The global Nasal Vaccines market provides a non-invasive mode of immunization against various infectious diseases through nasal route of administration. Nasal vaccines offer advantages like ease of administration without use of needles, induce mucosal and systemic immunity, help target the site of infection and trigger both humoral and cell mediated immune responses. Growing awareness about effectiveness of nasal vaccines in controlling diseases and rising demand for needle-free immunization are driving increased focus on development of novel nasal vaccines.
The global Nasal Vaccines Market is estimated to be valued at US$ 416.8 Mn 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 key trends:
One of the major trends driving the nasal vaccines market is the increasing focus on development of thermostable nasal vaccines that do not require cold chain delivery and storage. This helps eliminate challenges related to maintenance of cold chain during transportation and storage, especially in developing regions. Furthermore, there is growing pipeline of nasal vaccines in clinical trials for diseases like SARS-CoV-2, tuberculosis, influenza etc. which is expected to boost market revenues if these candidates attain regulatory approvals. Manufacturers are also focusing on development of combination nasal vaccines to provide protection against multiple infectious diseases with single administration.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the nasal vaccines market requires high R&D investment and clinical trials. However, collaborations can help new players enter the market.
Bargaining power of buyers: The bargaining power of buyers is moderate since the demand for vaccines is inelastic. However, presence of substitutes provides options to buyers.
Bargaining power of suppliers: The bargaining power of suppliers is low due to availability of substitutes and intellectual property rights of existing players.
Threat of new substitutes: The threat of new substitutes is high as alternatives like injectable vaccines and other delivery methods exist.
Competitive rivalry: Competition is high between existing players to develop new products.
Key Takeaways
The Global Nasal Vaccines Market Size is expected to witness high growth. North America currently dominates the market due to presence of major players and awareness. However, Asia Pacific is expected to grow at the fastest pace during the forecast period driven by improving healthcare infrastructure and increasing government initiatives for vaccination.
Regional analysis: Europe is also expected to showcase significant growth owing to rising cases of infectious diseases and initiatives by European Commission to support vaccine development. Latin America and Middle East & Africa offer lucrative opportunities for nasal vaccines manufacturers.
Key players: 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
