Pneumonia Vaccine Market Size to Grow at a CAGR of 5.2% During the Forecast Period 2021–2026
Rapid Increase in Geriatric Population is Driving the Growth of Pneumonia Vaccine Market
Hyderabad, India – July 20, 2021 /MarketersMedia/ —
Pneumonia Vaccine Market size was valued at $8,037 million in 2020, and is anticipated to grow at a CAGR of 5.2% during the forecast period 2021-2026. The pneumonia vaccine industry growth rate is attributed to the rise in aging population and increase in awareness regarding various pneumonia vaccines due to increasing prevalence of pneumococcal infections that is anticipated bringing new opportunities.
Pneumonia is a lung infection caused by bacterial organisms, viruses, or fungi that attacks the air sacs and fills them with fluid or pus, causing lung contamination in either or both lungs. Vaccines against pneumococcal disease help us stay healthy. There are two types of vaccines available for pneumonia: PCV13 and PPSV23.
Pneumonia Vaccine Market Segment Analysis – By Vaccine Type
In 2020, on the basis of vaccine type, pneumococcal conjugate vaccine segment accounted for the largest segmental revenue of the pneumonia vaccine market. The pneumococcal conjugate vaccine held the largest market on account of the fact that this vaccine is applicable for wide range of age groups such as from infants and children up to 5 years. Also, pneumococcal polysaccharide vaccine can be administered both intramuscularly and subcutaneously and is attributed to supplement the segment development.
On the contrary, pneumococcal polysaccharide vaccine segment is projected to witness healthy growth throughout the forecast period 2021-2026 with a CAGR of 5.80% since the usage of pneumococcal polysaccharide vaccine has been on the upswing owing to the fact that it’s proved efficient against invasive
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Pneumonia Vaccine Market Segment Analysis – By Distribution Channel
On the basis of distribution channel, non-governmental organizations segment accounted for the largest segmental revenue of the pneumonia vaccine market in 2020. The introduction of non-governmental organisations can be attributed to the large share due to the fact that they serve as key hubs for the development of healthcare services worldwide and provide access to life-saving drugs to the economically disadvantaged community.
The global rise in the number of non-governmental organizations is attributed to increasing in the number of purchases that are made and provided directly to the customers are anticipated to positively affect market growth during the forecast period 2021-2026. On the other hand, government authorities segment is projected to dominate over the forecast period 2021-2026 with a CAGR of 5.50%.
Pneumonia Vaccine Market Segment Analysis – By Geography
North America is the major region dominating the pneumonia vaccine market with a market share of 34.89% in the year 2020. This can be attributed to the fact that the presence of well-established infrastructure, key market players as well the presence of various non-governmental organizations, and increasing average life expectancy and the median age in the region.
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Pneumonia Vaccine Market Drivers
Rapid Increase In Geriatric Population
The pneumonia vaccine market is poised to receive upswing owing to the rising geriatric population coupled with the development of new awareness programs and production facilities of pneumonia vaccine products that has resulted in a rise in overall volume of usage. Furthermore, according to a recent study conducted by WHO, it estimated that by 2050, there will be approximately 2 billion people over the age of 60 years, with 80% of them living in developing countries, and age raises the risk of developing pneumococcal disease owing to weakened immune system and its associated effects is poised to be one of the primary factors driving market development.
Pneumonia Vaccine Market Challenges
High Cost Of Pneumonia Vaccine Products And Stringent Rules
One of the major factors restricting the acceptance and use of pneumonia vaccine procedures in many countries around the world is owing to high cost of pneumonia vaccine products that are obstructing market development during the forecast period 2021-2026.
Pneumonia Vaccine Market Landscape
The Pneumonia Vaccine market top 10 companies are Merck & Co., Inc., Panacea Biotec Limited, Glaxosmithkline plc., LG Chem Ltd., Pfizer Inc., Pnuvax Incorporated, Serum Institute of India Pvt. Ltd., SK Bioscience and Walvax Biotechnology Co., Ltd., Shenzhen Kangtai Biological Products Co., Ltd. and others.
Acquisitions/Product Launches
In December 2020, Serum Institute of India announced the launch of India’s first indigenously developed pneumococcal vaccine – PNEUMOSIL®. PNEUMOSIL® is developed through collaboration amongst Serum Institute of India Pvt Ltd, PATH and Bill and Melinda Gates foundation. This significant milestone is aimed at improving pneumococcal conjugate vaccine affordability and enabling sustainable access for low-and middle-income countries.
In March 2020, Pfizer Inc. announced top-line results from one of its Phase 3 studies, which evaluated the safety and immunogenicity of its 20-valent pneumococcal conjugate vaccine (20vPnC) candidate in adults 18 years of age or older not previously vaccinated against pneumococcal disease.
Key Takeaways
The factors such as rise in aging population and increase in awareness regarding various pneumonia vaccines owing to rising prevalence of pneumococcal infections are amongst the major factor projected to impel growth of pneumonia vaccine market.
Additionally, factors such as introduction of novel pneumonia vaccine products coupled with improved government support are to create opportunities paving a way for the growth in the market during forecast period 2021-2026.
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