The ability to stop potentially fatal infections is the heart of the pneumococcal vaccines market. These vaccinations significantly lower the risk of contracting life-threatening illnesses by triggering the immune system to identify and combat the Streptococcus pneumoniae bacteria. This is especially important for vulnerable groups like infants and elderly people who are more susceptible to complications because of weakened immune systems.
With a potent weapon to fight infections brought on by the Streptococcus pneumoniae bacteria, the pneumococcal vaccines market plays a significant role in promoting global health. These bacteria pose a serious threat, especially to young children, the elderly, and people with compromised immune systems. They are the cause of a number of illnesses, including pneumonia, meningitis, and sepsis. As a cornerstone of preventive healthcare, pneumococcal vaccines have become increasingly important in reducing disease burdens, hospitalisations, and mortality rates.
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During the forecast period, the global pneumococcal vaccines market is expected to grow at a 4.1% CAGR. In 2023, the market is currently valued at US$ 8.9 billion. The pneumococcal vaccines market is expected to exceed a market valuation of US$ 13.3 billion by 2033. Future Market Insights analysts recorded a historical market valuation of US$ 8.5 Billion for the concerned market during the base year.
FMI has analyzed that due to the growth of the geriatric population the prevalence of pneumococcal disease is surging at a robust pace. This factor is the key stimulant behind the growth of the pneumococcal vaccine market. A major section of the urban population is inclined towards consuming tobacco and alcohol, which is leading to pneumococcal disorders like bloodstream infections, meningitis, bacteremic pneumonia, and more. Therefore, the pneumococcal vaccines market is estimated to propel at a robust pace through 2033.
Additionally, the government across the developing regions is taking initiative to create awareness about bacterial pneumonia and is extending grants to the public authorities for the treatment of the same. This element prevailing in the market is likely to stir up the market landscape of pneumococcal vaccines in the long run.
Key Takeaways from the Pneumococcal Vaccines Market :
- The pneumococcal vaccines market has witnessed an unprecedented surge of US$ 0.4 Billion from the base year to the current.
- The pneumococcal vaccines market is estimated to advance forward at a moderate pace, registering a CAGR of 4.1% through the forecast period.
- The Prevenar-13 segment by product type category has accounted for the highest share of the pneumococcal market with US$ 9,500 Million in 2023.
- The public authorities segment by distribution channel category is estimated to hold dominant shares, trailing at a CAGR of 6.8% through the projection period.
“Rising disposable income and a growing population of patients, coupled with initial investments received from the government is likely to curate lucrative growth prospects for the pneumococcal vaccine manufacturers.” – Says an FMI Analyst.
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Competitive Landscape in the Pneumococcal Vaccines Market :
The manufacturers in the pneumococcal vaccines market are indulging in activities that would fuel the rapid advancement of the industry through the forecast period. They are collaborating and entering into strategic partnerships with other prominent players proliferating in the market. Additionally, they are making significant investments in research and development activities to further launch products with advanced curing rates. They are entering into mergers and acquisitions to further strengthen their foothold in the market.Panacea Biotech Ltd, Pfizer Inc, Sanofi S.A, Walvax Biotechnology Co. Ltd, and CSL Ltd are some of the key players in the market.
Recent Developments :
- In September 2020, a Japanese pharmaceutical company, Shinogi, made an announcement to enter into a license agreement with Hanavax, a next-generation nasal vaccine manufacturer. The agreement was likely to assist the company in research and development activities, commercialization, manufacturing, and distribution of Streptococcus pneumonia vaccines developed by Hanavax.
- In December 2019, China-based biotechnology company, Walvax Biotechnology Co., Ltd. received approval from the regulatory body of China, the National Medical Products Administration for its pneumococcal-13 valent conjugate vaccine. This vaccine is also estimated to act as an alternative to Prevnar-13 for immunizing children in the age group of 6 months to 5 years.
- In January 2018, Pfizer, one of the global leaders in the pharmaceutical industry made an announcement to reduce the price of the PCV-13 4-dose vial vaccine from US$ 3.05 to US$ 2.95 per dosage in the Gavi-supported countries.
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Key Segments in the Pneumococcal Vaccines Market
By Product Type:
- Pneumococcal Polysaccharide Vaccines
- Pneumococcal Conjugate Vaccines
By Distribution Channel:
- Pharmacies
- Community Clinics
- Public Health Agencies
- Others
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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