Adult vaccines provide immunity or protection from certain types of infectious diseases for adults. The rise in lifestyle-associated diseases and chronic illnesses among adults has fueled the need for adult vaccines. Adult vaccination protects individuals and prevents the spread of infectious diseases.
The global Adult Vaccines Market is estimated to be valued at US$ 16,790.11 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 key trends:
The growing awareness on prevention of infectious diseases through vaccination among adults across the world is a major trend propelling the growth of the adult vaccines market. Several governments and non-profit organizations are undertaking various initiatives to educate people about the benefits of adult vaccinations. For instance, initiatives such as ‘Call to Action’ by the World Health Organization (WHO) aims to increase vaccination rates among adults aged over 60 years to prevent diseases such as herpes zoster, influenza, etc. Additionally, introduction of new adult vaccines is another key trend in the market. Major manufacturers are investing heavily in R&D activities focused on development and commercialization of novel vaccines for diseases prevalent among adults.
SWOT Analysis
Strength: Adult vaccines help reduce the burden of diseases that plague adults like influenza, shingles, pneumonia etc. They protect the health and productivity of adults.
Weakness: Limited awareness about adult immunization especially in developing countries is a key weakness. High costs of vaccines also limit widespread adoption.
Opportunity: Growing geriatric population worldwide is increasing the market opportunity for adult vaccines. Emergence of new adult vaccine preventable diseases will drive demand.
Threats: Stringent regulations for vaccine development and approval poses a challenge. Significant R&D investments required also threaten smaller players.
Key Takeaways
The global adult vaccines market is expected to witness high growth. The global adult vaccines market is estimated to be valued at US$ 16,790.11 Mn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030.
North America currently dominating the adult vaccines market led by growing awareness, recommendations by healthcare providers and supportive government policies for immunization. The Asia Pacific region is fastest growing market for adult vaccines driven by large population base and economic growth in various countries.
Key players operating in the adult vaccines market are GlaxoSmithKline Plc, Merck & Co., Sanofi Pasteur, Pfizer Inc., CSL Limited. GlaxoSmithKline is a major player with its Shingrix vaccine for shingles prevention. Merck & Co. also has a strong portfolio with its pneumococcal and herpes zoster vaccines. Sanofi Pasteur, Pfizer and CSL are other prominent suppliers engaged in developing and marketing adult vaccines for diseases like influenza and pneumonia.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.