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The Adult Vaccines are designed to help adults develop immunity against diseases and prevent illness among them. Adult Vaccines work by stimulating the immune system to recognize and fight against certain viruses and bacteria if exposed to them in the future. They protect against diseases like hepatitis, influenza, pneumonia, meningococcal disease and shingles. 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.
Immunizing adults helps reduce their risk of getting sick and spreading diseases to others. As people age, their immune systems become weaker making them more prone to catch infectious diseases. With increasing longevity and longevity-associated conditions like chronic diseases, adult immunization is gaining more importance. However, immunization rates among adults remain low globally due to lack of awareness and non-mandatory nature of adult vaccines. The rising awareness regarding the necessity of adult immunization to reduce vulnerability to infectious diseases later in life is driving the adult vaccines market.
Market key trends:
One of the key trends driving growth in the adult vaccines market is the increasing demand for combination vaccines. Combination vaccines protect against multiple diseases with a single injection, providing convenience to both patients and healthcare providers. They help in increasing vaccination rates as fewer shots are required. Manufacturers are focused on developing combination vaccines to protect adults against diseases like diphtheria, tetanus, whooping cough, hepatitis A & B, and pneumococcal disease. This is expected to boost the adult vaccines market during the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the adult vaccines market is moderate. High capital requirements and stringent regulations create some barriers. However, new technologies are driving opportunities.
Bargaining power of buyers: The bargaining power of buyers in the adult vaccines market is high due to presence of many established players. Buyers can negotiate on price and demand high quality.
Bargaining power of suppliers: Suppliers of raw materials and components have moderate bargaining power due to availability of substitutes. Suppliers differentiate through innovation and customer service.
Threat of new substitutes: The threat of substitutes is moderate as vaccines have fewer side effects than alternative prevention/treatment methods. However, new research areas could lead to new substitute options.
Competitive rivalry: Competition in the adult vaccines market is high among global players. Players compete based on pricing, portfolio expansion, and marketing. Partnerships are also common to develop new vaccines.
Key Takeaways
The global adult vaccines market is expected to witness high growth over the forecast period due to rising disease awareness and government support for immunization programs.
Regional analysis: North America is expected to maintain its lead position during the forecast period due to growing immunization programs and well established healthcare infrastructure in the region. Asia Pacific is anticipated to witness the fastest growth owing to large patient pool, improving healthcare spending, and growing focus of key players.
Key players: 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. Players are focused on portfolio expansion and production capacity increases to strengthen market position. Partnerships are also witnessed for development of novel vaccines.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
