Adult vaccines have been proven to be highly effective at protecting against vaccine-preventable diseases in adults. Adult vaccines help maintain immunity against tetanus, diphtheria, pertussis (whooping cough), influenza, pneumococcal disease, and others. With shifting demographics and increasing prevalence of infectious diseases, there is a growing need to vaccinate adults.
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:
Increasing prevalence of infectious diseases is one of the key drivers of the adult vaccines market. Factors such as growing geriatric population, rising incidence of chronic medical conditions, and lack of primary vaccination are contributing to the increased prevalence of infectious diseases. According to the Centers for Disease Control and Prevention (CDC), the number of pertussis cases have increased steadily over the past few decades. This rising disease burden has highlighted the need for booster vaccines in adults. Adult vaccination programs against pneumonia, pertussis and influenza are being encouraged to curb the spread of infectious diseases.
Here is the SWOT Analysis and Key Takeaways for the given details without mentioning market size, CAGR or conclusion:
SWOT Analysis
Strength: Adult vaccines help prevent the spread of infectious diseases and reduce disease burden. They offer direct protection to individuals by boosting their immunity.
Weakness: Low awareness regarding the need and importance of adult vaccinations. High cost of vaccines is also a concern especially in low and middle income countries.
Opportunity: Growing geriatric population which is more susceptible to infectious diseases creates demand for adult vaccines. Promotional campaigns by governments and manufacturers can help raise awareness.
Threats: Stringent regulations for vaccine development and manufacturing increases complexity and costs. Potential side effects and safety concerns also pose a threat.
Key Takeaways
The global adult vaccines market is expected to witness high growth.
Regional analysis: Europe also holds significant share in the adult vaccines market led by demand in countries like Germany, United Kingdom, and France. Stringent immunization guidelines and universal healthcare have boosted adult vaccination rates in the region. Moreover, government initiatives to promote immunization programs are further fueling market growth here.
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. These companies have strong presence across major markets and are investing in new product development as well as expanding manufacturing capabilities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it