Global Adult Vaccines Market Is Estimated To Witness High Growth Owing To Rising Immunization Levels And Reducing Mortality Rates
The Global Adult Vaccines Market is estimated to be valued at USD 18.10 Bn in 2024 and with CAGR of 8.4% over the forecast period 2024-2031. Furthermore, growing geriatric population requiring vaccines for protection against diseases like pneumonia, flu and shingles is expected to drive the adult vaccination market growth.
Market Dynamics:
The adult vaccines market is primarily driven by two key factors. Firstly, most countries are focused on increasing immunization levels through national immunization programs for adult population. This is helping reduce the prevalence of certain vaccine-preventable diseases like pertussis, pneumonia and flu. Secondly, decreasing mortality rates has led to rise in geriatric population worldwide that is more susceptible to various communicable diseases. According to WHO, there were around 703 million people aged 65 years and over globally in 2019 which is projected to reach 1.5 billion by 2050. This growing pool of elderly population requiring immunization for protection will continue driving demand for adult vaccines.
Increasing Prevalence of Chronic Diseases is Driving Demand for Adult Vaccines
One of the key drivers of the global adult vaccines market is the rising prevalence of chronic diseases globally. Chronic diseases such as cancer, cardiovascular diseases, diabetes and respiratory diseases are major causes of mortality and morbidity worldwide. According to the World Health Organization (WHO), chronic diseases account for over 70% of all deaths globally. Many chronic diseases have infectious disease origins and are risk factors for infectious diseases. For example, diabetes increases the risk of infections. Adult vaccination helps in preventing various infectious diseases and reducing disease burden associated with chronic conditions. This is increasing the uptake of vaccines for adult population. Manufacturers are developing new vaccines to target chronic diseases which is expected to further boost the adult vaccines market.
Growing Geriatric Population Needing Vaccine Preventable Disease Protection
The global population is aging rapidly. According to the United Nations, the number of people aged 60 years and older is expected to more than double, from 962 million globally in 2017 to nearly 2.1 billion by 2050. The elderly population is more susceptible to viral and bacterial infections due to age-related weakening of the immune system. They are also at high risk of diseases like influenza and pneumonia. This growing geriatric demographic require protection from vaccine preventable diseases through adult immunization. Vaccines are effective in preventing infections in older adults. The increasing senior population base is fueling demand for adult vaccines, thereby driving market growth.
Lack of Awareness Hindering Adult Immunization Rates
One of the major challenges restraining the growth of the adult vaccines market is the lack of awareness regarding vaccine-preventable diseases and importance of adult immunization. Unlike immunization programs for children that are well-organized globally, there are no comprehensive programs for immunizing adults. As a result, vaccination rates among adult population remain low worldwide. Many are unaware of changing vaccine needs with age. There is a lack of motivation for adults to be immunized. They also perceive vaccine-preventable diseases as less threatening. This low risk perception is restricting market expansion. Efforts are required to enhance education and awareness about vaccine-recommended schedules for adults to increase uptake.
Cost of Adult Vaccines Limiting Global Access
The high cost of adult vaccines remains a major barrier especially in developing and underdeveloped nations with budget constraints. Compared to vaccines for pediatric use, immunization for adults demand higher prices. This is due to lower demand volumes and adult vaccines having more complex targets like chronic diseases. The additional R&D investments required to develop vaccines against chronic illnesses also contribute to costs. Many countries cannot afford costly immune prophylaxis programs for adults. This financial challenge of procuring expensive vaccines is hampering market growth globally, especially in low and middle-income countries where disease burden is higher. Efforts must be made to make vaccines more affordable and accessible to diverse population segments.
Increasing Healthcare Expenditure Opening New Avenues
Rising public and private healthcare spending across several emerging economies is paving way for new opportunities in the adult vaccines market. Countries are dedicating higher budgets for public health programs including universal immunization. This indicates their intent to boost vaccination rates and reduce disease burden in the long run. Growing healthcare investments are allowing for procurement of adult vaccines that were earlier unaffordable. The growing spends are encouraging manufacturing and research of novel and improved vaccines. It is also attracting corporates working in the adult vaccines domain. Therefore, increasing healthcare allocation even in price sensitive markets will aid market expansion in the coming years.
Link - https://www.coherentmarketinsights.com/market-insight/adult-vaccines-market-1091
Key Development
- In April 2024, Merck, a pharmaceutical company, announced results from the Phase 3 trial STRIDE-10 at the 34th ESCMID Global in Barcelona, Spain. The trial assessed V116, Merck's 21-valent pneumococcal conjugate vaccine designed for adults. It compared V116's immunogenicity, tolerability, and safety with PPSV23 (23-valent pneumococcal polysaccharide vaccine) in adults aged 50 and older who had not previously been vaccinated against pneumococcal disease.
- Pfizer Inc., a pharmaceutical company, received FDA approval for ABRYSVO (Respiratory Syncytial Virus Vaccine), its bivalent RSV prefusion F (RSVpreF) vaccine. This vaccine is designed to prevent lower respiratory tract disease caused by RSV in individuals aged 60 years and older. ABRYSVO consists of two preF proteins, chosen to enhance protection against both RSV A and B strains, and has been found to be safe and effective.
- Sanofi, a pharmaceutical and healthcare company, announced that it had entered into an agreement with Janssen Pharmaceuticals, Inc. (Janssen), a Johnson & Johnson company, to develop and commercialize the vaccine candidate for extraintestinal pathogenic E. coli (9-valent) developed by Janssen, currently in Phase 3. The agreement brings together Janssen’s robust science behind this potential first-in-class product and Sanofi’s worldwide manufacturing footprint and recognized world-class expertise in launching innovative vaccines.
Key Players: GlaxoSmithKline plc, Merck & Co., Inc. ,Pfizer Inc. ,Sanofi Pasteur ,AstraZeneca ,Johnson & Johnson ,Novavax, Inc. ,Moderna, Inc. ,Inovio Pharmaceuticals, Inc. ,Bavarian Nordic ,Dynavax Technologies Corporation ,BioNTech S ,Emergent BioSolutions Inc. ,Serum Institute of India Pvt. Ltd. ,Bharat Biotech ,Sinovac Biotech Ltd. ,
