Pneumococcal vaccines, also known as pneumococcal disease vaccines, prevent pneumococcal disease such as pneumonia, meningitis, and bacteremia which are caused by the bacterium Streptococcus pneumoniae. Pneumococcal disease is prevalent worldwide and is the leading cause of vaccine-preventable disease and death among children under the age of 5 years. Pneumococcal vaccines stimulate the body's immune system to recognize and fight against the bacteria that cause pneumococcal disease. There are two main types of pneumococcal vaccines that help protect against different pneumococcal serotypes or strains: Pneumococcal conjugate vaccine (PCV) and pneumococcal polysaccharide vaccine. The pneumococcal vaccines are recommended for all children and certain high-risk groups like adults aged 65 or older as well as people with certain medical conditions.
The Global pneumococcal vaccines market is estimated to be valued at US$ 7.5 billion in 2024 and is expected to exhibit a CAGR of 8% over the forecast period 2024-2030.
Key Takeaways
- Key players operating in the pneumococcal vaccines market include Pfizer, GlaxoSmithKline, Merck & Co., and Sanofi Pasteur. Pfizer's Prevnar 13 is the leading pneumococcal conjugate vaccine product.
- Growing awareness regarding pneumococcal disease prevention through vaccination programs is expected to create significant growth opportunities in developing regions. Public-private partnerships have led to increased availability and adoption of pneumococcal vaccines.
- Emergence of new serotypes of disease-causing pneumococcal bacteria has prompted companies to develop new-generation pneumococcal vaccines with broader coverage.
- Several manufacturers are focused on expanding their presence in emerging markets of Asia Pacific, Latin America, and Middle East & Africa through collaborations with local pharmaceutical companies.
Market Drivers
The Pneumococcal Vaccines Market Growth increasing prevalence of pneumococcal diseases across the globe is the major factor driving the growth of the pneumococcal vaccines market. As per the statistics by the World Health Organization (WHO), Streptococcus pneumoniae is estimated to cause nearly one million deaths annually in children under the age of 5 years globally. Growing adoption of pneumococcal immunization through vaccination programs initiated by governments and non-profit organizations is propelling the demand for pneumococcal vaccines worldwide. Extensive research and development activities undertaken by vaccine manufacturers to develop vaccines with broader serotype coverage is also facilitating the market growth.
PEST Analysis
Political: Government policies and regulations play a key role in vaccine development and distribution. Vaccination programs are instrumental for public health.
Economic: Healthcare budgets and payment mechanisms determine uptake of new vaccines. Cost of development and production impacts commercial viability.
Social: Higher awareness reduces disease prevalence boosting prevention adoption. Aging populations increase risk groups' size affecting demand.
Technological: Advancements in immunology, genomics aid customization. Bioprocess optimizations cut costs while ensuring safety and efficacy. Digital technologies enhance access and compliance.
Market Value Concentration
North America dominates the pneumococcal vaccines market in terms of value owing to high awareness and proactive vaccination programs. Presence of major manufacturers and favorable reimbursements have augmented adoption over the years. Asia Pacific is estimated to expand rapidly fueled by rising healthcare investments, growing medical tourism and initiatives to control pneumonia related deaths.
Fastest Growing Region
Asia Pacific exhibits strongest growth prospects for pneumococcal vaccines market propelled by expanding population base, economic development and improving access to healthcare facilities. Unmet needs in developing countries present enormous opportunities for players. Initiatives by governments and NGOs to increase immunization coverage across India and China will majorly augment the regional market in the coming years.
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Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
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