Market Overview:
Adult vaccines refer to vaccines recommended for adults aged 19 years and older to protect against diseases and conditions. They help prevent illnesses like influenza, pneumonia, shingles, and tetanus among older adults.
The global adult vaccines market 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).
Market Dynamics:
The adult vaccines market is expected to witness significant growth over the forecast period owing to increasing demand for preventive healthcare and awareness regarding vaccine-preventable diseases. According to Centers for Disease Control and Prevention (CDC), adults require some vaccines to stay healthy throughout their lives. They need recommended vaccines to protect against diseases they may not have been vaccinated for as children, like hepatitis A and B, as well as diseases that have greater impact in adulthood, like shingles. Additionally, evolving demographics like aging population are increasingly susceptible to infections and diseases, hence require immunization against them. For example, pneumococcal pneumonia is responsible for significant morbidity and mortality among older adults and adults with certain underlying medical conditions.
Increasing Incidences of Chronic and Infectious Diseases
The incidences of infectious diseases and chronic illnesses such as hepatitis, shingles, pneumonia and meningococcal diseases are rising globally due to aging population, lifestyle changes and urbanization. Diseases such as hepatitis, pneumococcal diseases and human papilloma virus (HPV) pose a significant threat to elderly people. As per CDC reports, elderly people are more susceptible to contracting infections. According to WHO, by 2050 around 2 billion people will be aged 60 years and above. Growing aging population is driving the demand for adult vaccines to fight against chronic and infectious diseases. Vaccines help boost immunity and lower healthcare costs associated with the treatment of such diseases.
Rising Awareness about Vaccine Preventable Diseases
In the past few years, awareness about potentially life-threatening adult vaccine preventable diseases has increased significantly. Various government and non-government organizations conduct awareness campaigns to educate people about the importance and benefits of adult immunization. Healthcare providers are also playing a vital role in recommending adult vaccination schedules to their patients. Introduction of social media and digital platforms has further enhanced access to health information. Increasing awareness is motivating more adults to get recommended vaccinations and boosting their immunity against infections.
Explorer more information on this topic, Please visit @ https://www.coherentmarketinsights.com/market-insight/adult-vaccines-market-1091
High Cost of Vaccine Development and Manufacturing
Developing and manufacturing vaccines involves huge financial investments and takes several years. Clinical trials and approval procedures conforming to regulatory guidelines make vaccine development a highly regulated and lengthy process. Stringent production practices and quality standards significantly increase manufacturing costs. Maintaining cold chain during storage and transportation of vaccines from manufacturing facilities to end users also adds to the overall costs. High R&D and manufacturing costs are passed on to the consumers making vaccines less affordable. This acts as a major barrier in widespread adoption of adult vaccination programs especially in low and middle income countries.
Increasing Healthcare Expenditure on Treatment of Vaccine Preventable Diseases
Treatment and management of infectious diseases puts a heavy burden on already strained healthcare budgets. As per WHO, vaccine preventable diseases account for hundreds of billions of dollars in direct and indirect costs annually worldwide. Hospitalization, missed work and loss of productivity due to such diseases contributes significantly to the overall economic burden. Since elderly population is more vulnerable, expenditure on their treatment becomes even more expensive. In the long run, investment in adult vaccination programs proves to be far more cost effective compared to life time treatment and care of vaccine preventable illnesses. This presents a huge opportunity for the adult vaccines market to grow further.
Rapid Uptake of Combination Vaccines
Pharmaceutical companies are increasingly focusing on development of safer and more effective combination vaccines targeting multiple diseases with a single shot. Combination vaccines have merits such as fewer doctor visits, reduced pain of injection, greater patient compliance and lowered administration costs. Their introduction has boosted immunization rates substantially. As per research reports, sales of combination vaccines are expected to surge in the coming years owing to higher efficacy and patient convenience. Transition from single antigen to multivalent vaccines is viewed as a major trend in the adult vaccines industry. Combination vaccines offering protection against pneumococcal, meningococcal and zoster diseases will dominate the market.
