Pneumococcal Vaccine Market Size, Share, Trends, Industry Analysis Report, By Vaccine Type (Pneumococcal Conjugate Vaccine, and Pneumococcal Polysaccharide Vaccine); By Product Type; By End User; By Region; Segment Forecast, 2024 - 2032
- Published Date:Oct-2024
- Pages: 118
- Format: PDF
- Report ID: PM5107
- Base Year: 2023
- Historical Data: 2019-2022
Market Outlook
Pneumococcal vaccine market size was valued at USD 8.27 billion in 2023. The market is anticipated to grow from USD 8.79 billion in 2024 to USD 14.43 billion by 2032, exhibiting a CAGR of 6.4% during the forecast period.
Market Overview
An increase in awareness about pneumococcal Infection and expanded government-sponsored immunization programs are expected to accelerate the pneumococcal vaccine market in the forecast years. For instance, in June 2021, the Odisha government introduced the pneumococcal conjugate vaccine (PCV) as part of its universal immunization program. This strategic move aims to protect 800,000 young children by significantly reducing their risk of pneumonia and meningitis. Such initiatives underscore the increasing global commitment to combating pneumococcal infections and are likely to drive further pneumococcal market expansion in the forecast years.
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The formation of various alliances for vaccine distribution is expected to increase demand for pneumococcal vaccines globally, leading to the growth of the pneumococcal vaccine market in the forecast years. For instance, in 2022, GAVI (Global Alliance for Vaccines and Immunization) reported that coverage of the third dose of the pneumococcal conjugate vaccine (PCV3) rose to 70%, up from 56% in 2019-2021 among GAVI's 57 member countries. This increase, surpassing initial estimates, marks a significant milestone in improving PCV coverage and reducing the burden of childhood pneumococcal disease in low-income regions.
Growth Drivers
Rising Incidence of Pneumococcal Disease Across All Age Groups
The rising incidence of pneumococcal disease across all age groups is driving the market for pneumococcal vaccines in the forecast years. Increased rates of infections, including severe conditions such as pneumonia, meningitis, and bacteremia, are boosting the demand for effective preventive measures. This increase in disease prevalence, driven by factors like aging populations, underlying health conditions, and antibiotic resistance, underscores the importance of vaccination. As awareness grows and healthcare systems emphasize preventive care, the demand for pneumococcal vaccines is expected to rise, leading to the growth of the pneumococcal vaccines market during the study period.
Health Policies Promoting Widespread Vaccination
The pneumococcal vaccine market is primarily being driven by government initiatives and health policies that promote widespread vaccination. Policies include incorporating pneumococcal vaccines into routine immunization schedules and recommending them for high-risk groups such as the elderly and young children. These actions are leading to a significant increase in vaccine uptake. Additionally, funding programs and public health campaigns are aimed at raising awareness and accessibility, further boosting vaccine adoption. These initiatives not only enhance public health but also stimulate market growth by ensuring broader coverage and consistent demand. As governments continue to prioritize vaccination for disease prevention, the pneumococcal vaccine market is expected to experience substantial growth.
Restraining Factors
Regulatory Hurdles
The pneumococcal vaccine market faces many challenges due to stringent regulations to develop new vaccines such as lengthy approval processes. These regulations are important for the safety and effectiveness of vaccines. This often leads to time-consuming especially on new vaccine development discouraging potential investors that may hinder the demand for the pneumococcal vaccine market in coming years.
Report Segmentation
The market is segmented based on vaccine type, product type, end user, and region.
By Vaccine Type Analysis
The Pneumococcal polysaccharide vaccine segment accounted for the largest market share in 2023
The pneumococcal polysaccharide vaccine (PPV) segment held the largest revenue share in the pneumococcal vaccine market. This dominance is largely due to its broad coverage of multiple pneumococcal strains and its established use in preventing serious infections among adults, particularly those with underlying health conditions. The polysaccharide vaccine's proven efficacy in reducing severe disease outcomes leading to the increase in consumption by the majority of the population share.
The Pneumococcal conjugate vaccine (PCV) segment is projected to grow at a CAGR during the projected period in the pneumococcal vaccine market. The pneumococcal conjugate vaccine (PCV) offers better in improving the immunity and retaining immunity compared to PPV. Furthermore, the advanced developed pneumococcal conjugate vaccines cover more range of streptococcus pneumoniae driving the segment’s growth.
By Product Type Analysis
The Synflorix segment is expected to witness the highest growth during the forecast period.
Synflorix segment is projected to grow at a CAGR during the projected period in the pneumococcal vaccine market, mainly due to its cost-effectiveness, Synflorix is particularly favored in countries with budget constraints, boosting its market penetration. This rising demand in developing regions contributes significantly to its rapid growth rate compared to other pneumococcal vaccines.
The Prevnar 13 segment garnered the fastest CAGR in the pneumococcal vaccine market. The fastest share is driven by factors such as being widely available globally. Prevnar 13 caters wider range of age demands as it gets government approval for all types of ages like adults, infants, and children due to its efficient profile.
Regional Insights
The North American region registered the largest share of the global market in 2023
The North American region held the dominant share in the pneumococcal vaccine market. The North American region has a strong healthcare infrastructure, widespread early adoption of vaccines, and a growing number of FDA approvals. The area benefits from a strong network of major pharmaceutical companies that drive innovation and market expansion. Additionally, the high level of healthcare access and awareness contributes to the increased uptake of pneumococcal vaccines, solidifying North America's leading position in the global market.
For instance, in June 2021, Pfizer Inc. announced that PREVNAR 20, a pneumococcal 20-valent conjugate vaccine approved by the U.S. FDA for the prevention of invasive pneumococcal disease and pneumonia for adults ages 18 years or older.
Asia Pacific region is projected to register the fastest growth over the study period in the pneumococcal vaccine market, this is due to increased investment in vaccine development, a rapidly expanding population, and a rising incidence of pneumococcal infections. Additionally, significant investments in biopharmaceutical research and development are further boosting market expansion in the region, leading to the fastest growth of pneumococcal vaccine market in the region during forecast period.
Key Market Players & Competitive Insights
Strategic partnerships to drive the competition
The pneumococcal vaccine market is fragmented. The growing investments in R&D for pneumococcal vaccines and new technology impacting the global market. Moreover, cost reduction in PCV and development of vaccines in middle-income countries drive the pneumococcal vaccine market growth during the forecast period. For instance, in September 2022, Indonesia launched the pneumococcal conjugate vaccine (PCV) nationwide aiming to access PCV all over Indonesia at the lowest price for children.
Some of the major players operating in the pneumococcal vaccine market include
- GSK plc
- Pfizer Inc.
- Merck KGaA
- Serum Institute of India Pvt. Ltd.
- CSL Ltd.
- Sanofi S.A.
- Walvax Biotechnology Co., Ltd.
- Beijing Minhai Biotechnology Co., Ltd
- Johnson & Johnson
- AstraZeneca
- Novavax
Recent Developments in the Industry
- In April 2024, Merck announced results from the STRIDE-10 Phase 3 trial of its investigational V116 pneumococcal vaccine at the ESCMID Global conference in Barcelona. V116, a 21-valent vaccine, demonstrated non-inferior immune responses compared to PPSV23 for shared serotypes and superior responses for additional serotypes. The safety profile was comparable. The FDA and EMA are currently reviewing V116, with the FDA granting priority review and a PDUFA date of June 17, 2024.
- In December 2023, Sinovac Life Science announced clinical trials for Pneumococcal Polysaccharide Conjugate Vaccine (PCV13) that includes 13 serotypes among children of age categories 2-23 months and 3-60 months. The evaluation was aimed at elucidating immunogenicity profiles and safety aspects associated with the Sinovac PCV13.
Pneumococcal Vaccine Market Segmentation: `
By Vaccine Type Outlook (USD billion, 2019 - 2032)
- Pneumococcal conjugate vaccine
- Pneumococcal polysaccharide vaccine
By Product Outlook (USD billion, 2019 - 2032)
- Prevnar 13
- Synflorix
- Pneumovax23
- Others
By End User Outlook (USD billion, 2019 - 2032)
- Public Sector
- Private Sector
By Regional Outlook (USD billion, 2019 – 2032)
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Netherlands
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Malaysia
- South Korea
- Indonesia
- Australia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
Report Coverage
The pneumococcal vaccine market report emphasizes key regions across the globe to provide a better understanding of the product to the users. Also, the report provides market insights into recent developments, and trends and analyzes the technologies that are gaining traction around the globe. Furthermore, the report covers an in-depth qualitative analysis pertaining to various paradigm shifts associated with the transformation of these solutions.
The report provides a detailed analysis of the market while focusing on various key aspects such as competitive analysis, vaccine type, product type, distribution channel, and futuristic growth opportunities.
Pneumococcal Vaccine Market Report Scope
|
Report Attributes |
Details |
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Market Size Value in 2024 |
USD 8.79 billion |
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Revenue Forecast in 2032 |
USD 14.43 billion |
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CAGR |
6.4% from 2024 – 2032 |
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Base Year |
2023 |
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Historical Data |
2019 – 2022 |
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Forecast Period |
2024 – 2032 |
|
Quantitative Units |
Revenue in USD billion and CAGR from 2024 to 2032 |
|
Segments Covered |
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Regional Scope |
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Competitive Landscape |
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Report Format |
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Customization |
Report customization as per your requirements with respect to countries, regions, and segmentation. |
FAQ's
The Pneumococcal Vaccine Market size was valued at USD 8.27 billion in 2023 and is projected to grow to USD 14.43 billion by 2032.
The global market is projected to grow at a CAGR of 6.4% during the forecast period, 2024-2032.
North America had the largest share in the global market
The key players in the market are GSK plc, Pfizer Inc., Merck KGaA, Serum Institute of India Pvt. Ltd., CSL Ltd., Sanofi S.A., Walvax Biotechnology Co., Ltd., Beijing Minhai Biotechnology Co., Ltd, Johnson & Johnson, AstraZeneca and Novavax.
The Pneumococcal Polysaccharide Vaccine (PPV) Type segment is anticipated to experience substantial growth with a significant CAGR in the global market. This growth is due to largely due to PPV’s broad coverage of multiple pneumococcal strains.
The Synflorix segment accounted for the largest revenue share of the market in 2023 due to due to its cost-effectiveness.
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