Market Trends of Preventive Vaccines Industry
The COVID-19 Segment is Expected to Witness Significant Growth Rate over the Forecast Period
The COVID-19 segment is expected to witness significant growth in the preventive vaccines market over the forecast period. The factors attributing to the segment's growth include the ongoing vaccination drives in different countries across the world, emerging novel strains of COVID-19, and the launch and approval of new vaccines against COVID-19.
COVID-19 is an infectious disease caused by the severe acute respiratory syndrome coronavirus 2 (SARSCoV2) that affects the respiratory system of the body. It can be fatal if not treated wisely and at an appropriate stage of illness.
According to the WHO Coronavirus (COVID-19) Dashboard, in the last week of November 2022, more than 2.9 million new cases of COVID-19 were reported globally, with the highest number of cases from the Western-Pacific region followed by Europe and the Americas. Additionally, as per the same source, more than 13 billion doses of the COVID-19 vaccine were administered till November 29, 2022, which is one of the highest numbers of doses administered on a global scale recently in such a short time.
Furthermore, the governments of respective countries, as well as organizations like WHO, GAVI, and UNICEF, are working toward providing COVID-19 vaccines to every eligible individual so that the risk of COVID-19 can be reduced. Hence, these entities are placing an order for millions of doses of vaccine, which is expected to boost the growth of the market studied over the forecast period. For instance, in October 2022, Gavi, the Vaccine Alliance, signed an agreement with Moderna for the supply of COVID-19 vaccines to lower-income countries supported by the Gavi COVAX Advance Market Commitment (AMC). Under this agreement, Gavi will have the right to access up to 100 million variant-containing vaccine doses, at Moderna's lowest-tiered price, on behalf of AMC participants.
Moreover, the increasing company activities in developing effective vaccines and growing vaccine approvals are also contributing to the segment's growth. For instance, in October 2022, EMA and CHMP advocated for expanding the use of Comirnaty and Spikevax, which target the primary SARS-CoV-2 strain. The Committee suggested incorporating the use of Comirnaty and Spikevax in children between the ages of six months and four years. Similarly, in August 2022, the United States FDA approved the Moderna COVID-19 vaccine and the Pfizer-BioNTech COVID-19 vaccine as bivalent formulations of the vaccines for use as a single booster dose at least two months following primary or booster vaccination.
Therefore, owing to the aforementioned factors, such as the rising burden of COVID-19 infection among the population, increasing government initiatives, and growing company activities, the segment is expected to grow over the forecast period.
North America is Expected to Have the Significant Market Share over the Forecast Period
North America is expected to grow in the preventive vaccines market over the forecast period owing to the factors such as the rising prevalence of infectious diseases, increasing demand for vaccines, growing geriatric population prone to develop infectious diseases, and the presence of key players in the market.
The rising burden of infectious diseases in the region is the key factor driving the demand for effective vaccines, thereby propelling the market's growth. For instance, as per the data published by WHO, as of November 2022, about 7,125,176 confirmed cases of COVID-19 were reported in Mexico. In addition, 223,158,993 vaccine doses have been administered in the country by November 10, 2022.
In addition, the increasing government focus on organizing immunization programs is also contributing to the market's growth. For instance, in January 2022, a hepatitis A vaccination campaign was launched in Nunavik in response to the spread of the disease. The campaign offered the vaccine to children from 18 months to nine years old and adults born between 1970 and 1981 who were not part of earlier vaccination campaigns. Additionally, in January 2021, the United States HHS launched the HPV VAX NOW campaign with the long-term goal of increasing human papillomavirus (HPV) vaccination rates among young adults aged 18-26.
The growing funding from government and international organizations to accelerate the development of preventive vaccines in the country is also expected to boost the market's growth. For instance, in January 2021, United States HHS funded more than USD 22 million to states, localities, and territories to support the nation's response to the COVID-19 pandemic. Of this amount, more than USD 19 million was used for testing, contract tracing, surveillance, containment, and mitigation efforts to monitor and suppress the spread of COVID-19 in the United States, including the District of Columbia and five major cities in the country.
Moreover, the rising company focus on adopting various business strategies, such as collaboration, partnership, agreement, launches, and facility expansion, among others, are expected to create opportunities and availability of preventive vaccines in the market. This is anticipated to fuel the market's growth over the forecast period. For instance, in February 2022, Health Canada approved a plant-based vaccine against COVID-19 for its use in adults. It is based on a technology that uses plants in its development process to produce non-infectious particles that mimic the virus. Furthermore, in April 2021, Mexico's Health regulator COFEPRIS approved the emergency use of India's COVID-19 vaccine, Covaxin.
Therefore, owing to factors such as the high incidences of infectious diseases, increasing immunization programs and campaigns, growing funding for developing preventive vaccines, and increasing company activities, the market studied is expected to grow over the forecast period.
