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Adult vaccines are pharmaceutical products intended for immunizing adults aged above 18 years against diseases such as pertussis, tetanus, diphtheria, influenza, measles, mumps, rubella, pneumonia, human papillomavirus, and herpes zoster. They are administered through intramuscular or subcutaneous injections. Adult vaccines play a crucial role in preventing the spread of infectious diseases in adult population. The global adult vaccines market is driven by the rising incidences of infectious diseases globally due to various factors such as increasing urbanization, climate change, wildlife trade, and changing agricultural practices. The growing awareness regarding prevention of diseases through vaccination and availability of government programs for immunizing adults are also fueling the market growth. However, high costs associated with adult vaccines development and negative perception towards vaccines are restraining the market.
The global adult vaccines market is estimated to be valued at US$ 16,790.11 Mn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing incidences of infectious diseases is one of the primary drivers of the adult vaccines market. According to the World Health Organization (WHO), infectious diseases account for approximately 25% of global deaths each year and are more predominant in developing countries. Growing cases of pneumonia, hepatitis, influenza and other emerging infectious diseases are stimulating the demand for adult vaccines. The COVID-19 pandemic has further highlighted the need for adult immunization. Government initiatives to spread awareness regarding diseases prevention and availability of subsidized vaccination programs are contributing to market growth. For instance, the U.S. Center for Disease Control (CDC) recommends routine administration of influenza, pneumococcal disease, tetanus-diphtheria-pertussis (Tdap), and human papillomavirus (HPV) vaccines for adults. However, lengthy vaccine development cycles, high costs involved, and variability in government policies are some factors expected to hamper the market growth during the forecast period.
Segment Analysis
The adult vaccines market can be segmented into pneumococcal, herpes zoster, human papillomavirus (HPV), meningococcal, hepatitis and combination vaccines. The pneumococcal segment dominates the market owing to the increased risk of pneumonia, bacteremia and meningitis among adults aged over 65 years. This age group accounts for majority cases of pneumococcal diseases and deaths. Hence pneumococcal vaccines are recommended for all adults aged over 65 years.
PEST Analysis
Political: Governments across major countries have implemented immunization programs for adult vaccination which is driving the market growth. For instance, the Affordable Care Act in the US requires most health insurance plans to cover recommended vaccines for adults without charging co-payments.
Economic: Rising healthcare expenditures on prevention of diseases and increasing focus on active immunization has fueled the demand for adult vaccination. The average global healthcare spending is projected to increase at a CAGR of 5.4% from 2020 to 2027.
Social: Growing awareness about benefits of vaccination against pneumonia, meningitis, hepatitis and influenza among adults is a key factor boosting the uptake of adult vaccines. Social media campaigns by NGOs and healthcare companies also influence the vaccination behavior positively.
Technological: Advancements in vaccine production technologies have led to the development of vaccines with enhanced immunogenicity and safety profiles. Cell-based and recombinant technologies are enabling the development of combination vaccines for multi-valent protection.
Key Takeaways
The global Adult Vaccines market is expected to witness high growth over the forecast period.
North America dominates the market currently owing to favorable reimbursement policies and routine immunization programs for adult vaccination. The Asia Pacific market is expected to grow at the fastest pace during the forecast period led by growing awareness and focus of governments on immunization.
Key players operating in the adult vaccines market are GlaxoSmithKline Plc, Merck & Co., Sanofi Pasteur, Pfizer Inc., CSL Limited, Johnson & Johnson, Serum Institute of India, Medimmune, and AstraZeneca Plc. Most key players are focusing on expanding their offerings of adult vaccines through collaborations and acquisitions. For instance, Pfizer acquired BioNTech with a goal to jointly develop mRNA-based vaccines and therapies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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.
