Preventive Vaccines Market Size

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.