Pneumonia Vaccine Market Size Is Expected to Touch a Value of $10,215 Million by 2025
The global pneumonia vaccine market is expected to reach $10,215 million by 2025, registering a CAGR of 5% from 2018 to 2025, in terms of value.
Pneumonia is a lung infection that occurs in one or both the lungs caused by bacteria, virus, or fungi; however, bacterial pneumonia is the most common form occurring in adults.
Pneumonia results in inflammation in the air sacs (known as alveoli) of the lungs, which results in filling the alveoli with fluid (pus cells), thus causing breathing problems. Pneumococcal disease is common in young children, but older adults are at greatest risk of serious pneumococcal infections and even death.
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Pneumonia vaccines are primarily administered to children less than 2-years old and adults aged 65 years and older. This vaccine helps individuals provide immunization against 13 types of pneumococcal bacteria that causes infection in the lungs.
The key factors that drive the growth of the global pneumonia vaccine market include increase in prevalence of pneumonia across the globe, rise in government focus on immunization programs for pneumonia, and introduction of novel pneumococcal vaccines such as PCV10. However, longer timelines required for pneumonia vaccine production and high costs associated with development of such vaccines restrain the market growth. Development of protein-based combination pneumococcal vaccines is expected to offer lucrative opportunities for the expansion of this market during the forecast period.
Based on type, pneumococcal conjugate vaccine (PCV) is expected to maintain its dominant (more than half of the market share in 2017) position during the analysis period as it is been widely prescribed as compared to pneumococcal polysaccharide vaccine (PPV).
Based on product, the Prevnar 13 segment held the major market share in 2017 and is expected to dominate the market throughout the forecast period, owing to the wide usage and its efficiency in pneumonia prevention.
Based on sector, the private sector dominates the overall market for pneumonia vaccines and is expected to dominate the market throughout the forecast period due to the higher prices of the vaccine in the private market.
Based on distribution channel, the distribution partner companies segment held majority of the market share in 2017, owing to the wide coverage of the private entities. This segment is expected to dominate the market during the forecast period due to majority of private vaccines purchases which are comparatively expensive are distributed from these companies. Hence, the distribution partner companies hold larger share.
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North America accounted for nearly three-fifth of the global market in 2017 and is expected to remain dominant throughout the forecast period. This is attributed to the higher prevalence in the developing countries such as India and China, increase in government healthcare expenditure, rise in demand for better healthcare, and surge in number of childbirths in the region. Moreover, government support and development of protein-based combination pneumococcal vaccines are the factors expected to present new growth opportunities to the players in this market
The Major Key Players Are:
Glaxosmithkline plc., LG Chem Ltd., Merck & Co., Inc., Panacea Biotec Limited, Pfizer Inc., Pnuvax Incorporated, Serum Institute of India Pvt. Ltd., Shenzhen Kangtai Biological Products Co., Ltd. (Beijing Minhai Biotechnology Corporation Limited), SK Bioscience, and Walvax Biotechnology Co., Ltd.
Key Findings of the Pneumonia Vaccine Market:
1. The pneumococcal conjugate vaccine (PCV) segment is expected to grow with a CAGR of 5.1% from 2017 to 2025.
2. Prevnar 13 vaccine is expected to be the fastest growing product with a CAGR of 5.1%.
3. The distribution partner companies held approximately half of the global market share and is expected to remain dominant throughout the forecast period.
4. The private segment held more than threeforth share in the global market and is expected to remain dominant throughout the forecast period.
5. Asia-Pacific is expected to be the fastest growing region, registering a CAGR of 6.6% during the forecast period.
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