by The global Adult Vaccines Market is estimated to be valued at US$ 17982.21 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 Overview:
Adult vaccines help in preventing various infectious diseases in adults aged 19 years and above by boosting their immunity against targeted pathogens. Commonly available adult vaccines include tetanus, influenza, pneumococcal, pertussis, herpes zoster, and human papillomavirus vaccines. The need for adult immunization stems from high prevalence of vaccine-preventable diseases in adults. Effective vaccination of adults also helps in reducing disease transmission to children and the elderly population.
Market key trends:
One of the key trends witnessed across the adult vaccines market is increasing use of cloud computing technologies by vaccine manufacturers to analyze real-world data for improving clinical research and development efforts. Cloud computing enables analyzing large volumes of data for gaining insights into vaccine effectiveness, predicting outbreaks, and gauging market needs. This helps manufacturers optimize production planning and scale up supplies for seasonal vaccines based on changing demand trends. Advanced data analytics further allows evaluating post-marketing vaccine safety using vast amounts of data from hospital records and health databases. This facilitates development of enhanced vaccines catering to evolving disease epidemiology and high-risk groups over time.
Porter’s Analysis:
Threat of new entrants: The adult vaccines market requires huge R&D investments and regulatory approvals which makes the threat of new entrants moderate in this market.
Bargaining power of buyers: The bargaining power of buyers is moderate given the availability of substitute vaccines and focus on preventive healthcare.
Bargaining power of suppliers: A few global players dominate the supply market for key vaccine components giving them significant bargaining power over buyers.
Threat of new substitutes: The threat of substitutes is low as adult vaccines have few alternatives for disease prevention and are recommended by health organizations globally.
Competitive rivalry: The market sees fierce competition between major players to develop novel vaccines owing to high growth opportunities.
Key Takeaways:
The Global Adult Vaccines Market Size is expected to witness high growth, exhibiting CAGR of 7.1% over the forecast period, due to increasing prevalence of diseases and rising focus on immunization programs globally.
Regional analysis:
North America dominates the global adult vaccines market currently owing to presence of major players, high awareness levels, and routine healthcare checkups in the region. Asia Pacific is expected to grow at the fastest pace during the forecast period due to rising healthcare investments, growing medical tourism, and increasing focus of players entering emerging countries.
Key players:
Key players operating in the adult vaccines market are GlaxoSmithKline Plc, Merck & Co., Sanofi Pasteur, Pfizer Inc., CSL Limited, Johnson & Johnson, Serum Institute of India, Medimmune, and AstraZeneca Plc. GlaxoSmithKline Plc leads the market with its diversified product portfolio for vaccination against various diseases prevalent among adults worldwide.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
