NEWARK, Del, Dec. 29, 2022 (GLOBE NEWSWIRE) -- As per the reports published by FMI, the global pneumococcal vaccines market is projected to have an average-paced CAGR of 4.1% during the forecast period. The current valuation of the market is US$ 8.9 Bn in 2023. The pneumococcal vaccines market is expected to exceed a market valuation of US$ 13.3 billion by 2033. Future Market Insights analysts recorded a historical market valuation of US$ 8.5 Bn for the concerned market during the base year.
FMI has analyzed that due to the growth of the geriatric population the prevalence of pneumococcal disease is surging at a robust pace. This factor is the key stimulant behind the growth of the pneumococcal vaccine market. A major section of the urban population is inclined towards consuming tobacco and alcohol, which is leading to pneumococcal disorders like bloodstream infections, meningitis, bacteremic pneumonia, and more. Therefore, the pneumococcal vaccines market is estimated to propel at a robust pace through 2033.
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Additionally, the government across the developing regions is taking initiative to create awareness about bacterial pneumonia and is extending grants to the public authorities for the treatment of the same. This element prevailing in the market is likely to stir up the market landscape of pneumococcal vaccines in the long run.
Key Takeaways from the Pneumococcal Vaccines Market
- The pneumococcal vaccines market has witnessed an unprecedented surge of US$ 0.4 Bn from the base year to the current.
- The pneumococcal vaccines market is estimated to advance forward at a moderate pace, registering a CAGR of 4.1% through the forecast period.
- The Prevenar-13 segment by product type category has accounted for the highest share of the pneumococcal market with US$ 9,500 Mn in 2023.
- The public authorities segment by distribution channel category is estimated to hold dominant shares, trailing at a CAGR of 6.8% through the projection period.
“Rising disposable income and a growing population of patients, coupled with initial investments received from the government is likely to curate lucrative growth prospects for the pneumococcal vaccine manufacturers.” – Says an FMI Analyst.
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Competitive Landscape in the Pneumococcal Vaccines Market
The manufacturers in the pneumococcal vaccines market are indulging in activities that would fuel the rapid advancement of the industry through the forecast period. They are collaborating and entering into strategic partnerships with other prominent players proliferating in the market. Additionally, they are making significant investments in research and development activities to further launch products with advanced curing rates. They are entering into mergers and acquisitions to further strengthen their foothold in the market.
Panacea Biotech Ltd, Pfizer Inc, Sanofi S.A, Walvax Biotechnology Co. Ltd, and CSL Ltd are some of the key players in the market.
Recent Developments
- In September 2020, a Japanese pharmaceutical company, Shinogi, made an announcement to enter into a license agreement with Hanavax, a next-generation nasal vaccine manufacturer. The agreement was likely to assist the company in research and development activities, commercialization, manufacturing, and distribution of Streptococcus pneumonia vaccines developed by Hanavax.
- In December 2019, China-based biotechnology company, Walvax Biotechnology Co., Ltd. received approval from the regulatory body of China, the National Medical Products Administration for its pneumococcal-13 valent conjugate vaccine. This vaccine is also estimated to act as an alternative to Prevnar-13 for immunizing children in the age group of 6 months to 5 years.
- In January 2018, Pfizer, one of the global leaders in the pharmaceutical industry made an announcement to reduce the price of the PCV-13 4-dose vial vaccine from US$ 3.05 to US$ 2.95 per dosage in the Gavi-supported countries.
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Key Segments in the Pneumococcal Vaccines Market
By Product Type:
- Pneumococcal Polysaccharide Vaccines
- Pneumococcal Conjugate Vaccines
By Distribution Channel:
- Pharmacies
- Community Clinics
- Public Health Agencies
- Others
Table of Content
- Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
- Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
- Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
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