Vaccine technologies refers to vaccination methodologies that help develop efficient and effective vaccines. Vaccines help develop immunity against certain diseases and prevent their spread. The main types of vaccine technologies include attenuated vaccines, inactivated vaccines, subunit vaccines, conjugate vaccines, and toxoid vaccines. Advancements in vaccine technologies allow prevention and cure of diseases more efficiently. The increasing focus on disease prevention and treatment has increased investments in vaccine research and development activities. This has fueled the growth of vaccine technologies market globally.
The global vaccine technologies market is estimated to be valued at US$ 52.31 Bn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031.
Advancements in vaccine technologies have made vaccines safer and more effective at preventing diseases. Vaccines help protect both individuals and communities from infectious diseases and their complications. This has boosted their demand globally. The need for disease prevention and control measures amid the ongoing Covid-19 pandemic has further accelerated the growth of this market.
Key Takeaways
Key players operating in the Vaccine Technologies Market Share are Blackmores Limited, Vitaco Holdings Limited, Integria Healthcare, Bioglan, Deep Blue Health (NZ) Co. Limited, Phytomed, NZ Herbals, and Sanderson. These key players are focusing on new product launches and expansion activities to strengthen their market position. For instance, in 2022, Blackmores Limited launched a new line of immune-support products to meet the growing demand amid the Covid-19 pandemic.
The increasing prevalence of infectious diseases and chronic conditions offers significant growth opportunities for players in this market. Technological advancements allow development of vaccines for diseases without effective treatment options currently. This presents an opportunity to expand vaccine coverage and cure more diseases.
The major players are focusing on geographic and capacity expansions to capture markets in emerging regions and cater to the growing global demand. For example, in 2021, Integria Healthcare expanded its production facilities in Malaysia and Taiwan to double its annual vaccine production capacity to 500 million doses by 2024. Such expansions allow better access to vaccines globally.
Market Drivers
Growing research funding for vaccine development: Increasing public and private investments in vaccine research and development activities is a key growth driver. Government initiatives to promote advancement in vaccine technologies is fueling market growth.
Rising disease prevalence and need for prevention: The increasing prevalence of infectious diseases, chronic conditions, and newer disease outbreaks is driving the demand for vaccines. This acts as a major market growth driver.
Market Restrains
High costs associated with vaccine development: Development of newer and more effective vaccines requires huge investments and involves lengthy research and clinical trial processes. This increases their development costs.
Stringent regulatory requirements: Vaccines are highly regulated medical products. Strict regulations for their approval delays their commercial availability and increases compliance costs for manufacturers. This poses a restrain.
Segment Analysis
The vaccine technologies market is dominated by the disease-type sub-segment. Within this sub-segment, the recombinant & conjugated vaccines segment holds a major share owing to increasing cases of various acute and chronic diseases globally. The rising demand for vaccination against diseases like influenza, meningococcal disease, and pneumonia is boosting the growth of this sub-segment.
The viral vaccines segment is another prominent sub-segment in the vaccine technologies market. This sub-segment is expected to grow at a fast pace during the forecast period due to the increasing prevalence of viral infections and growing focus on immunization and vaccination programs across the globe. Efficient preventive care, vaccination programs, and research & development activities carried out by both public and private organizations are fueling the demand for viral vaccines.
Global Analysis
The North American region currently dominates the global vaccine technologies market and is expected to continue its dominance during the forecast period. This can be attributed to the increasing healthcare investments by governments in developing new and advanced vaccines. Additionally, presence of key players in the region is also driving the market growth. The Asia Pacific region is projected to witness the fastest growth during the forecast period owing to rising awareness regarding vaccination, developing healthcare infrastructure, and improving economic conditions. Moreover, the increasing collaboration between pharmaceutical companies and research institutes to develop newer vaccines against endemic diseases is further propelling the vaccine technologies market in Asia Pacific.
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