Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
The global adult vaccines market was valued at US$ 12,806.4 million in 2016 and is now projected to expand significantly, recording a CAGR of 7.1% during the forecast period (2017-2025).
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Adult vaccines are gradually gaining significant traction worldwide, as there are increasing number of initiatives being undertaken by various government authorities for protection against viral and bacterial infections and diseases. In 2011, the World Health Organization (WHO), in coordination with a group of partners, initiated the Global Vaccine Safety Initiative, which was aimed at ensuring that all countries are provided with vaccine safety.
Surging prevalence of infections and the emergence of novel vaccines are significantly accelerating the global adult vaccines market growth. According to the Centers of Disease Control & Prevention (CDC), around 226,000 patients are hospitalized each year due to infection caused by influenza, of which around 3000-4000 patients are reported to be dead. However, these diseases could be prevented with minimal care and appropriate vaccination. Therefore, manufacturers are majorly focusing on the introduction of new vaccines into the global market in an effort to strengthen their market presence.
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In March 2018, GlaxoSmithKline Plc received approvals from the European Commission and Japanese Ministry of Health for its Shingles vaccine indicated for adults. Furthermore, in March 2018, Pfizer, Inc. introduced TRUMENBA in Canada, which is the only vaccine indicated for adolescents and young adults, aged between 18 years and 25 years, for the prevention of meningitis B, a potentially devastating disease.
The key market players are currently looking forward to developing multi-purpose and blockbuster drugs, which would promote a conducive environment for the global market growth. For instance, in August 2017, Dallas County Health & Human Services (DCHHS) introduced a flu vaccine, which is an all-in-one shot vaccine indicated for various flu strains, including H1N1. In January 2018, Bharat Biotech, an India-based pharmaceuticals company, collaborated with Typhoid Vaccine Acceleration Consortium (TVAC), to obtain the pre-qualification from the WHO for its typhoid conjugate vaccine, called Typbar TCV. Moreover, numerous companies are focusing on geographic expansion for generating a higher market revenue. For instance, in July 2017, Pfizer, Inc. introduced its Meningitis B jab TRUMENBA, indicated for adults, in the U.K.
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Key Market Takeaways:
- Rising awareness among the global populace about the benefits of vaccination, coupled with increasing government initiatives to reduce the global healthcare burden, foster the global market expansion to a great extent.
- The influenza vaccine segment holds the leading position in the global market, buoyed by the increasing prevalence of flu across the world.
- Among vaccine types, the multivalent segment dominates the global market, due to the higher efficacy and ability of these vaccines to enhance the innate immunity of individuals.
- Among regions, North America would potentially lead the global market, supported by the introduction of innovative solutions favorable reimbursement policies in the region.
- The key companies involved 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.
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