The global Nasal Vaccines Market is estimated to be valued at US$ 416.8 million in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Nasal vaccines are intended for intranasal administration where the vaccine is administered through the nostrils to stimulate a protective immune response at the site of infection. Nasal vaccines provide non-invasive alternative to traditional intramuscular or subcutaneous vaccines. They induce both local and systemic immune responses through stimulation of nasal associated lymphoid tissue. Some key advantages of nasal vaccines include ease of administration without the need for trained healthcare professionals, absence of biohazard waste generation and increased compliance due to non-invasive nature. The need for nasal vaccines has been growing owing to their ability to invoke mucosal immunity and provide first-line defense against respiratory infections.
Market key trends:
One of the key trends in the nasal vaccines market is the growing focus on development of novel influenza nasal vaccines. Influenza is a major public health concern and nasal vaccines provide an attractive alternative to traditional intramuscular flu shots. Companies are conducting clinical trials for developing more efficacious nasal influenza vaccines. For instance, Serum Institute of India received approval to conduct phase II/III clinical trials of its quadrivalent influenza nasal vaccine in 2022. Another notable trend is the shift towards the development of needle-free nasal spray delivery devices to improve patient compliance. Players are focusing on developing easy-to-use, precise spray-based delivery systems for nasal vaccines.
Porter’s Analysis
Threat of new entrants: The threat is moderate as the nasal vaccines market requires huge R&D investments and regulatory approvals.
Bargaining power of buyers: The bargaining power is high as the buyers have many existing alternatives for vaccines available in the market.
Bargaining power of suppliers: The bargaining power of suppliers is moderate given the significant R&D investments required by suppliers in nasal vaccines.
Threat of new substitutes: The threat of substitutes is high as alternative vaccine administration routes like injections are widely used.
Competitive rivalry: The competitive rivalry is high due to the presence of many global key players in the nasal vaccines market.
Key Takeaways
The global nasal vaccines market is expected to witness high growth, exhibiting CAGR of 8.6% over the forecast period, 2023 to 2030, due to increasing prevalence of diseases like influenza that require vaccination.
The US market dominates the nasal vaccines market owing to supportive government initiatives and availability of advanced healthcare facilities. The Asia Pacific region is expected to grow at the fastest pace during the forecast period due to investments by key players and improving healthcare infrastructure in countries like India and China.
Key players operating in the nasal vaccines market are AstraZeneca, GlaxoSmithKline plc, Pfizer Inc., Serum Institute of India Pvt. Ltd., Sanofi Pasteur SA, Johnson & Johnson Services, Inc., Sinovac Biotech Ltd., Bharat Biotech International Limited, Altimmune, Inc., BiondVax Pharmaceuticals Ltd., FluGen Inc., Vaxart, Inc., Intravacc, Ennaid Therapeutics, LLC, Gamma Vaccines Pty Ltd.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
