Pneumococcal Vaccines Market poised to increase by a CAGR of 7.3% over the forecast period 2021-2031 | Future Market Insights
As per a study by Future Market Insights (FMI), the global Pneumococcal Vaccines market is expected to surpass a valuation of US$ 10124.9 million by 2021, expanding at a value-based CAGR of 7.37% during the forecast period 2021 to 2031.
Increasing incidence of pneumococcal diseases such as pneumonia, meningitis, and bacteremia is driving the market growth. According to a report published by Centers of Disease Control and Prevention in 2018, over 150,000 people in the U.S. are required emergency medical assistance due to pneumonia and approximately 3,500 deaths are reported in the country because of bacteremia and meningitis.
Kids under the age of 5 years and adult over 65 years of age a more vulnerable to pneumococcal diseases. Pneumococcal vaccines plays a significant role in safeguarding people and also assist in the treatment of these diseases. Thus, the demand to curb the rising incidence of pneumonia is expected to create lucrative growth opportunities for the market.
Government and various organization such as UNICEF, the WHO, and others across the globe are taking initiatives to spread the awareness and reduce the burden of pneumococcal diseases. Attributed to this, the public health agencies is expected to remain the dominant the distribution channel segment over the next ten years.
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Key Takeaways from FMI’s Pneumococcal Vaccines Market Study
- The U.S. is anticipated to dominate the North America market on the back of high prevalence of pneumococcal diseases
- The market in the U.K. is likely to grow at a steady pace, owing to the presence of leading market player in the country.
- India will emerge as a highly lucrative market favored by the increasing number of government initiatives to curb the prevalence of pneumococcal diseases
- Due to large pool of coronavirus and number of medical institutes and hospitals in China, the market in the country is likely to project rapid growth.
- Based on product type, pneumococcal conjugate vaccines is estimated to lead the segment, supported by the increasing number of children vaccination programs.
“Several healthcare institutes, research centers, and leading manufacturers are focusing on research and development (R&D) and clinical trials for developing novel pneumococcal drugs to address the demand for vaccines for multiple serotypes. Their efforts are estimated to bode well for the market, spurring the sales,” says the Fact.MR analyst.
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Leading players operating in the pneumococcal vaccines landscape are increasingly investing in research and development and conducting clinical trial for developing novel pneumococcal drugs. Besides this, some of the market players are focusing on receiving approvals from regulatory bodies to launch the products. For instance,
In January 2021, Pfizer Inc, one of the leading pharmaceutical company announced receiving an approval from the U.S. Food and Drug Administration (FDA) for its new drug named, PREVNAR 20. It is a pneumococcal conjugate vaccines for prevention of invasive disease and pneumonia caused by 20 pnemococcus stereotypes in adults aged 18 years or older.
In December 2020, Serum Institute of India announced receiving a regulatory approval for its new vaccine, PNEUMOSIL® India’s first developed pneumococcal vaccine, from World Health Organization.
More Insights on the Global Pneumococcal Vaccines Market
In its new offering, Future Market Insights, offers detailed segmentation on global pneumococcal vaccines market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is classified on the basis of product type (pneumococcal polysaccharide vaccines, pneumococcal conjugate vaccines), and distribution channel (pharmacies, community clinics, public health agencies, and others), across major regions (North America, Eastern Europe, Asia Pacific excluding Japan, Middle East & Africa, and Japan).
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