Pneumococcal Vaccines Market is Registering 8.3% CAGR Between 2017 and 2026
The competitive landscape in global pneumococcal vaccines market is characterized by the presence of numerous players engaging in research and development activities, reports Transparency Market Research (TMR). Top players are making sizeable investments in technological developments to strengthen their foothold in the market.
Prominent players in the market comprise Pfizer, GlaxoSmithKline PLC, Merck & Co. Inc., Sanofi, and Inc. These companies consider it worthwhile to increase their partnerships and enhance the distribution network to gain an upperhand in the global pneumococcal vaccines market. Moreover, the incumbent players are focusing on product developments to gain a better exposure in the market.
As reported by TMR, the global pneumococcal vaccines market is projected to value at US$ 20,515.5 million by the end of 2026. It expected to grow steadily registering 8.3% CAGR during the forecast period of 2017 to 2026. Its robust growth can be attributed to the presence of numerous opportunities.
The global pneumococcal vaccines market is classified into product type, distribution channels and regions. In terms of product the market is bifurcated into 7- valent PCV, 23- valent PPSV, 13- valent PCV, and 10- valent PCV. Among these 13- valent PCV is expected to register the highest growth owing to a high demand.
On the geographical front, North America is expected to dominate the global pneumococcal vaccines market. Development of new vaccines and government initiatives have driven the market’s growth in this region.
As per World Health Organization (WHO), pneumococcal infection is one of the leading causes of morbidity worldwide. It accounted for nearly 1.6 million deaths in 2006. This is one of the major driving factors in the growth of global pneumococcal vaccines market. Additionally, developing countries are increasingly investing in the manufacturing of vaccines, leading to an expansion in the global pneumococcal vaccines market.
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Several initiatives taken by governments such various immunization programs for pneumonia has supported the expansion of global pneumococcal vaccines market. Moreover, initiatives taken by WHO such as the Global Action Plan for Pneumonia and Diarrhea pertaining to reduction of mortality from pneumonia has propelled the market’s growth. Further, giant strides taken in the direction of developing new pneumococcal vaccines have catalyzed the industry’s growth.
Furthermore, rising awareness among patients regarding pneumococcal vaccines and its benefits has bolstered the pneumococcal vaccines market. In addition to this, easier access to healthcare facilities and provision of low-cost pneumonia vaccines has attracted several consumers resulting in market’s growth.
The global pneumococcal vaccines market may face a few challenges because of the higher costs associated with the manufacturing of vaccines and low awareness among older population. However, perpetual research activities have led to development of novel pneumococcal vaccines and initiatives taken by governments may put these concerns to rest.
The development of protein vaccines for pneumococcal diseases has paved new growth opportunities for the global pneumococcal vaccines market. These vaccines induce a broader immune response contrary to the conventional whole-cell vaccines. In addition to this, they enhance cellular and humoral immunity. Moreover, they are reasonably priced and comparatively easy to produce. Consequently, people from moderate income groups can have easy access to these vaccines. Such developments have provided a major thrust to the expansion of global pneumococcal vaccines market.
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