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The pneumococcal vaccines market studied was projected to grow with a CAGR of nearly 7.5% over the forecast period. The major factor attributing to the growth of the market increasing the prevalence of pneumococcal contaminations.
According to National Center for Immunization and Respiratory Diseases, each year in the United States, more than 250,000 people are hospitalized due to pneumonia and about 50,000 people die from the disease each year in the United States. Furthermore, the growing awareness programs initiated by the government are also boosting the market growth. Rising production of novel vaccines is also another major factor for market growth.
However, the high cost involved in the production of vaccines, and the long duration for the process of production are the major drawbacks for market growth.
Key Market Trends
Pneumococcal conjugate vaccine segment expected to dominate the market throughout the forecast period
A conjugate vaccine is a substance that is comprised of a polysaccharide antigen fused to a carrier molecule. This improves the stability and efficacy of the vaccine. The Pneumococcal conjugate vaccine segment is a major contributor to the global pneumonia vaccine market, this is credited to the wide age group that is covered by this type of vaccine. These vaccines can vaccinate infants and children from 6 weeks to 5 years of age to prevent pneumonia and acute otitis media.
Furthermore, the conjugate vaccine stimulates immunological memory and reduces asymptomatic delivery of the bacteria, resulting in marked group immunity. Hence this segment has a higher market share.
North America Dominates the Market and Asia Pacific is Expected to grow at a higher CAGR in the Forecast Period
North America is expected to dominate the overall market, throughout the forecast period. Factors such as the presence of key players and established healthcare infrastructure are the key factors accountable for its large share in the market. Furthermore, beneficial government initiatives and an increase in the number of research partnerships are some of the drivers expected to increase the market growth. The Asia Pacific is the fastest-growing region due to the high prevalence of pneumococcal infection. The major countries of this region have the highest-burden in the world and hence there is more need for vaccination to prevent the disease.
The pneumococcal vaccine market is highly consolidated and consists of a few players. Some of the companies which are currently dominating the market are GlaxoSmithKline plc, Pfizer Inc., CSL Ltd., Merck & Co., Inc., Serum Institute of India Pvt. Ltd., Sanofi Pasteur Inc.
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