Market Overview:
Preventive vaccines help in preventing infectious diseases and help reduce death and disability associated with infectious pathogens. They include vaccines for diseases like influenza, hepatitis, pneumonia, polio and other bacterial infections. Preventive vaccines offer advantages like boosting immune system, protecting people of all ages from future infections and outbreaks and helping reduce healthcare costs in the long run.
Market key trends:
One of the key trends driving the preventive vaccines market growth is increasing government initiatives and funding for preventive healthcare. Governments worldwide are promoting preventive healthcare and vaccination programs through initiatives like national immunization programs. Large investments are being made for research and development of new preventive vaccines. For instance, the Immunization Agenda 2030 is a U.S. government initiative which aims to immunize additional 200 million children and adolescents over the next decade through investments worth US$ 7.5 billion. Another key trend is the rising incidences of infectious diseases due to factors like climate change, increasing global travel and population aging. Growing incidences of infectious pathogens require effective preventive measures like vaccination, thereby fueling demand for preventive vaccines.
Porter’s Analysis
Threat of new entrants: The preventive vaccines market requires huge capital investment and time to bring new vaccines to market. Thus threat of new entrants is low.
Bargaining power of buyers: There is moderate bargaining power of buyers as preventive vaccines are necessity goods for healthcare. However, buyers have limited alternatives.
Bargaining power of suppliers: Suppliers have moderate bargaining power as R&D in vaccines require specialized expertise and facilities only few pharma giants possess. However, threat of forward integration is low.
Threat of new substitutes: Threat of substitutes is low as preventive vaccines have few alternatives for disease prevention.
Competitive rivalry: Intense as major players compete on manufacturing capacity, R&D capabilities and new product launches.
SWOT Analysis
Strength: Wide product portfolio, strong R&D capabilities and global presence of major players.
Weakness: High R&D and marketing costs, stringent regulatory framework.
Opportunity: Growing immunization programs globally, emerging vaccine types.
Threats: Pricing pressures, manufacturing delays and quality issues.
Key Takeaways
The Global Preventive Vaccines Market Demand is expected to witness high growth, exhibiting CAGR of 9.4% over the forecast period, due to increasing government emphasis on immunization programs globally. The North America region dominates the preventive vaccines market currently due to high awareness and healthcare spending.
Regional analysis shows Asia Pacific region is expected to grow at the fastest rate due to improving access to vaccines coupled with rise in disposable income in major countries like India and China.
Key players operating in the preventive vaccines market are Sanofi SA, Pfizer Inc., Novavax Inc., Merck & Co. Inc., Johnson & Johnson, GlaxoSmithKline PLC, Daiichi Sankyo Co. Ltd., Emergent BioSolutions Inc., AstraZeneca, and Takeda Pharmaceutical Company Limited, among others. Major players focus on collaborations for research and manufacturing to strengthen their product pipelines.
Read More:
https://www.dailyprbulletin.com/preventive-vaccines-market-demand-share-analysis/
