Dublin, Sept. 03, 2024 (GLOBE NEWSWIRE) — The “Pneumococcal Vaccine Market Report by Vaccine Type, End User, and Region 2024-2032” report has been added to ResearchAndMarkets.com’s offering.
The global pneumococcal vaccine market size reached US$ 9.4 Billion in 2023. Looking forward, the market is set to reach US$ 14.4 Billion by 2032, exhibiting a growth rate (CAGR) of 4.85% during 2023-2032
The market is driven by the growing occurrence of sepsis and pneumonia diseases, rising aging population, increasing healthcare spending, governing agencies initiatives and funding, regulatory support and approvals, public health campaigns, and advancements in vaccine technology.
High healthcare spending allows governments and private healthcare sectors to invest more in vaccination programs, leading to enhanced access and cost-effectiveness of pneumococcal vaccines, thereby increasing vaccination coverage rates across populations. In line with this, increasing healthcare spending often translates into better healthcare infrastructure, including vaccination clinics, distribution networks, and trained healthcare professionals. This infrastructure aids in the management and advocacy for pneumococcal vaccines, thus contributing to the growth of the market.
Furthermore, high healthcare spending can lead to an increasing investment in research and development (R&D) activities by pharmaceutical companies, which encourages the enhancement of pneumococcal vaccines that work better, cover more serotypes or need fewer doses. According to the content updated in 2024 on the website of the Centers for Medicare & Medicaid Services, the health spending share of GDP is forecasted to grow from 17.3 percent in 2022 to 19.7 percent in 2032.
Growing aging population
Older people are more prone to pneumococcal infections, including pneumonia or invasive pneumococcal disease, due to weakened immune systems and underlying health conditions. This increasing vulnerability is leading to high utilization of pneumococcal vaccines to avoid such severe illnesses. Besides this, many governing agencies and healthcare organizations recommend pneumococcal vaccination for elderly populations as part of routine immunization schedules, which encourages healthcare providers and older adults to prioritize vaccination, thereby driving the pneumococcal vaccine demand.
In addition, healthcare sectors prioritize preventive care strategies for aging populations to improve their health and minimize hospital readmissions. An article published on the website of the World Health Organization (WHO) shows that individuals aged over 60 are expected to double by 2050, reaching nearly 2.1 billion worldwide.
Increasing prevalence of sepsis
As per the content updated in 2024 on the website of the World Health Organization (WHO), almost 20 million of all estimated sepsis cases worldwide occurred in children under 5 years of age. Streptococcus pneumoniae, which causes pneumococcal infections, is one of the leading causes of sepsis, especially among children those with weakened immune systems. The rising occurrence of sepsis caused by pneumococcal infections underlines the importance of preventive approaches such as vaccination. In addition, vaccination against Streptococcus pneumoniae significantly reduces the risk of pneumococcal infections, including those that can lead to sepsis.
By preventing pneumococcal diseases, vaccines help mitigate the overall burden of sepsis in healthcare settings. Apart from this, they reduce the overall burden of sepsis in care settings by preventing pneumococcal diseases. Furthermore, the administration of pneumococcal vaccines as a protective strategy against sepsis is increasing their sales. Prevention of sepsis morbidity and mortality through vaccination in public health intervention across the globe is supporting the market growth.
Pneumococcal Vaccine Market Highlights:
- Major Market Drivers: The rise in the number of target diseases, along with governing agencies initiatives worldwide, is facilitating the market growth.
- Key Market Trends: The growing investments in research and development (R&D) activities and increasing number of pneumonia diseases are positively influencing the market.
- Geographical Trends: North America holds the largest segment because of strong healthcare infrastructure and ongoing innovations in technology.
- Competitive Landscape: Some of the major market players in the pneumococcal vaccine industry include Astellas Pharma Inc., GlaxoSmithKline Plc., Merck & Co. Inc., Panacea Biotec Ltd., Pfizer Inc., Sanofi S.A., Serum Institute of India Pvt Ltd and Walvax Biotechnology Co. Ltd., among many others.
- Challenges and Opportunities: While the market faces challenges like medical concerns associated with the vaccine, which impacts the market, it also encounters opportunities in the development and approval of novel vaccines.
Key Questions Answered in This Report
- What was the size of the global pneumococcal vaccine market in 2023?
- What is the expected growth rate of the global pneumococcal vaccine market during 2024-2032?
- What has been the impact of COVID-19 on the global pneumococcal vaccine market?
- What are the key factors driving the global pneumococcal vaccine market?
- What is the breakup of the global pneumococcal vaccine market based on the vaccine type?
- What is the breakup of the global pneumococcal vaccine market based on the product type?
- What is the breakup of the global pneumococcal vaccine market based on the distribution channel?
- What are the key regions in the global pneumococcal vaccine market?
- Who are the key players/companies in the global pneumococcal vaccine market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 143 |
| Forecast Period | 2023 – 2032 |
| Estimated Market Value (USD) in 2023 | $9.4 Billion |
| Forecasted Market Value (USD) by 2032 | $14.4 Billion |
| Compound Annual Growth Rate | 4.9% |
| Regions Covered | Global |
Competitive Landscape
- Astellas Pharma Inc.
- GlaxoSmithKline Plc.
- Merck & Co. Inc.
- Panacea Biotec Ltd.
- Pfizer Inc.
- Sanofi S.A.
- Serum Institute of India Pvt Ltd.
- Walvax Biotechnology Co. Ltd.
Pneumococcal Vaccine Market Segmentation:
Breakup by Vaccine Type:
- Pneumococcal Conjugate Vaccine
- Pneumococcal Polysaccharide Vaccine
Breakup by Product Type:
- Prevnar 13
- Synflorix
- Pneumovax 23
Breakup by Distribution Channel:
- Distribution Partner Companies
- Non-Governmental Organizations (NGO)
- Government Authorities
Breakup by End User:
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
For more information about this report visit https://www.researchandmarkets.com/r/hjtdos
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- Pneumococcal Vaccine Market
