Global Preventive Vaccines Market - Segmented by Vaccine Type, Disease Indications, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global preventive vaccines market is expected to register a CAGR of 5.5% during the forecast period of 2018-2023. North America is anticipated to dominate the market during the forecast period owing to technological advancement in the development of innovative vaccines in the region.
Funding from Government and International Organizations
Owing to increasing awareness about the potential value of vaccination, major government and international organizations have taken an active interest in curbing the preventable diseases and in vaccinating the maximum number of infants and adults. For instances, the Government of China offers free immunizations against more than ten diseases, including measles, hepatitis B, diphtheria pertussis, and tetanus. Various organizations like UNICEF, WHO, and other international organizations, play significant roles in the identification and distribution of potential vaccines. These organizations have also entered into collaborative agreements with the major players worldwide, helping in the growth of the market. Additionally, the prevalence of infectious diseases, innovative technology in vaccine development, and expanding awareness about preventive care are likely to drive the market for preventive vaccines globally.
Huge Capital Expenditures
There is an increasing demand for different types of vaccines that are expected to be introduced into the market in the future. However, R&D of vaccine takes a long period and it requires substantial capital investments. Vaccines have to undergo clinical trials before they can obtain approval for commercial release. At each stage of the clinical trial, a majority of vaccines are rejected. By the time the final product is approved for commercial use, huge capital has already been spent on the R&D process of vaccine development. This capital expenditure has an indirect effect on the final pricing of the product. The product becomes expensive in certain cases and is not affordable, especially in developing countries, as the per capita income in these countries is significantly lower. Additionally, adverse effects of few vaccines are further restricting the market.
North America is the Largest Market
North America is the largest market for global preventive vaccines owing to growing investment from key players in the development of innovative vaccines, and raising awareness about preventive care. In terms of growth, Asia-Pacific is the fastest growing region. The factors such as huge population base and government initiatives in creating awareness about vaccination programs in the region are anticipated to drive the market for preventive vaccines in the region.
Key Developments in the Market