by The Nasal Vaccines Market is estimated to be valued at US$ 416.8 million in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Nasal vaccines offer non-invasive vaccine administration through the nasal route compared to conventional intramuscular or subcutaneous injections. They stimulate both systemic and mucosal immune responses and induce protective immunity at the primary site of infection. These vaccines are administered via a nasal spray or drops and usually use live attenuated viruses to induce protective immunity against diseases like influenza and measles. They provide a simple, needle-free, and painless alternative to traditional injection and help in improving patient compliance.
Market Dynamics:
Growing prevalence of influenza and other respiratory diseases globally is expected to drive the demand for nasal vaccines. According to WHO, annual epidemics of seasonal influenza result in about 3 to 5 million cases of severe illness and about 290,000 to 650,000 respiratory deaths worldwide. Further, increasing focus on drug delivery product innovation for non-invasive and user-friendly vaccine administration is also fueling the market growth. Successful phase III clinical trial results of nasal influenza vaccines indicating strong protective immune response with a good safety profile is encouraging pharmaceutical companies to invest further in this area. Additionally, growing awareness regarding benefits of needle-free vaccination such as painless administration and improves accessibility is also propelling the market growth. However, complexity in vaccine design and development for nasal delivery poses a major challenge.
Segment Analysis
The global nasal vaccines market is dominated by the adult segment accounting for over 60% share of the total market. The adult segment faces higher risk of infectious diseases and requires regular vaccination making it the dominant segment. Rising awareness regarding available vaccines for adults and need for convenience of administration is driving the growth of the adult segment in the nasal vaccines market.
PEST Analysis
Political: An increase in government investment and initiatives to promote vaccination programs is positively impacting the market growth.
Economic: Increasing healthcare spending and economic growth in emerging countries are supporting the demand for nasal vaccines.
Social: Rising personal income levels and awareness regarding benefits of nasal vaccines is propelling the market.
Technological: Advancements in vaccine development technologies by market players to develop more effective and thermostable nasal vaccines is fueling market expansion.
Key Takeaways
The global nasal vaccines market is expected to witness high growth, exhibiting CAGR of 8.6% over the forecast period, due to increasing government support for immunization programs in various countries.
Regionally, North America is projected to dominate the nasal vaccines market during the forecast period. This is attributed to rising prevalence of influenza and presence of key market players.
Key players operating in the nasal vaccines market are AstraZeneca, GlaxoSmithKline plc, Pfizer Inc., Serum Institute of India Pvt. Ltd., Sanofi Pasteur SA, Johnson & Johnson Services, Inc., Sinovac Biotech Ltd., Bharat Biotech International Limited, Altimmune, Inc., BiondVax Pharmaceuticals Ltd., FluGen Inc., Vaxart, Inc., Intravacc, Ennaid Therapeutics, LLC, Gamma Vaccines Pty Ltd.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
