The global Adult Vaccines Market Growth Accelerated by Increasing Burden of Preventable Diseases

 


Adult vaccines help prevent various infectious diseases and are increasingly being adopted to provide protection against diseases like pneumonia, shingles, hepatitis, and tetanus. Adult vaccines are designed to boost immunity in adults against potentially fatal yet preventable diseases. With growing awareness about benefits of adult vaccination and rising prevalence of diseases, healthcare experts recommend periodic booster doses throughout adulthood.

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:
The increasing burden of adult preventable diseases is the primary factor fueling the demand for adult vaccines. As per CDC, around 50,000 adults in the U.S. are hospitalized due to pneumonia each year, despite availability of preventive treatment. With rising healthcare costs of disease treatment, adult vaccinations are being increasingly adopted for their protective benefits. Manufacturers are also focusing on development of new multivalent vaccines providing immunity against multiple serotypes of a virus or bacterium. This is expected to further boost the adult vaccination uptake over the forecast period.

Segment Analysis
The global adult vaccines market is dominated by the influenza vaccines sub-segment. Influenza causes significant morbidity and mortality worldwide every year. It imposes heavy burden on healthcare systems. Owing to this, influenza vaccines segment holds the major share as most adults are recommended to receive annual flu vaccination. Furthermore, the high efficiency and efficacy of influenza vaccines compared to other types also contributes to its market dominance.

Key Takeaways
The global adult vaccines market is expected to witness high growth over the forecast period of 2023 to 2030. The market is projected to grow at a CAGR of 7.1% during this period and reach a size of US$ 16,790.11 Mn by 2023.

Regional analysis

North America currently dominates the global adult vaccines market and is expected to maintain its lead over the forecast period. High awareness levels regarding vaccination and presence of major key players in the region drives the adult vaccines market in North America. Asia Pacific is expected to be the fastest growing region during the forecast period owing to expansion of vaccination programmes and initiatives by governments in various countries. Growing awareness regarding vaccine-preventable diseases is also supporting the market growth in Asia Pacific.

Key players
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. GlaxoSmithKline Plc and Sanofi Pasteur currently dominate the global adult vaccines market due to their extensive influenza vaccine product portfolio and strong global distribution channels.

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