The size of the Preventive Vaccine Market in Latin America is expected to reach USD 9.68 billion by 2027 from USD 5.22 billion in 2022, growing at a CAGR of 13.17% during the forecast period.
The market for preventive vaccine market is growing at a significant pace in Latin America. In some disease categories, portfolios, and other illnesses, preventative vaccination vaccines have fully matured, and the market is growing as a result. Infectious diseases are the leading causes of death in Latin America, and they pose some of the region's most serious health and security challenges. In addition, infectious illnesses are among the main causes of death in the region. Therefore, the proliferation of contagious diseases is driving the market growth in the region. Scientists are currently performing research and development to develop a preventive vaccine for the treatment of these diseases.
Also, the prevalence of chronic diseases such as cancer and growing awareness about disease prevention boosts the market during the forecast period. In addition, improving innovative technology in vaccine development in the region is the major factor driving the market.
The other factors, such as increasing healthcare expenditure, growing demand for preventive vaccines, and evolving vaccine technologies, are majorly propelling the market growth. In addition, increasing investment and funding by the government and private organizations to develop various vaccine development of laboratories are expected to increase the market growth. Furthermore, emerging economies such as Mexico and Brazil are boosting market growth by focusing more on creating novel vaccines such as DNA vaccines and raising awareness about the advantages of vaccination.
However, the emergence of the global pandemic has caused unprecedented loss to the market sector. Scientists from various countries are performing research and development activities for vaccine development to treat the Novel coronavirus. Hence the demand for the preventive vaccine is rapidly increased. The market is anticipated to have a significant share in the coming years.
Healthcare expenses, on the other hand, are skyrocketing, and prevention is becoming incredibly common. For example, vaccination costs have risen from single digits to triple digits many times in the last two decades, posing serious challenges for doctors and their patients and putting a burden on public health resources.
This research report segmented and sub-segmented the Latin American Preventive Vaccines Market into the following categories:
By Vaccine Type:
The Latin American preventive vaccines market is projected to witness a promising market share during the forecast period. The regional market's growth is attributed to the proliferation of chronic diseases, varying degrees of increase in the demand for vaccination for separate diseases over time, and growing awareness of preventive care. Also, the improving healthcare sector owing to the rising funding by the government and development of vaccine laboratories are augmenting the market growth over the forecast period. Other important aspects include developing manufacturing facilities or plants, using new technology, recent mergers and acquisitions, major player partnerships, and collaboration are expanding the market growth in Latin America. Brazil and Mexico are the two major countries in Latin America, significantly contributing to the regional market growth. The market growth in these countries is fuelled by increasing disposable income, rising healthcare expenditure, and government initiatives for vaccine development.
KEY MARKET PLAYERS:
The most prominent companies leading the Latin America Preventive Vaccine Market profiled in the 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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