The latest market report published by Acute Market Reports “Pneumococcal Vaccines Market - Growth, Future Prospects, Competitive Analysis, 2021 - 2029,” the global pneumococcal vaccines market was valued at US$ 7,108.7 Mn in 2020 expanding at a CAGR of 5.1% from 2021 to 2029.
Market Insights
World Health Organization and U.S. Centers for Disease Control and Prevention (CDC) has recommended pneumococcal vaccination for all adults above age 65 and children below 2 years of age. Pneumococcal vaccine may or may not protect completely against pneumonia, however, it significantly reduces the risk of invasive pneumococcal diseases. Strong support by local government and private health organizations such as UNICEF and WHO have driven the demand for pneumococcal vaccines market. For instance, GAVI, a private and public alliance have contributed US$ 1.5 billion to the Advanced Market Commitment (AMC) for pneumococcal vaccines. GAVI has helped 60 countries to incorporate pneumococcal vaccines in their routine programs and immunized more than 143 million children globally in 2020. Moreover, Gavi has committed US$ 4 billion for pneumococcal vaccine by the 2021. Moreover, growing incidences of pneumococcal diseases worldwide is the driving factor for the growing demand for pneumococcal vaccines. Pneumonia is the leading reason for death in children accounting for more than 25% of deaths of children below age of 5. Growing burden of antibiotic resistance is one of the major challenges faced by the market.
In terms of vaccine type, pneumococcal conjugate vaccines (PCV) held the largest share in the global pneumococcal market owing to more number of PCV products present in the market i.e. PCV10 and PCV 13. Moreover, on-going clinical trials of PCV15 and PCV20 by Merck & Co., Inc. and Pfizer, Inc. respectively will further drive the growth of PCV market during the forecast period. The pneumococcal polysaccharide vaccine (PPSV) market is projected to grow at steady rate during the forecast period. In terms of geography, North America held the largest share in the global pneumococcal vaccines market in 2020. Increasing government funding and awareness programs in the region is fueling the market. For instance, pneumococcal conjugate vaccine (PCV) has been introduced in the routine immunization program to curb the burden of pneumococcus diseases. Europe holds a significant share in the market due to efficient vaccination programs in countries such as Italy, Netherlands, United Kingdom and other countries. Asia Pacific is expected to grow at fastest rate during the forecast period owing to high incidences of pneumococcal diseases. High investment and partnerships by pharmaceutical companies will further drive the market. For instance, in 2020 Pfizer was granted patent protection for company’s PCV in India. The key players operating in the market include Pfizer, Inc., Merck & Co. Inc., and GlaxoSmithKline plc.
Browse the full report at https://www.acutemarketreports.com/report/pneumococcal-vaccines-market
Key Market Movements:
• Growing burden of pneumococcal diseases worldwide and growing awareness regarding the same
• Increasing government funding and introduction of effective vaccination programs to tackle the disease burden
• High demand for pneumococcal vaccines in developing nations to drive the market
• Strong support by WHO, UNICEF, GAVI and other private and public organization to fuel market growth
