by The Adult Vaccines Market is estimated to be valued at US$ 17982.21 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 Overview:
The adult vaccines market consists of vaccines administered to individuals aged 18 years and above. The key adult vaccines include influenza, tetanus-diphtheria-acellular pertussis, zoster, measles-mumps-rubella, pneumococcal, and meningococcal vaccines. Influenza vaccine is specifically recommended for adults as it helps prevent seasonal influenza, which is a highly contagious respiratory illness. The tetanus-diphtheria-acellular pertussis (Tdap) vaccine helps prevent tetanus, diphtheria, and pertussis or whooping cough. The zoster vaccine prevents shingles, which is a painful rash caused by the varicella zoster virus.
Market Dynamics:
The adult vaccines market is driven by increasing government initiatives to promote adult immunization programs. For instance, in March 2022, the U.S. Department of Health and Human Services announced a national strategy for advancing adult immunization to achieve 90% coverage for recommended routine adult vaccines by 2030. This aims to reduce vaccine-preventable diseases and deaths among U.S. adults. Furthermore, rising awareness regarding benefits of adult vaccination is also fueling the market growth. Widespread availability of combination vaccines and new product launches are some other factors expected to present lucrative opportunities for market players over the forecast period. However, the reluctance towards vaccination among some adult population acts as a major restraint for the market.
Segment Analysis:
The adult vaccines market is dominated by the pneumococcal vaccines segment which holds more than one-third of the global adult vaccines market share. Pneumococcal vaccines protects adults from pneumococcal disease which can lead to serious invasive infections like bloodstream infections, pneumonia, and meningitis. The pneumococcal vaccines segment witnesses high demand as it prevents adults from common type of bacterial pneumonia caused by Streptococcus pneumoniae which has high morbidity and mortality rates worldwide.
PEST Analysis:
Political: Government initiatives to increase immunization rates especially in developing countries is driving the demand for adult vaccines. Policies supporting introduction of new vaccines in national immunization programs positively impacts the adult vaccines market.
Economic: Rising healthcare expenditure, growing economy and increasing affordability for vaccination are supporting the growth of adult vaccines market in developing regions.
Social: Increasing awareness about vaccine-preventable diseases and their prevention through immunization is influencing adults to undergo routine vaccination.
Technological: Advancements in vaccine production technologies, cold chain logistics and thermostability of vaccines helps in improving access to vaccination in remote regions.
Key Takeaways:
The Global Adult Vaccines Market Demand is expected to witness high growth, exhibiting CAGR of 7.1% over the forecast period, due to increasing government focus on preventive healthcare through vaccination programs globally. The North America region dominates the adult vaccines market owing to high immunization rates, availability of advanced vaccines and increasing awareness about benefits of adult vaccination in the region. Europe is also a major market for adult vaccines due to supportive government policies for immunization.
The pneumococcal vaccines segment dominates the global adult vaccines market share with more than one-third share. 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. GlaxoSmithKline dominates the pneumococcal vaccines segment with its 13-valent pneumococcal conjugate vaccine brand name Prevnar 13. Merck & Co has a strong position in herpes zoster vaccine segment with its Zostavax vaccine. Sanofi Pasteur leads the influenza segment with its Fluzone® brand flu vaccine for adults.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
