by Key Takeaways
The Global Vaccine Technologies Market Demand is expected to witness high growth, exhibiting a CAGR Of 11% over the forecast period, due to increasing prevalence of infectious diseases globally. Growing burden of diseases like tuberculosis, hepatitis, HPV and COVID-19 is a major driver.
The global Vaccine Technologies Market is estimated to be valued at US$ 45.40 Bn Or Mn In 2023 and is expected to exhibit a CAGR Of 11% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview
Vaccines use the biological process of inducing immune system protection against specific infectious agents. Various technologies enable the development of vaccines for influenza, pneumonia, measles, mumps, rubella and numerous other infectious diseases that worldwide immunization programs aim to eradicate.
Market Key Trends
One of the key trends in the Vaccine Technologies Market is the growth in research funding for developing new vaccines. Government agencies and private organizations are increasing their funding for vaccine research and development. For instance, in 2021, the U.S. government’s National Institute of Allergy and Infectious Diseases had an annual budget of over $5.9 billion, much of which was directed towards vaccine research. Another key trend is the rising focus on pandemic preparedness which has accelerated the research and production of vaccines for diseases like COVID-19. Technological advancements are also supporting the development of more efficacious and flexible vaccines to protect against emerging and re-emerging infectious diseases.
SWOT Analysis
- Strength: Vaccine Technologies have protective effects against many infectious diseases. They help in faster disease recovery and prevention.
- Weakness: Developing new vaccines requires huge R&D investments and clinical trials. Regulatory approvals are stringent and time taking.
- Opportunity: Growing burden of infectious diseases worldwide generates demand for improved and innovative vaccine technologies. Collaborations for covid-19 vaccine development have boosted the sector.
- Threats: Outbreaks of new pathogens pose challenges. Stringent regulations can delay product launches. Price controls and competition affect profitability.
Regional Analysis
North America dominated the market owing to growing demand for advanced healthcare technologies. Asia Pacific is expected to grow at the fastest pace due to large population base, increasing healthcare spending and presence of key manufacturers in the region.
Key players operating in the Vaccine Technologies Market are Pfizer-BioNTech, Moderna, Johnson & Johnson, AstraZeneca, Sanofi Pasteur, Novavax, GlaxoSmithKline (GSK), Sinovac Biotech, Sinopharm, Bharat Biotech, Emergent BioSolutions, Dynavax Technologies, CureVac, Valneva, Takeda. These players are focusing on new product launches, collaborations and geographic expansions to consolidate their positions in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
