U.S (New York) – Report Ocean has recently published a comprehensive research report titled “Pneumonia Vaccine Market” Research Report 2023-2031. This report delves deep into the market and offers valuable insights into (Key Market Trends, Emerging Technologies, Market Drivers and Challenges of the Industry, Regulatory Policies), company profiles of key players, and their strategies. With over 100+ market data tables, pie charts, graphs, and figures, this global market study is now available. The report provides a thorough evaluation of the market, (Encompassing Future Trends, Current Growth Factors, Expert Opinions, Factual Information), and industry-validated market data, with a forecast extending until 2031.
According to a new report published by Report Ocean, titled, “Global Pneumonia Vaccine Market by Vaccine, Product, Sector, and Distribution Channel: Opportunity Analysis and Industry Forecast, 2018 – 2025,” the global pneumonia vaccine market is expected to reach $10,215 million by 2025, registering a CAGR of 5% from 2018 to 2025, in terms of value.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
Pneumonia is a lung infection that occurs in one or both the lungs caused by bacteria, virus, or fungi; however, bacterial pneumonia is the most common form occurring in adults. Pneumonia results in inflammation in the air sacs (known as alveoli) of the lungs, which results in filling the alveoli with fluid (pus cells), thus causing breathing problems. Pneumococcal disease is common in young children, but older adults are at greatest risk of serious pneumococcal infections and even death. Pneumonia vaccines are primarily administered to children less than 2-years old and adults aged 65 years and older. This vaccine helps individuals provide immunization against 13 types of pneumococcal bacteria that causes infection in the lungs.
The key factors that drive the growth of the global pneumonia vaccine market include increase in prevalence of pneumonia across the globe, rise in government focus on immunization programs for pneumonia, and introduction of novel pneumococcal vaccines such as PCV10. However, longer timelines required for pneumonia vaccine production and high costs associated with development of such vaccines restrain the market growth. Development of protein-based combination pneumococcal vaccines is expected to offer lucrative opportunities for the expansion of this market during the forecast period.
Based on type, pneumococcal conjugate vaccine (PCV) is expected to maintain its dominant (more than half of the market share in 2017) position during the analysis period as it is been widely prescribed as compared to pneumococcal polysaccharide vaccine (PPV).
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Based on product, the Prevnar 13 segment held the major market share in 2017 and is expected to dominate the market throughout the forecast period, owing to the wide usage and its efficiency in pneumonia prevention.
Based on distribution channel, the distribution partner companies segment held majority of the market share in 2017, owing to the wide coverage of the private entities. This segment is expected to dominate the market during the forecast period due to majority of private vaccines purchases which are comparatively expensive are distributed from these companies. Hence, the distribution partner companies hold larger share.
Based on sector, the private sector dominates the overall market for pneumonia vaccines and is expected to dominate the market throughout the forecast period due to the higher prices of the vaccine in the private market.
North America accounted for nearly three-fifth of the global market in 2017 and is expected to remain dominant throughout the forecast period. This is attributed to the higher prevalence in the developing countries such as India and China, increase in government healthcare expenditure, rise in demand for better healthcare, and surge in number of childbirths in the region. Moreover, government support and development of protein-based combination pneumococcal vaccines are the factors expected to present new growth opportunities to the players in this marke.
Key Findings of the Pneumonia Vaccine Market:
The pneumococcal conjugate vaccine (PCV) segment is expected to grow with a CAGR of 5.1% from 2017 to 2025.
Prevnar 13 vaccine is expected to be the fastest growing product with a CAGR of 5.1%.
The distribution partner companies held approximately half of the global market share and is expected to remain dominant throughout the forecast period.
The private segment held more than threeforth share in the global market and is expected to remain dominant throughout the forecast period.
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Asia-Pacific is expected to be the fastest growing region, registering a CAGR of 6.6% during the forecast period.
The report provides an extensive competitive analysis and profiles of the key market players such as Glaxosmithkline plc., LG Chem Ltd., Merck & Co., Inc., Panacea Biotec Limited, Pfizer Inc., Pnuvax Incorporated, Serum Institute of India Pvt. Ltd., Shenzhen Kangtai Biological Products Co., Ltd. (Beijing Minhai Biotechnology Corporation Limited), SK Bioscience, and Walvax Biotechnology Co., Ltd.
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