The size of the European Preventive Vaccines market is estimated to worth USD 20.02 billion by 2027 and USD 11.22 billion in 2022, growing at a CAGR of 12.28% between 2022 to 2027.
The preventive vaccine market in Europe is majorly driven by the proliferation of contagious diseases, growing awareness on preventive care, and rising research and development activities. Also, Technological advancements in vaccine development and support from the government for vaccine development and growing focus on immunization which is expected to uplift the market growth. The other factors, such as the Increasing healthcare expenditure with the growing infectious diseases across Europe, are most likely to accelerate the market growth during the forecast period.
The rising incidence of cancer has been a significant driver of the European cancer vaccine market expansion. As biological response modifiers, cancer vaccines play an important role in immune system maintenance. Furthermore, due to many cancer cases and the adverse effects of conventional medicines, healthcare providers are seeking alternative remedies. As a result, the cancer vaccine market is anticipated to grow throughout the forecast period. However, in the recent period, the demand for the preventive vaccine to the SARS-COV-2 is increased significantly, the scientists and research institutions are coming up with the vaccines. Despite the fact that existing vaccinations have the ability to reduce the threat of pathogenic illnesses to a greater level, there are still unknown and developing infections that harm human life that will drive industrial research.
In some disease categories, such as polio, the preventive vaccinations industry has grown, but it has yet to establish itself in the market in others. However, despite these variances in each sector, the market continues to develop as a result of variable degrees of increasing demand for vaccination for various diseases throughout the forecast period.
Novel development methodologies such as nanoparticle vaccines, DNA/RNA vaccines, and rational design will provide the industry with new growth potential in addition to established methods. As a result, the introduction of novel vaccines to combat fast-developing infectious illnesses, including the COVID-19, is expected to drive the market forward throughout the forecast period. Around 120 novel vaccines are presently in development by several global corporations and are expected to enter the market in the coming years. However, while the vaccination industry is focused on both the supply and demand sides, it is largely reliant on government purchases and donor policies.
However, healthcare expenditures, on the other hand, are skyrocketing, and the trend is toward prevention. For example, vaccination costs have risen from single digits to triple digits many times in the last two decades, posing serious problems for clinicians and their patients while also straining public health resources.
This research report segmented and sub-segmented the European Preventive Vaccines Market into the following categories:
By Vaccine Type:
Geographically, The European preventive vaccine market is projected to witness a significant share in the global market during the forecast period. However, the market is expected to grow at a CAGR of over 12.28% by 2025. Advancing healthcare infrastructure and development of new vaccines, As the number of cancer cases rises in Europe, the need for cancer vaccinations is likely to increase. As a result, all of these variables have contributed to the overall market's growth. Scientists from the region are actively undertaking research, exchanging information, improving laboratory capacity in developing countries, and establishing worldwide monitoring networks in order to prevent and control the spread of these diseases by preventative vaccines. The demand for efficient preventative vaccinations to protect against life-threatening diseases has risen dramatically as a result of the coronavirus epidemic. As a result, numerous industry participants are placing a priority on new preventative vaccinations. In addition, several collaboration agreements between government agencies and vaccine producers have been reached in order to avoid global vaccine supply disruptions.
Furthermore, regulatory authorities have sped up the approval procedure in order to get vaccinations on the market faster. The major growth contributors in the region are the UK, Germany, France, and Spain are contributing to the regional market growth. During the forecast period, the UK and Germany are projected to showcase significant market share. The prevalence of chronic diseases, growing investment, and funding by the government and private organizations for preventive vaccine development in these countries propel market growth.
KEY MARKET PLAYERS:
A few of the noteworthy companies operating in the European preventive vaccine market profiled in this report are GlaxoSmithKline, PLC, Bavarian Nordic, Merck and Company, CSL Limited, Novartis AG, Emergent BioSolutions Inc., Johnson and Johnson, MedImmune, LLC., Pfizer, Inc. and Sanofi Pasteur.
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