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The adult vaccines market involves vaccines that are meant to protect adults from infectious diseases. Some of the common types of adult vaccines include vaccines against influenza, pneumococcal disease, human papillomavirus, meningococcal disease, herpes zoster, and tetanus, diphtheria, and pertussis. Adult vaccination helps in reducing the burden of illness, disability, death and healthcare costs caused by vaccine-preventable diseases. Rising awareness about the benefits of immunization and availability of innovation in vaccine products are expected to drive the growth of the adult vaccines market globally.
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 players are focusing on new product developments and manufacturing innovations to strengthen their market position.
The adult vaccines market has significant growth opportunities due to the rising prevalence of infectious diseases like influenza, COVID-19 and pneumococcal diseases globally. Vaccines manufacturers are also investing heavily in research and development of novel vaccines against chronic and life-threatening diseases.
Technological advancements in vaccine development like cell-based vaccine production, protein-based vaccines and advanced adjuvant systems are further expected to drive the demand for adult vaccines. New vaccine products in the pipeline like Ebola, Zika and Nipah virus vaccines will provide major growth opportunities in the forthcoming years.
Market drivers
The increasing geriatric population worldwide is a major market driver. People aged over 65 are more susceptible to infectious diseases and require immunization. According to WHO, the number of people aged 65 years and above is projected to reach over 1.5 billion by 2050. initiatives undertaken by governments and international organizations to spread awareness about vaccination for adults will also boost the market growth over the forecast period. Rising focus on therapeutic vaccines for diseases with significant morbidity and high healthcare costs like cancer and diabetes will further support market expansion.
Current Challenges in Adult Vaccines Market
The adult vaccines market is facing challenges related to low vaccination rates. While vaccination rates are high among the elderly population, a large proportion of adults in their late teens or 20s are not vaccinated against diseases like tetanus, hepatitis, and pertussis. There is lack of awareness about the benefits of adult vaccination among this age group which could be attributed to the lack of availability and accessibility of adult vaccines. Another challenge is the high costs involved in the development of adult vaccines which hampers research activities in this field. Vaccine hesitancy is also a concern where some adults refuse vaccination due to misperceptions about vaccine safety and side effects despite evidence proving their effectiveness.
SWOT Analysis
Strength: Effective prevention against diseases and reduces healthcare costs associated with disease treatment.
Weakness: High R&D costs and low vaccination rates among certain adult age groups.
Opportunity: Growing geriatric population worldwide increases the target market size.
Threats: Stringent regulatory norms and vaccine hesitancy limits market revenue potential.
Geographical Regions with Highest Market Value
North America currently holds the highest value share in the adult vaccines market primarily due to high healthcare spending and vaccination coverage in countries like the United States. Large pharmaceutical companies in the region are also engaged in vaccine development activities.
Fastest Growing Geographical Region
The Asia Pacific region is poised to be the fastest growing market for adult vaccines over the forecast period owing to factors such as rising healthcare expenditures, growing awareness about disease prevention through vaccines, and expansion of vaccination programs targeting adults by governments in countries like India and China. The growing geriatric population base susceptible to vaccine-preventable diseases will further support the demand for 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
