Hyderbad, Aug. 02, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Preventive Vaccines Market Report (2023-2028)," the market is estimated at USD 88.26 billion in 2023. It is expected to register a CAGR of 1.42% during the forecast period.
Preventive vaccines are those which are used to prevent any kind of infection from viruses that may cause serious diseases. These vaccines are made using the virus’ weakened form that would not cause the disease but help the body’s immune system to make antibodies to destroy the virus.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 88.26 billion |
| Market Size (2028) | USD 94.70 billion |
| CAGR (2023-2028) | 1.42% |
| Study Period | 2018-2028 |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | The growing number of vaccination drives. |
| The launch and approval of new vaccines against COVID-19. |
Which are the Top Companies in the Preventive Vaccines Market?
The preventive vaccines market is fragmented and competitive in nature. It consists of many major players who occupy a significant share of the market. These companies are launching new vaccines to fight against the emerging novel strains of COVID-19.
Notable players in the preventive vaccines market are,
- AstraZeneca PLC
- Emergent BioSolutions Inc.
- Daiichi Sankyo Company Limited
- GSK PLC
- Johnson & Johnson
- Merck & Co.
- Novavax Inc.
- Pfizer Inc.
- Sanofi
- Takeda Pharmaceutical Co. Ltd
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Key Highlights from the Preventive Vaccines Market Report:
COVID-19 Segment to Witness Prominent Growth
- The COVID-19 segment is expected to register a maximum growth rate during the forecast period due to several vaccination drives in different parts of the world, emerging COVID-19 strains, and the ongoing launch and approval of new vaccinations against COVID-19.
- Several countries’ governments, as well as bodies like WHO, GAVI, and UNICEF, are launching COVID-19 vaccines to reduce the risk of the virus. Therefore, they are placing orders for millions of vaccine doses, which is expected to fuel the market’s growth.
North America is Expected to Occupy Prominent Market Share
- North America is expected to occupy a prominent share of the preventive vaccines market due to the increasing occurrence of infectious diseases, increasing demand for vaccines, the growing geriatric population, and the presence of key market players.
- Several funds and programs by governments and international organizations are accelerating the development of preventive vaccines in the United States, which are also expected to boost the market’s growth.
What are the Latest Developments in the Preventive Vaccines Market?
- In August 2022, AstraZeneca’s long-acting antibody combination Evusheld was approved in Japan for preventing and treating symptomatic diseases caused by the SARS-CoV-2 virus.
- In June 2022, the UK Medicines and Healthcare Products Regulatory Agency authorized VBI Vaccines’ PreHevbri for immunizing against infection caused by all known subtypes of hepatitis B in adults.
Mordor Intelligence has Segmented the Preventive Vaccines Market Based on Vaccine Type, Disease Type, and Geography:
- By Vaccine Type (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Live/Attenuated Vaccines
- Inactivated Vaccines
- Subunit Vaccines
- Toxoid Vaccines
- mRNA Vaccines
- Other Vaccine Types
- By Disease Type (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Pneumococcal
- Poliovirus
- Hepatitis
- Influenza
- Measles, Mumps, and Rubella (MMR)
- COVID-19
- Other Disease Types
- By Geography (Market Size and Forecast based on Value (USD billion), 2018-2028)
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- Middle East and Africa
- GCC
- South Africa
- Rest of Middle East and Africa
- South America
- Brazil
- Argentina
- Rest of South America
- North America
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Preventive Vaccines Market Report (2023-2028).
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
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