Adult vaccines are vaccines that are recommended for adults and is used to help prevent vaccine-preventable diseases. Adult vaccines provide protection against tetanus, diphtheria, pertussis, human papillomavirus (HPV), herpes zoster (shingles), pneumococcal disease, and hepatitis among others. Increasing prevalence of adult vaccine preventable diseases and growing healthcare expenditure are some of the major factors contributing to the growth of the adult vaccines market.
The global adult vaccines market is estimated to be valued at US$ 16,790.11 Mn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers of the adult vaccines market is growing healthcare expenditure. According to data published by the Centers for Disease Control and Prevention (CDC), in 2019, national health spending in the U.S. grew 4.6% to reach US$ 3.8 trillion. Preventive vaccinations are more cost-effective than treating the diseases they prevent. Hence, governments across countries are focusing on immunization programs to control healthcare costs in the long run. This is expected to boost the demand for adult vaccines over the forecast period. Increasing prevalence of vaccine preventable diseases is another major factor fueling growth of the market. For instance, the World Health Organization (WHO) estimates that pneumonia caused 2.5 million deaths globally in 2019, making it the leading infectious cause of death among children under 5 years of age. Adult vaccination helps reduce the burden of these diseases, which in turn is supporting growth of the adult vaccines market.
SWOT Analysis
Strength: The adult vaccines market is expected to witness significant growth over the forecast period owing to the increasing awareness regarding the prevention of infectious diseases among adults. Adult vaccinations help protect against diseases such as flu, pneumonia, shingles and tetanus among others. Further, continuous research and development by key players to introduce new and improved adult vaccines is also expected to drive the market growth.
Weakness: Low vaccination rates across developing and underdeveloped regions due to lack of awareness and accessibility regarding adult vaccinations may restrain the market growth. Further, high costs associated with adult vaccines as compared to pediatric vaccines is another challenge for the market.
Opportunity: Rising geriatric population worldwide susceptible to various diseases creates immense opportunities for adult vaccine providers. Further, emergence of adjuvanted and recombinant protein-based vaccines offering advantages over traditional vaccines also presents new avenues for market expansion. Growing adoption of combination adult vaccines to reduce vaccination administered also presents significant opportunities.
Threats: Stringent regulatory framework and lengthy approval process for new adult vaccines may hamper timely introduction of new products. Further, inconsistent supply of vaccines due to disruptions caused by pandemic outbreaks also poses challenges.
Key Takeaways
The global adult vaccines market is expected to witness high growth over the forecast period supported by rapidly aging population worldwide requiring vaccination against various diseases. The global Adult Vaccines Market is estimated to be valued at US$ 16,790.11 Mn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030.
Regional analysis:
North America is expected to account for a major share of the global adult vaccines market over the forecast period. This is attributed to factors such as rising aging population, strong immunization infrastructure, widespread awareness regarding adult vaccinations and availability of advanced healthcare facilities in the region. According to estimates, by 2030, one in four US residents will be aged 65 and over. Furthermore, Asia Pacific is anticipated to witness fastest growth in the market supported by improving healthcare infrastructure, rising medical tourism across developing countries and increasing government initiatives to promote immunization in the region.
Key players:
Key players operating in the adult vaccines market are GlaxoSmithKline Plc, Merck & Co., Sanofi Pasteur, Pfizer Inc., CSL Limited, Johnson & Johnson, Serum Institute of India, Medimmune, and AstraZeneca Plc. GlaxoSmithKline Plc is one of the leading players offering a wide range of adult vaccines including Shingrix, Boostrix and Cervarix among others. Merck
