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Adult vaccines help in preventing various diseases in adults such as influenza, tetanus, hepatitis, pneumococcal disease and herpes zoster. Vaccines like influenza, pneumococcal polysaccharide and herpes zoster vaccines are commonly recommended for adults above the age of 18 years. Growing concerns regarding preventable diseases and emphasis on preventive healthcare are the major factors that are expected to drive the growth of the global adult vaccines market. Adult vaccination helps in reducing the risk of illnesses, healthcare cost burden, and loss of productivity.
The global adult vaccines market is estimated to be valued at US$ 16,790.11 Mn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the market growth is the growing emphasis on preventive healthcare. Preventive healthcare programs aim to prevent the occurrence of diseases instead of just treating them. These programs promote healthy living habits and regular health checkups including vaccination for adult population. According to the Organization for Economic Co-operation and Development (OECD), preventive healthcare programs mitigate future health and economic burdens and are considered as highly cost-effective. Furthermore, adult vaccination helps in reduced missed workdays, healthcare cost savings for individuals as well as employers. These factors are expected to boost the demand for adult vaccination programs over the forecast period. Another driver for the market growth is rising prevalence of diseases such as influenza, tetanus, diphtheria, and pneumonia among adults. According to the World Health Organization (WHO), influenza causes severe illnesses in around 3 to 5 million people worldwide and leads to around 290,000 to 650,000 respiratory deaths annually. Immunizing adults against these diseases aids in curbing their incidence rates, thereby boosting the adult vaccines market growth.
Segment Analysis
The adult vaccine market is segmented by product type, age group, distribution channel, and geography. Vaccines preventable illnesses has emerged as the dominating sub segment under the product type segment owing to the high prevalence of diseases preventable by vaccination in adult population globally. Within vaccines preventable illnesses segment, the influenza segment holds the largest market share as influenza immunization is recommended annually for all adults in many countries.
PEST Analysis
Political: Countries are increasingly focusing on expanding their national immunization programs by including additional adult vaccines to their routine vaccination schedules. Some governments also provide vaccination subsidies to increase adult vaccination rates.
Economic: Rising healthcare expenditures and improved access to healthcare driven by economic growth is fuelling the adult vaccines market growth. However, high vaccination costs pose a challenge.
Social: Increasing awareness about vaccine preventable diseases and their severe consequences is driving adults to voluntarily get recommended vaccines. Sedentary lifestyles coupled with growing geriatric population also contributes to market growth.
Technological: Companies are developing new recombinant and antibody-based vaccines with improved safety and efficacy profiles. Advancements in vaccine technologies help address the complex immunological challenges associated with vaccinating adults.
Key Takeaways
The global adult vaccines market is expected to witness high growth during the forecast period. The global adult vaccines market is estimated to be valued at US$ 16,790.11 Mn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030.
Regionally, North America dominates the global market currently due to supportive government policies for adult immunization and presence of major players in the region. However, Asia Pacific region is poised to witness the fastest market growth during the forecast period with major emerging countries like China and India propelling market expansion.
Key players operating in the adult vaccines market are GlaxoSmithKline Plc, Merck & Co., Sanofi Pasteur, Pfizer Inc., CSL Limited. GlaxoSmithKline Plc holds the largest market share currently owning to its broad adult vaccine portfolio including Shingrix for shingles. Pfizer Inc., Sanofi Pasteur, and Merck & Co. are other leading players dominating the influenza vaccines segment with their strong brand presence worldwide.
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- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
