February 21, 2024

The Nasal Vaccines Market Is Driven By Rising Awareness About Effective Immunization

The nasal vaccines market is growing rapidly owing to rising prevalence of infectious diseases and advantages offered by nasal vaccines over traditional injections. Nasal vaccines are self-administered through nasal spray and provides non-invasive and needle-free mode of vaccination. They induce local mucosal immunity at entry points of respiratory infections which blocks pathogen entry and transmission. Nasal vaccines eliminate risks of infections caused by reuse of needles in traditional injections and helps in ensuring higher patient compliance.

The global Nasal Vaccines Market is estimated to be valued at US$ 416.8 Million in 2024 and is expected to exhibit a CAGR Of 5.7% over the forecast period 2024 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the nasal vaccines market is rising focus on development of thermostable nasal vaccines. Currently available nasal vaccines need to be stored and transported at cold temperature which hinders their accessibility in remote areas with lack of cold chain infrastructure. Leading players are conducting research studies to develop thermostable liquid nasal vaccine formulations which can withstand higher temperature for longer duration without losing their potency. For instance, in 2020 researchers from Bharat Biotech developed a thermostable nasal vaccine prototype for COVID-19 which was stable at 37–40°C for 3 months. Such innovations will help in improving availability of nasal vaccines globally.

Porter’s Analysis

 

Threat of new entrants: The threat of new entrants in the nasal vaccines market is moderate. High capital requirements and stringent regulations by global health authorities act as a deterrent for new players. However, rising demand presents opportunities for new players with innovative solutions.

Bargaining power of buyers: The bargaining power of buyers is moderate. The presence of several vaccine manufacturers allows buyers to negotiate on pricing. However, patented vaccines give manufacturers an edge.

Bargaining power of suppliers: The bargaining power of suppliers is moderate. Key raw material suppliers have a significant influence on pricing. However, established manufacturers can source from alternative suppliers to reduce dependence.

Threat of new substitutes: The threat of new substitutes is low as nasal vaccine is a unique non-invasive alternative to injections providing mucosal immunity. Oral vaccines are a weak substitute with limited efficacy.

Competitive rivalry: The competitive rivalry is high due to the presence of large multinational players investing in R&D. Manufacturers compete on pricing, innovative solutions, and expanding their geographical presence.

Key Takeaways

The Global Nasal Vaccines Market Demand is expected to witness high growth over the forecast period aided by the rising incidence of respiratory infections. The global Nasal Vaccines Market is estimated to be valued at US$ 416.8 million in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2024 to 2030.

North America is expected to hold the largest share of the nasal vaccines market during the forecast period due to the growing adoption of advanced vaccination technologies and rising disease awareness. The market in Asia Pacific is likely register the fastest growth due to increasing healthcare expenditure, surge in vaccination programs, and expansion of key players in the region.

Key players: Key players operating in the nasal vaccines market include AstraZeneca, Serum Institute of India Pvt. Ltd, Bharat Biotech, Abbott, BioDiem, Antares Pharma, PharmaJet, and others. Players are involved in new product launches and expansion of production facilities to strengthen their market position.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it