Global Pneumococcal Vaccines Market, by Vaccine Type (PCV10, PCV13, and PPSV23), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), was valued at US$ 6,615.94 million in 2022 and is projected to exhibit a CAGR of 4.4% over the forecast period (2022 - 2030).
Healthcare companies re looking forward to expand their facilities with advanced technologies to create innovative and cost-effective solutions to address barriers to universal vaccination For instance, In December 2020, Serum Institute of India Pvt. Ltd launched India’s first fully indigenously developed pneumococcal vaccine, 'PNEUMOSIL' in collaboration with PATH, a philanthropic charitable foundation and Bill and Melinda Gates foundation, an American private foundation. The objective of development of this vaccine was to improve affordability of pneumococcal conjugate vaccine and enable sustainable access for middle and low income countries
Moreover, In October 2019, Serum Institute of India Pvt. Ltd. entered into new supply agreement with United Nations Children's Fund (UNICEF), a humanitarian aid organization in United Nations. As per this agreement, lower income countries will be able to access pneumococcal conjugate vaccines for US$ 2/dose.
Global Pneumococcal Vaccines Market– Impact of Coronavirus (COVID-19) Pandemic
The coronavirus or COVID-19 outbreak started in Wuhan, China in 2019 and has spread across all the continents of the world, affecting various industries globally. The economy in countries all over the world such as India, Italy, Bangladesh, Sri Lanka, the U.S., Morocco, and others has been disrupted due to lockdowns implemented by governments to combat the spread of coronavirus since 2020.
According to the data published by the Organization for Economic Co-operation and Development (OECD) in November 2020, COVID-19 has posed major challenges to the healthcare infrastructure in the Middle East & North Africa region. Some countries such as Lebanon, Morocco, and Tunisia have been severely impacted due to COVID-19 crisis. Moreover, OECD states that countries such as Iran, Syria, Iraq, the Palestinian Authority, Yemen, and Libya faced lack of hospital beds and low COVID-19 testing capacities.
According to an article published by the Elsevier Public Health Emergency Collection journal, in November 2020, it is estimated that hospitals and healthcare systems in the U.S. are subjected to a negative financial impact of US$ 202.6 billion during the pandemic.
Thus, increasing efforts by the key players to develop pneumococcal vaccines for COVID-19 infection is expected to drive the market growth over the forecast period.
Global Pneumococcal Vaccines Market: Key Developments
Increasing collaborations among key players to develop and introduce new pneumococcal vaccines and ongoing clinical trial studies on pneumococcal vaccine are expected to drive growth of the pneumococcal vaccines market. For instance, in February 2017, Astellas Pharma Inc. (A Japanese multinational pharmaceutical company) and Affinivax, Inc., a clinical stage biopharmaceutical company pioneering the development of a novel class of vaccines, signed an exclusive worldwide license agreement to develop and commercialize a vaccine targeting Streptococcus pneumoniae. This partnership would utilize Affinivax’s proprietary vaccine technology platform – Multiple Antigen Presenting System (MAPS) to develop a novel vaccine for Pneumococcal Disease.
In September 2018, the U.S. Food and Drug Administration (FDA) granted Breakthrough Therapy designation for Pfizer’s 20-Valent Pneumococcal Conjugate Vaccine (20vPnC) candidate, PF-06482077.
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Moreover, high mortality due to pneumonia among the global population is expected to further increase adoption of pneumococcal vaccines over the forecast period. For instance, according to the data published by the World Health Organization (WHO) in November 2021, pneumonia accounted for 14% of all deaths of children under 5 years old leading to death of 740,180 children, globally in 2019. Furthermore, according to a UNICEF article published on June 16, 2020, the agreement between UNICEF, Gavi's procurement partner, and the Serum Institute of India (SII) would provide pneumococcal conjugate vaccine in low income countries around the world for US$ 2 per dose, as new supply agreement pneumococcal conjugate vaccine will be provided in Lower-income countries around the world. The new price of vaccines is 43% lower than the Gavi price of US$ 3.50 for pneumococcal conjugate vaccine.
Key Takeaways of the Global Pneumococcal Vaccines Market:
- Global pneumococcal vaccines market is expected to witness a CAGR of 4.4% during the forecast period, owing to increasing research and development activities to introduce novel vaccines
- Increasing adoption of PCV13 vaccine, especially for adult and pediatric indication, results in the vaccine’s increasing demand in various emerging economies. Therefore, this segment is expected to account for major revenue share in pneumococcal vaccines market over the forecast period. For instance In April 2019, CanSinoBIO’s PCV13i, a 13-valent pneumococcal conjugate vaccine candidate received approval from the National Medical Products Administration (NMPA) to start human clinical trials
- Major players operating in the global pneumococcal vaccines market include, Pfizer, Inc., Merck & Co. Inc., and GlaxoSmithKline plc.
