Global Pneumococcal Vaccines Market, by Product Type (Synflorix, Prevenar-13, PCV 13 (pipeline), V114 (Merck), PCV-20 (Pfizer), PCV-10 (SII), and PPSV- 23), by Distribution Channel (Wholesalers, Specialized Companies, Public Authorities, and Others), by Sector (Public and Private) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global pneumococcal vaccines market in 2020 is estimated for more than US$ 8,222.9 Mn and expected to reach a value of US$ 12,241.9 Mn by 2028 with a significant CAGR of 5.1%
As per the report, the global pneumococcal vaccine market witnesses a slow growth, owing to the development observed by the pharmaceutical industry, increasing investments by the regional government for creating awareness about benefits of essential vaccination, improving the healthcare sector, and the elevating count of clinical trials. Growing investments by key players to support and fund the research and development of conjugate pneumococcal vaccines, mounting the occurrence of pneumococcal disease, and the promotion of the manufacturing of low-cost vaccination also positively impact the market growth.
Besides, the introduction of novel pneumococcal vaccines coupled with the growing adoption and application of vaccination among people is also expected to boost the market growth during the forecast years. As per the study conducted by the World Health Organization revealed the facts that pneumococcal vaccine had been introduced in 145 countries by the end of 2018. Additionally, it is estimated that global coverage was about 47%. On the contrary, the requirement of high cost during the production of these vaccines and the long duration production process are expected to slow down the growth of the global pneumococcal vaccine market during the forecast period.
Furthermore, Meridian Market Consultants (MMC) Study identifies that the rising government’s initiatives on driving the focus of general public on immunization programs for pneumonia, growing demand for novel pneumococcal vaccines, and elevating cases of pneumococcal diseases including pneumonia, meningitis, febrile bacteremia, otitis media, sinusitis, bronchitis and others are some of the prime reasons expected to propel the market growth. Furthermore, the growing awareness about the importance of vaccination and the rising responsibility of regional governments regarding public health are also fuelling market growth. Elevating count of childbirth rate along with mounting elderly population coupled with the increasing financial funding and project expansion strategies are also responsible for increasing the demand for pneumococcal vaccines.
However, the higher cost of the vaccine along with the entry of new vaccines coupled with the longer timelines need for the production of this vaccination are the prime reasons that negatively affect the market growth of global pneumococcal vaccines globally. On the other note, the innovation of multivalent conjugated vaccines with different serotypes serves to create growth opportunities for the market, further resulting in boosting the demand for pneumococcal vaccines during the forecast years.
MMC Study identifies some of the key participating players in pneumococcal vaccines market globally are Chengdu Institute of Biological Products Co., Ltd., CSL Ltd., GlaxoSmithKline plc, Merck & Co., Inc., Pfizer, Inc., Sanofi SA, Serum Institute of India Pvt. Ltd., SK Chemicals, and Walvax Biotechnology Co., Ltd.
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