Press release
Pneumonia Vaccine Market is Generating Revenue of $10.21 Billion by 2025 | Panacea Biotec Limited, Panacea Biotec Limited
Pneumonia Vaccine Market
The global pneumonia vaccines market generated $7.08 billion in 2017, and is expected to reach $10.21 billion by 2025, growing at a CAGR of 5% from 2018 to 2025.
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COVID-19 scenario-
1) Due to the global pandemic all over the world, the medical devices manufacturers are majorly focusing on essential medical devices production including ventilators and diagnostics.
2) However, due to the precautionary measures taken by governments in various regions, the supply chain has been hampered. Which may result in shortage of devices in certain locations.
3) Food and Drugs Administration (FDA), on the other hand, shared a COVID-19 guidance with medical device manufacturers to notify the agency about changes that could affect availability of their products.
Growing incidence of pneumonia globally, increased government focus on immunization programs for pneumonia, and rise in focus for new pneumococcal vaccines propel the market growth. However, longer timelines required for pneumonia vaccine production and high cost associated with the development of such vaccines restrain the growth of the market. Conversely, the development of protein-based combination pneumococcal vaccines creates new opportunities for the growth of the market.
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Pneumococcal conjugate vaccine (PCV) segment to dominate through 2025
Among vaccine types, the pneumococcal conjugate vaccine (PCV) segment accounted for 89% of the overall market share in 2017 and would retain its dominance through 2025. This is because it is the most commonly used vaccine types among end users. However, the pneumococcal polysaccharide vaccine (PPV) segment would grow at the fastest CAGR of 5.4% during the forecast period. This is because these vaccines are less expensive than PCV and is popularly used in developing countries.
Prevnar 13 segment to be lucrative through 2025
Among product types, the Prevnar 13 segment was the largest in 2017, capturing 79.1% of the market share and would maintain its dominance through 2025. The segment would also grow at the fastest CAGR of 5.1% from 2018 to 2025. This is because it is one of the most efficient pneumonia vaccines adopted globally. The report also discusses Synflorix and Pneumovax23.
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Private sector segment to lead the market through 2025
Among sectors, the private sector captured around 90% of the market share in 2017 and is likely to dominate the market through 2025. The same would achieve the fastest CAGR of 5.1% from 2018 to 2025. This is because major regions such as US and Europe commonly purchase pneumonia vaccine through private sector.
North America to maintain revenue lead, Asia Pacific to grow the fastest through 2025
The market in North America captured more than half of the market share in 2017 and is expected to dominate the market through 2025. This is due to wider pneumonia vaccination coverage in the region. However, the market in Asia Pacific would grow at a CAGR of 6.6% during the forecast period. This is due to growing efforts by UNICEF and WHO for improvement of pneumonia vaccine coverage and growing awareness of importance of pneumonia vaccines to prevent disease in the region. The other regions analyzed in the report include Europe and LAMEA (Latin America, Middle East, and Africa).
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The Major Key Players Are:
Glaxosmithkline plc., LG Chem Ltd., Merck & Co., Inc., Panacea Biotec Limited, Pfizer Inc., Pnuvax Incorporated, Serum Institute of India Pvt. Ltd., Shenzhen Kangtai Biological Products Co., Ltd. (Beijing Minhai Biotechnology Corporation Limited), SK Bioscience, and Walvax Biotechnology Co., Ltd.
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