Preventive Vaccines Market Size (2024 - 2029)

Preventive Vaccines Market Analysis

The Preventive Vaccines Market size is estimated at USD 89.51 billion in 2024, and is expected to reach USD 96.04 billion by 2029, growing at a CAGR of 1.42% during the forecast period (2024-2029).

Factors such as the growing prevalence of infectious diseases, innovative technology in vaccine development, increased funding from government and international organizations, and the increasing government focus on immunization programs are boosting the market's growth.

The rising incidences of infectious diseases are the key factor expected to drive the demand for preventive vaccines over the forecast period. For instance, according to the World Health Organization data published in November 2023, tuberculosis was the second most deadly infectious disease globally, following COVID-19. In 2022, an estimated 10.6 million individuals globally contracted tuberculosis (TB), comprising 5.8 million men, 3.5 million women, and 1.3 million children. Additionally, per the Centers for Disease Control and Prevention (CDC), the US TB rate climbed by 15% in March 2024, from 2.5 per 100,000 individuals in 2022 to 2.9 in 2023.

Thus, the rising burden of tuberculosis among the population increases the need for its prevention, which, in turn, is anticipated to propel the market's growth over the forecast period. Additionally, according to data published by the World Health Organization (WHO) in July 2023, globally, an estimated 58 million people had chronic hepatitis C virus, and about 1.5 million new infections occur annually. According to the same source, the hepatitis C virus is a blood-borne pathogen, and the most common form of the disease is exposure to small amounts of blood. Thus, the increasing burden of hepatitis is propelling the growth of the market.

The rapid advancements in vaccine technology are fueled by the introduction of genetic engineering, vaccine-delivering technology, and proteomics. For instance, in January 2024, the National Medical Products Administration of China granted regulatory approval for CSPC Pharmaceutical Group's candidate vaccine for the respiratory syncytial virus (RSV) to commence human clinical trials. This is expected to increase the development of preventive vaccine products, bolstering the market's growth.

Rising government initiatives in organizing immunization programs to prevent the spread of infectious diseases and the need for vaccination are expected to increase the market's growth over the forecast period. For instance, in February 2024, the Government of India initiated a vaccination program targeting girls aged 9 to 14 aimed at preventing cervical cancer. Furthermore, the government is actively promoting this vaccination among the eligible age group. Therefore, owing to these factors, the market is expected to grow over the forecast period. However, the risk of adverse effects and the high cost of vaccine development will likely impede the market's growth over the forecast period.

Preventive Vaccines Industry Segmentation

Preventive vaccines are used to prevent infection with viruses, which cause serious diseases. The vaccine is made using a weakened form of the virus that cannot cause disease but causes the body's immune system to make antibodies that destroy the virus. 

The preventive vaccines market is segmented by vaccine type, disease type, and geography. By vaccine type, the market is segmented into live/attenuated vaccines, inactivated vaccines, subunit vaccines, toxoid vaccines, mRNA vaccines, and other vaccine types. By disease type, the market is segmented into pneumococcal, poliovirus, hepatitis, influenza, measles, mumps, and rubella (MMR), COVID-19, and other disease types. By geography, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America. The report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (USD) for all the above segments.