rates of routine vaccines decreased significantly among United States adolescents during the pandemic. However, with the development and approval of vaccines against COVID-19, full-fledged vaccination drives started all over the world, giving a significant boost to the market for some years.
Factors such as the growing prevalence of infectious diseases, innovative technology in vaccine development, increased funding from government and international organizations, and the increasing government focus on immunization programs are boosting the market's growth.
The rising incidences of infectious diseases are the key factor driving the demand for preventive vaccines over the forecast period. For instance, according to the Global Tuberculosis Report 2021 published by WHO in October 2021, most of the tuberculosis cases were found in the WHO regions of Southeast Asia (43%), Africa (25%), and Western Pacific (18%), and lesser numbers of tuberculosis cases were found in Eastern Mediterranean (8.3%) and Europe (2.3%). Thus, the rising burden of tuberculosis among the population increases the need for its prevention, which, in turn, is anticipated to propel the market's growth over the forecast period. Additionally, according to data published by WHO in July 2021, an estimated 58 million people have chronic hepatitis C virus, and about 1.5 million new infections occur annually. According to the same source, the hepatitis C virus is a blood-borne pathogen, and the most common form of infection is exposure to small amounts of blood. Thus, the increasing burden of hepatitis is propelling the growth of the market studied.
Additionally, the rapid advancements in vaccine technology have been fueled by the introduction of genetic engineering, vaccine-delivering technology, and proteomics. This is expected to increase the development of preventive vaccine products, thereby bolstering the market's growth. For instance, according to an article published in AAMC in March 2021, mRNA technology promises to revolutionize future vaccines and treatments for cancer and infectious diseases, and it can be used to create a variety of vaccines and treatments in less time and at lower costs than traditional methods. In addition, in November 2022, the NMPA China granted Emergency Use Authorization (EUA) to Convidecia Air. In October 2022, Shanghai became the first city to initiate booster vaccination by inhalation for adults aged 18 and above who have previously been primed with two shots of inactivated vaccines or one shot of Convidecia.
Furthermore, the rising government initiatives in organizing immunization programs to prevent the spread of infectious diseases, as well as the need for vaccination, are expected to increase the market's growth over the forecast period. For instance, in February 2022, the Union Minister for Health and Family Welfare, Dr. Mansukh Mandavia, launched the National Polio Immunization Drive for 2022 in India by administering polio drops to children below five years of age in the Ministry of Health and Family Welfare. Therefore, owing to these factors, the market studied is expected to witness growth over the forecast period. However, the risk of adverse effects and the high cost of vaccine development are likely to impede the market's growth over the forecast period.
Preventive Vaccines Industry Segmentation
As per the scope of this report, preventive vaccines are used to prevent infection with viruses, which cause serious diseases. The vaccine is made using a weakened form of the virus that cannot cause disease but causes the body's immune system to make antibodies that destroy the virus.
The preventive vaccines market is segmented by vaccine type (live/attenuated vaccines, inactivated vaccines, subunit vaccines, toxoid vaccines, mRNA vaccines, and other vaccine types), disease type (pneumococcal, poliovirus, hepatitis, influenza, measles, mumps, and rubella (MMR), COVID-19, and other disease types), and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD million) for the above segments.
By Vaccine Type | |
Live/Attenuated Vaccines | |
Inactivated Vaccines | |
Subunit Vaccines | |
Toxoid Vaccines | |
mRNA Vaccines | |
Other Vaccine Types |
By Disease Type | |
Pneumococcal | |
Poliovirus | |
Hepatitis | |
Influenza | |
Measles, Mumps, and Rubella (MMR) | |
COVID-19 | |
Other Disease Types |
Geography | ||||||||
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Preventive Vaccines Market Size Summary
The preventive vaccines market is poised for growth, driven by factors such as the increasing prevalence of infectious diseases, advancements in vaccine technology, and heightened government and international organizational support for immunization programs. The market experienced a downturn during the COVID-19 pandemic due to the diversion of resources and lockdowns, which affected vaccination campaigns for diseases like measles and polio. However, the subsequent global vaccination drives against COVID-19 provided a significant boost to the market. The rising incidence of diseases such as tuberculosis and hepatitis, coupled with rapid technological advancements like mRNA and genetic engineering, are expected to propel the market forward. Government initiatives and funding are also playing a crucial role in expanding vaccination coverage and developing new vaccine products.
North America is anticipated to witness substantial growth in the preventive vaccines market, supported by the increasing demand for vaccines, a growing geriatric population, and the presence of key industry players. The region's focus on immunization programs and significant funding from government and international bodies are contributing to market expansion. The market is characterized by fragmentation and competitiveness, with major players like AstraZeneca, Johnson & Johnson, and Pfizer leading the charge. These companies are actively involved in developing and approving new vaccines, which is expected to further drive market growth. Overall, the preventive vaccines market is set to grow, supported by a combination of technological advancements, government initiatives, and the ongoing need to combat infectious diseases.
Preventive Vaccines Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Growing Prevalence of Infectious Diseases
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1.2.2 Innovative Technology in Vaccine Development
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1.2.3 Increased Funding from Government and International Organizations
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1.2.4 Increasing Government Focus on Immunization Programs
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1.3 Market Restraints
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1.3.1 Risk of Adverse Effects
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1.3.2 High Cost of Vaccine Development
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD Million)
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2.1 By Vaccine Type
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2.1.1 Live/Attenuated Vaccines
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2.1.2 Inactivated Vaccines
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2.1.3 Subunit Vaccines
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2.1.4 Toxoid Vaccines
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2.1.5 mRNA Vaccines
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2.1.6 Other Vaccine Types
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2.2 By Disease Type
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2.2.1 Pneumococcal
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2.2.2 Poliovirus
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2.2.3 Hepatitis
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2.2.4 Influenza
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2.2.5 Measles, Mumps, and Rubella (MMR)
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2.2.6 COVID-19
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2.2.7 Other Disease Types
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Italy
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2.3.2.5 Spain
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2.3.2.6 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 South Korea
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2.3.3.6 Rest of Asia-Pacific
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2.3.4 Middle East and Africa
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2.3.4.1 GCC
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2.3.4.2 South Africa
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2.3.4.3 Rest of Middle East and Africa
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2.3.5 South America
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2.3.5.1 Brazil
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2.3.5.2 Argentina
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2.3.5.3 Rest of South America
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Preventive Vaccines Market Size FAQs
How big is the Preventive Vaccines Market?
The Preventive Vaccines Market size is expected to reach USD 89.51 billion in 2024 and grow at a CAGR of 1.42% to reach USD 96.04 billion by 2029.
What is the current Preventive Vaccines Market size?
In 2024, the Preventive Vaccines Market size is expected to reach USD 89.51 billion.