Global Adult Vaccines Market, by Vaccine (Influenza, Tetanus/Diphtheria/Pertussis, Varicella, Human Papillomavirus, Zoster, Measles/mumps/Rubella, Pneumococcal, Hepatitis, and Others), by Vaccine Type (Monovalent and Multivalent), by Technology (Live Attenuated Vaccines, Inactivated Viral or Bacterial Vaccines, Toxoid Vaccines, Recombinant Vaccines, and Conjugate Vaccines), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 16,790.11 Million in 2022 and is expected to exhibit a CAGR of 7.1% during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
The market for adult vaccines is expected to witness significant growth, as increasing number of market players are focused on developing multi-purpose and successful drugs. For instance, in August 2017, Dallas County Health & Human Services (DCHHS) introduced a flu vaccine that serves to be an all-in-one shot vaccine for various flu strains including H1N1, specifically indicated for adults. In January 2018, India-based pharmaceutical company, Bharat Biotech, in collaboration with Typhoid Vaccine Acceleration Consortium (TVAC), received pre-qualification for its typhoid conjugate vaccine—Typbar TCV—from the World Health Organization. Moreover, companies are focusing on geographic expansion to generate more revenue. For instance, in July 2017, Pfizer, Inc. introduced its facility of expansion in the U.K. for Meningitis B jab TRUMENBA in the U.K. for adults aged 18-25 years.
Global Adult Vaccines Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic.
However, the COVID-19 pandemic had a positive impact on the global adult vaccines market, owing to increased government initiatives and funding to vaccinate the adults against Covid-19. For instance, in September 2020, Facilitation Council, State Governments to establish Micro and Small Enterprise Facilitation Council (MSEFC) for settlement of disputes on getting references/filing on Delayed payments was launched which provided high-level political leadership and enabling advice on global advocacy and resource mobilization to facilitate the work of the COVID-19 Tools Accelerator (ACT-A).
Moreover, in April 2021, according to COVAX, a co-led by the Coalition for Epidemic Preparedness Innovations (CEPI), Gavi and the World Health Organization (WHO), along with partner UNICEF. In the Americas, the PAHO Revolving Fund is the recognized procurement agent for COVAX. It aims to accelerate the development and manufacture of COVID-19 vaccines and to guarantee fair and equitable access for every country in the world. Recognizing the urgency of turning vaccine doses into vaccinated, protected communities, WHO, UNICEF and Gavi, the Vaccine Alliance launched the COVID-19 Vaccine Delivery Partnership (CoVDP). The CoVDP builds on existing resources to support the AMC 92 (92 low- and middle-income countries) and focuses foremost on the 34 countries of Africa region that were at or below 10% coverage in January 2022.
Global Adult Vaccines Market: Key Developments
In July 2021, Merck & Co., Inc., the U.S.-based pharmaceutical company announced its VAXNEUVANCE vaccine was approved by the U.S. Food and Drug Administration for the prevention of invasive pneumococcal disease in adults 18 years and older caused by 15 serotypes. VAXNEUVANCE was approved based on data from seven randomized, double-blind clinical studies assessing safety, tolerability, and immunogenicity in adults.
Browse 34 Market Data Tables and 38 Figures spread through 156 Pages and in-depth TOC on “Global Adult Vaccines Market”- Forecast to 2030, Global Adult Vaccines Market, by Vaccine (Influenza, Tetanus/Diphtheria/Pertussis, Varicella, Human Papillomavirus, Zoster, Measles/mumps/Rubella, Pneumococcal, Hepatitis, and Others), by Vaccine Type (Monovalent and Multivalent), by Technology (Live Attenuated Vaccines, Inactivated Viral or Bacterial Vaccines, Toxoid Vaccines, Recombinant Vaccines, and Conjugate Vaccines), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in adult vaccines market, click the link below:
Moreover, increasing prevalence of various infectious diseases is expected to drive the market growth during the forecast period. For instance, according to the data provided by the World Health Organization, in October 2021, an estimated 10 million people were ill with tuberculosis (TB) worldwide, of which there were 5.6 million men, 3.3 million women and 1.1 million children in 2020. According to the same source, 86% of new TB cases occurred in the 30 high TB burden countries such as India, China, Indonesia, and others in 2020.
Key Takeaways of the Global Adult Vaccines Market: