The global preventive vaccines market is currently recording a CAGR of 6.1%. The preventive vaccines market has attained maturity in some of the disease segments, like polio, while for some diseases, it is yet to establish itself in the market. In spite of these differences in each segment, the market is continuously experiencing growth, due to the varying degrees of increase in the demand for vaccination for separate diseases over time. The growth of the global preventive vaccines market is due to the increasing prevalence of infectious diseases, innovative technology in vaccine development, increased funding from government and international organizations, and increasing awareness on preventive care.
Infectious diseases are considered to be the world’s greatest killers that pose some of the most significant health and security threats faced by the global community. Various infectious diseases are among the world’s leading causes of death. Scientists from every country are currently performing research, sharing information, building laboratory capacity in underdeveloped countries, and creating global surveillance networks in order to prevent and control their spread through preventive vaccinations. However, healthcare costs are rising astronomically and the trends are leaning toward prevention. The cost of vaccination has gone from a single digit to even triple digits few times over the past two decades, thus creating serious dilemmas for doctors and their patients, as well as straining public health budgets.
Key Market Trends Hepatitis Vaccines are Expected to Exhibit High Growth Rate over the Forecast Period
Hepatitis A is a serious disease that even prevalent in developed parts of the world like the United States (US). As per 2019 statistics by the Center for Disease Control and Prevention, the incidence of hepatitis has increased in recent years. The study reported that the incidence, per 100,000, increased from 0.39 in 2014 to 1.03 in 2017. This has resulted in many government initiatives to curb the rising rate of the disease.
Hepatitis A vaccine is made of killed hepatitis A viruses and causes the body’s immune system to produce antibodies against the hepatitis A virus. In most vaccine recipients, antibodies start to develop immediately after the first dose but do not reach protective levels for 2 to 4 weeks. A second dose of the vaccine is recommended at least six months after the first dose to provide prolonged protection.
Increasing the incidence of the disease and the presence of preventive vaccines for the same are expected to boost the market growth.
North America Captured the Largest Market Share and is Expected to Retain its Dominance
North America holds the largest share in the market, with the United States being the largest contributor to its revenue. In the United States, the Centers for Disease Control and Prevention’s (CDC) Advisory Committee for Immunization Practices (ACIP) routinely publishes recommendations for adult and childhood vaccination. The United States has one of the leading healthcare systems in the world and the vaccination coverage, in terms of vaccine inclusion, is at par with the WHO guidelines. Thus, the preventive vaccine market in the region is expected to show moderate growth over the forecast period.
Competitive Landscape Some of the key players in the market are AstraZeneca PLC, Emergent BioSolutions Inc., Daiichi Sankyo Co. Ltd, GlaxoSmithKline PLC, and Johnson & Johnson, among others. These companies are also focusing on innovations, and are spending majorly in R&D in order to lead the global preventive vaccines market, thereby increasing competition among them.
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