In its upcoming report titled “Pneumococcal Vaccines Market Throughout the forecast period, a CAGR of 4.1% is expected to be achieved on average by the global market for pneumococcal vaccinations. The market is currently estimated to be worth US$ 8.9 billion in 2023.
By 2033, it’s expected that the market for pneumococcal vaccinations would be worth more than US$ 13.3 billion. The analysts at Future Market Insights have calculated a historical market valuation of US$ 8.5 billion for the relevant market for the base year.
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Because of rising healthcare expenditure, favourable reimbursement policies for pneumococcal vaccination, and the development of new multivalent pneumococcal vaccines, North America is expected to contribute a large revenue share to the global pneumococcal vaccines market over the forecast period. Furthermore, in North America, patients with Medicare have no out-of-pocket costs for pneumococcal vaccines.
The global pneumococcal vaccines market is classified into three segments: product type, distribution channel, and region. The market is divided into two categories based on product type: pneumococcal conjugate vaccines and pneumococcal polysaccharide vaccines. Because of the increasing number of research and development activities to develop new conjugate vaccines for expanding indications, the pneumococcal conjugate vaccines product type segment is expected to represent a high revenue share in the global pneumococcal vaccines market.
The market is divided into pharmacies, public health agencies, community clinics, and other distribution channels based on the distribution channel. The public health agencies distribution channel is expected to be the market leader in the pneumococcal vaccines market. Because of the growing number of community clinics, the revenue share of community clinics is expected to increase over the forecast period.
The growing number of clinical trials for pneumococcal vaccine development is expected to provide enormous opportunities for the growth of the pneumococcal vaccines market and meet the demand for vaccines for multiple serotypes. Increased government initiatives to reduce the burden of pneumococcal diseases, as well as public-private partnerships, are expected to drive the pneumococcal vaccines market forward. Partnerships and collaborations among manufacturers for research and development and vaccine distribution is expected to boost the growth of the pneumococcal vaccines market.
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The major factors expected to drive the growth of the pneumococcal vaccines market are the expansion of pharmacy-based immunisation services for pneumococcal vaccination and the SAGE organization’s catch up campaigns to reduce the prevalence of invasive pneumococcal disease.
Increased demand for pneumococcal vaccines as a result of immunisation programmes is expected to provide enormous opportunities for the pneumococcal vaccines market to grow. Pneumococcal vaccine manufacturers have reduced vaccine pricing for Gavi-supported countries, which is expected to increase demand for pneumococcal vaccines.
Pfizer, for example, reduced the price of its PCV-13 4 dose vial vaccine for Gavi-supported countries from US$ 3.05 to US$ 2.95 per dose in January 2018. The increasing use of pneumococcal vaccine in national immunisation programmes is boosting the market for pneumococcal vaccines. According to the WHO, 138 countries have included pneumococcal vaccines in their national immunisation programmes as of 2017.
However, low awareness among general population regarding pneumococcal immunization, difference in coverage of established and new vaccine, slower introduction of new pneumococcal vaccines are factors expected to hamper the growth of the pneumococcal vaccines market.
The market for pneumococcal vaccines is consolidated with very few players. Examples of some of the key players identified in the global pneumococcal vaccines market are Pfizer Inc., Sanofi S.A., GlaxoSmithKline Plc., and Merck & Co., Inc., among others. Manufacturers are focusing on the partnerships and collaborations for expansion of their geographical presence and development of new pneumococcal vaccines. For example, in 2014 Sanofi SA completed the collaboration with SK Chemical Co. of South Korea to co-develop pneumococcal conjugate vaccines.
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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
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