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Adult vaccines provide protection against various infectious diseases to individuals aged 19 years and above. They offer immunization against pneumococcal disease, hepatitis, varicella, human papillomavirus, herpes zoster, meningococcal disease, and tetanus & diphtheria, among others. Adult immunization provides long-term health benefits such as reducing healthcare costs and minimizing the socio-economic burden of vaccine-preventable diseases.
The Global Adult Vaccines Market is estimated to be valued at US$ 16,790.11 Mn in 2024 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the Adult Vaccines are GlaxoSmithKline Plc, Merck & Co., Sanofi Pasteur, Pfizer Inc., CSL Limited, Johnson & Johnson, Serum Institute of India, Medimmune, and AstraZeneca Plc. Key players are investing aggressively in R&D of novel vaccines for various infectious diseases prevalent in adults.
The demand for adult vaccines is growing globally due to increasing awareness about infectious disease prevention, expanding adult population base, and governmental support for immunization programs. However, accessibility and affordability challenges persist in low-and middle-income countries lagging in routine adult vaccination.
Major players are exploring opportunities in emerging markets through collaborations. Strong pipeline of candidates along with increasing market access in developing nations will aid the global expansion of the adult vaccines market during the forecast period.
Market Key Trends
The growth of the adult vaccines market is aided by increasing focus on digitization of vaccination programs. Digital health platforms ensure end-to-end connectivity between healthcare providers, caregivers, and individuals. They help streamline vaccine administration processes, track immunization status, generate timely reminders, and analyze population coverage. Leveraging digital technologies allows better monitoring of vaccination programs and helps achieve higher immunization rates globally in a sustainable manner.
Porter’s Analysis
Threat of new entrants: High Capital requirements and economies of scale limit new participants.
Bargaining power of buyers: Buyers have low bargaining power due to product differentiation and brand loyalty.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternatives and differentiation of production inputs.
Threat of new substitutes: Substitutes pose moderate threat as they may not provide complete disease protection.
Competitive rivalry: Intense rivalry exists among existing players to gain market share and benefit from economies of scale.
The geographical region where the adult vaccines market value is highly concentrated currently is North America. North America dominates the global adult vaccines market currently due to availability of advanced healthcare infrastructure and government initiatives towards vaccination programs in the region.
The Asia Pacific region is expected to witness fastest growth in the adult vaccines market during the forecast period of 2023-2030. The highest growth can be attributed to factors such as rising awareness regarding vaccination, increasing healthcare expenditure, expanding population and GDP growth in several APAC countries. Furthermore, initiatives by governments to curb diseases and increasing focus of manufacturers to capitalize on high growth opportunities in the region are factors expected to drive the market.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
