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According to the latest report by IMARC Group, titled "Pneumococcal Vaccine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global pneumococcal vaccine market size grew at a CAGR of 5% during 2015-2020. 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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 exhibit moderate growth during 2021-2026.
Market Summary:
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