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Adult vaccines are medical products that stimulate the immune system to develop protection against a particular infectious disease if exposed to pathogens. The adult vaccines market comprises vaccines that protect adults against various infectious diseases such as influenza, herpes zoster, and pneumococcus. The growing prevalence of communicable diseases due to rapid urbanization and lifestyle changes has increased the uptake of adult vaccination programs, especially in developing countries. The adult vaccines offer long-lasting and cost-saving immunity against various infectious diseases. The growing awareness levels regarding health and well-being along with expanding adult demography susceptible to vaccine-preventable diseases are boosting the market growth.
The Global Adult Vaccines Market is estimated to be valued at US$ 16,790.11 Mn in 2024 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030.Key Takeaways
Key players operating in the adult vaccines market are GlaxoSmithKline Plc, Merck & Co., Sanofi Pasteur, Pfizer Inc., CSL Limited, Johnson & Johnson, Serum Institute of India, Medimmune, and AstraZeneca Plc. These companies collectively account for a substantial share of the global market.
Key opportunities in the market include rising awareness and uptake of vaccination in emerging countries, especially in Asia. Industry players are expanding their distribution channels to tap new geographic regions for revenue generation. Moreover, technological advancements are helping launch vaccines with enhanced efficacy and improved delivery mechanisms.
Global players are focusing on geographic expansion through collaborations with regional and local distribution partners. Strategic collaborations with governments are helping gain market access and boost vaccination programs. The market players are expanding production facilities in high growth regions to ensure adequate vaccine supplies.
Market drivers
The rising prevalence of infectious diseases due to changing demographics and lifestyles has boosted the demand for adult vaccination. According to the World Health Organization (WHO), influenza, pertussis, pneumococcal disease, meningococcal disease, and herpes zoster are some of the major communicable diseases affecting adults globally. Governments across regions have made vaccination programs for preventing such diseases more accessible and affordable, thereby driving the adult vaccines market growth.
PEST Analysis
Political: The adult vaccines market is influenced by various governmental policies and regulations. Governments play a pivotal role in promoting vaccination programs for adults through incentives and campaigns. Some political factors that affect the market include healthcare reforms, funding for vaccination programs, import/export controls etc.
Economic: The demand for adult vaccines is dependent on the economic conditions of various regions and countries. Economic downturns may impact the purchasing power of consumers as well as healthcare budgets. However, factors like rising per capita income and health spending are creating growth opportunities for vaccine providers.
Social: Social awareness about vaccine-preventable diseases and their impact on public health influence the adoption of adult vaccines. Public health organizations play a vital role in educating people about the importance of immunization throughout life. Safety concerns can negatively impact demand, while recommendations from healthcare professionals encourage vaccination.
Technological: Advancements in vaccine production technologies are improving efficacy, safety and expanding indications. Research into new adjuvant systems and recombinant technologies is supporting the development of vaccines for more diseases. Digital health solutions and mobile applications that provide reminder functions are enhancing accessibility of vaccination programs.
The geographical regions where the adult vaccines market is concentrated in terms of value are North America and Europe. Developed markets in these regions have high healthcare incomes which fuel spending on immunization programs to prevent infectious diseases.
The fastest growing region for the adult vaccines market is Asia Pacific due to improving economic conditions and rising accessibility of healthcare services across emerging nations like China and India. Governments are promoting public vaccination programs while growing health awareness is driving proactive immunization practices amongst adults. Initiatives like those against diseases such as hepatitis and influenza are boosting the adoption of adult vaccines in Asia Pacific.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
