Global Pneumococcal Vaccine Market to Grow at 5.2% During 2023-2028, Supported by Increasing Prevalence of Pneumonia

According to the latest report by IMARC Group, titled "Pneumococcal Vaccine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global pneumococcal vaccine market reached a value of US$ 8.9 Billion in 2022. Pneumococcal vaccines are used to enhance immunization against the bacterium streptococcus pneumoniae that causes meningitis, sepsis and pneumonia. There are two types of pneumococcal vaccines, namely pneumococcal conjugate (PCV13) and pneumococcal polysaccharide vaccine (PPSV23). These vaccines stimulate the immune system response of an individual to produce antibodies against the bacteria, which helps to prevent the spread of the infection, reduce fatality rate, and eliminate the need for emergency hospitalization.

Global Pneumococcal Vaccine Market Trends:

The increasing prevalence of pneumococcal diseases in young children and the rising geriatric population represents the key factor driving the market growth. This is further supported by the introduction of PCV13 in infant routine immunization by the healthcare sector. Additionally, the rising number of smokers, who are more prone to developing pneumonia, is acting as a growth-inducing factor. Moreover, governments of various nations are creating awareness and organizing immunization programs across the globe for the prevention of the disease, which is contributing to the market growth. In line with this, the sudden outbreak of coronavirus disease (COVID-19) has escalated the utilization of pneumococcal vaccines as a preventive measure against increasing lung infections. Looking forward, the market is expected to grow at a CAGR of 5.2% during 2023-2028.

Market Summary:

• Based on the vaccine type, the market has been bifurcated into pneumococcal conjugate and pneumococcal polysaccharide vaccines.
• On the basis of the product type, the market has been divided into Prevnar 13, Synflorix, and Pneumovax 23.
• Based on the distribution channel, the market has been segmented into distribution partner companies, non-governmental organizations (NGOs), and government authorities.
• On the basis of the end user, the market has been classified into pediatrics and adults.
• On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
• The competitive landscape of the market has also been examined, with some of the key players being Astellas Pharma Inc., GlaxoSmithKline Plc., Merck & Co. Inc., Panacea Biotec Ltd., Pfizer Inc., Sanofi S.A., Serum Institute of India Pvt Ltd and Walvax Biotechnology Co. Ltd.

Report Scope:

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