Pneumococcal Vaccines Market Expectations to Reach at 7.5% CAGR by 2026 | Overview on 10 Companies Based on the Type of Vaccine, Product, Method and End-User
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Pneumococcal Vaccines Market Insights
Pneumococcal vaccine aids in prevention of infection caused by streptococcus pneumoniae bacteria. Pneumococcal conjugate vaccine and pneumococcal polysaccharide vaccine are the two types of pneumococcal vaccines. The Centers for Disease Control and Prevention (CDC) recommends pneumococcal conjugate vaccination for all children younger than 2 years old, all adults 65 years or above, and for people 2-64 years old with certain medical conditions. The CDC recommends pneumococcal polysaccharide vaccination for all adults 65 years or above, people 2-64 years old with certain medical conditions, and adults 19-64 years that are addicted to smoking.
The global pneumococcal vaccines market size was valued at US$ 7,376.6 million in 2018 and is expected to witness a CAGR of 7.5% over the forecast period (2018 – 2026).
Key players in the market are focused on partnering with various governments, which is expected to boost the pneumococcal vaccines market growth
Pneumonia is associated with high mortality worldwide, which is expected to boost the use of pneumococcal vaccines over the forecast period. For instance, according to the World Health Organization (WHO) November 2016, pneumonia accounted for 16% of all deaths of children under 5 years old in 2015, with 920,136 deaths, globally.
Furthermore, key players in the market are focused on partnering with the Global Alliance for Vaccines and Immunization (GAVI). This is also expected to significantly contribute to the market growth. For instance, in March 2016, GSK (Glaxo Smith Kline) announced the introduction of pneumococcal vaccine at the lowest price – US$ 3.05 from 2017, a reduction of 10% from the 2016 price (US$ 3.40). Such tiered pricing approach enables emerging economies to cater to increasing demand for vaccines for large proportions of the target population. This price is set to be available through the pilot Advance Market Commitment (AMC) to all GAVI countries. Moreover, the vaccine will be sold at the same price for 10 years after transition.
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Pneumococcal Vaccines Market- Regional Analysis
Regional segmentation of the global pneumococcal vaccines market by Coherent Market Insights comprises North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
North America is expected to be the dominant region for pneumococcal vaccines market. This is majorly due to presence of key players in the region, which are focused on gaining regulatory approvals for novel pneumococcal vaccines.
Moreover, increasing mortality rate associated with pneumonia, growing awareness regarding pneumonia infection, and its underlying symptoms among the U.S. population are expected to contribute to significant market growth in the region during the forecast period. For instance, according to the American Lung Association: 2015, around 56,832 deaths were registered due to pneumonia and influenza in 2013, which combined were the eighth leading cause of death in the U.S.
Growing healthcare infrastructure in emerging economies such as India and China and increasing initiatives by government bodies to include pneumococcal vaccine in their respective healthcare immunization programs contribute to wider adoption of pneumococcal vaccines in Asia Pacific. For instance, in November 2016, China Food and Drug Administration (CFDA) approved Pfizer, Inc.’s pneumococcal vaccine Prevenar 13, which is indicated to help prevent pneumococcal disease in infants aged between 6 weeks to 15 months.
Moreover, in 2017, Government of India, in collaboration with GAVI, launched Pneumococcal Conjugate Vaccine (PCV) vaccines in three states of the country at low cost. Furthermore, under this partnership, 60% of all GAVI-procured vaccines will be manufactured in India.
These activities coupled with increasing approval of vaccines are expected to support growth of Asia Pacific pneumococcal vaccines market over the forecast period.
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Pneumococcal Vaccines Market- Competitive Landscape
Various manufacturers are focused on new projects that target diseases with no existing vaccine for various age groups. For instance, in April 2018, Merck, which is also known as MSD outside of the U.S. and Canada, started two Phase 3 studies for PCV-15 (V114), an investigational polyvalent conjugate vaccine against pneumococcal disease.
Key players operating in the pneumococcal vaccines market include, Pfizer, Inc., Merck & Co. Inc., and GlaxoSmithKline plc.
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