Healthcare

Adult Vaccines Market Is Estimated To Witness High Growth Owing To Increasing Focus on Preventive Healthcare and Rising Government Initiatives for Vaccine Development

The global Adult Vaccines Market is estimated to be valued at US$ 16,790.11 Mn in 2022 and is expected to exhibit a CAGR of 7.1% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.

A) Market Overview:

The adult vaccines market involves the administration of vaccines to adults for the prevention and control of infectious diseases. Vaccines stimulate the immune system to produce an immune response similar to that produced by a natural infection, without causing the disease. With the growing awareness about the benefits of vaccinations, there has been a significant increase in the demand for adult vaccines.

Adult vaccines are used for the prevention of various diseases such as influenza, pneumococcal diseases, HPV, hepatitis, and meningococcal diseases, among others. These vaccines play a crucial role in preventing morbidity and mortality associated with these diseases. The increasing focus on preventive healthcare and rising government initiatives for vaccine development are driving the growth of the global adult vaccines market.

B) Market Dynamics:

1. Driver: Increasing focus on preventive healthcare

The increasing prevalence of infectious diseases and the rising burden of chronic diseases have led to a shift in focus toward preventive healthcare. Vaccination is one of the most effective and cost-effective preventive healthcare interventions. Governments and healthcare organizations across the globe are promoting adult vaccination programs to reduce the burden of vaccine-preventable diseases. For instance, the U.S. Centers for Disease Control and Prevention (CDC) recommends vaccines for adults to protect against diseases such as influenza, pneumonia, shingles, and hepatitis, among others. This increasing focus on preventive healthcare is expected to boost the demand for the adult vaccines market.

2. Opportunity: Rising government initiatives for vaccine development

Governments worldwide are taking initiatives and investing in the development and distribution of vaccines. For instance, the U.S. government has launched the “Operation Warp Speed” initiative to accelerate the development, manufacturing, and distribution of COVID-19 vaccines. Similarly, the Indian government has launched the National Immunization Program (NIP) to provide free vaccines to children and adults for various diseases. These government initiatives are expected to create immense opportunities for market players in the adult vaccines market.

C) Segment Analysis:

The global adult vaccines market can be segmented based on vaccine type and distribution channel. By vaccine type, the market can be further categorized into influenza vaccines, pneumococcal vaccines, HPV vaccines, hepatitis vaccines, and others. The influenza vaccine segment is expected to dominate the market due to the high incidence of seasonal influenza and the growing adoption of influenza vaccination programs.

D) PEST Analysis:

Political:

Governments across the globe are focusing on immunization programs and investing in vaccine development to control the spread of infectious diseases.

Economic:

The increasing burden of infectious diseases and the rising healthcare expenditure are driving the demand for adult vaccines.

Social:

Growing awareness about the benefits of vaccination and increasing healthcare literacy among the population are influencing market growth.

Technological:

Technological advancements in vaccine development and manufacturing processes are enabling the production of more effective and safer vaccines.

E) Key Takeaways:

1. The global adult vaccines market is expected to witness high growth, exhibiting a CAGR of 7.1% over the forecast period, due to increasing focus on preventive healthcare and rising government initiatives for vaccine development.

2. Regionally, North America is expected to be the fastest-growing and dominating region in the adult vaccines market, driven by the presence of key market players, favorable government regulations, and high healthcare spending.

3. Key players operating in the global adult vaccines market include GlaxoSmithKline Plc, Merck & Co., Sanofi Pasteur, Pfizer Inc., CSL Limited, Johnson & Johnson, Serum Institute of India, MedImmune, and AstraZeneca Plc. These players are focusing on research and development activities, strategic collaborations, and mergers and acquisitions to strengthen their market presence.

Money Singh

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.