Adult Vaccines Market Is Estimated To Witness High Growth Owing To Increasing Vaccination Rates

Adult Vaccines Market

The global Adult Vaccines Market is estimated to be valued at US$ 16,790.11 Mn in 2022 and is expected to exhibit a CAGR of 7.1% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.

A) Market Overview:
The adult vaccines market refers to the vaccines that are specifically designed for adults to prevent various diseases. These vaccines provide protection against infectious diseases such as influenza, pneumococcal disease, hepatitis, and human papillomavirus (HPV), among others. Adult vaccines play a crucial role in reducing the burden of diseases and improving public health. They are essential for individuals with compromised immune systems and those at high risk of acquiring infections. The increasing vaccination rates and the need for preventive healthcare are driving the demand for adult vaccines.

B) Market Key Trends:
One key trend in the adult vaccines market is the increasing awareness about the benefits of vaccination among adults. With advancements in medical research and growing healthcare initiatives, there has been a shift in focus from pediatric immunization to adult immunization. This trend is driven by the need to protect adults from diseases that are more prevalent in their age group, such as shingles and pneumonia. For example, the Centers for Disease Control and Prevention (CDC) recommends that adults aged 50 years and older should receive the shingles vaccine to prevent the disease. This increasing awareness about the importance of adult vaccination is expected to drive the market growth.

C) PEST Analysis:
- Political: Governments worldwide are taking initiatives to promote adult vaccination and improve immunization rates. They are implementing vaccination programs and policies to increase accessibility and affordability of vaccines.
- Economic: The economic burden of vaccine-preventable diseases is driving the demand for adult vaccines. The cost of treating these diseases can be significantly higher than the cost of vaccination, leading to increased adoption of adult vaccines.
- Social: Increasing awareness about the benefits of vaccination, coupled with campaigns and educational programs, is changing the perception of adults towards vaccination. Social factors such as peer influence and healthcare recommendations are also driving the demand for adult vaccines.
- Technological: Technological advancements in vaccine development, delivery systems, and storage methods are facilitating the growth of the adult vaccines market. These advancements are improving the effectiveness, safety, and convenience of adult vaccines.

D) Key Takeaways:
- The global adult vaccines market is expected to witness high growth, exhibiting a CAGR of 7.1% over the forecast period. This growth can be attributed to factors such as increasing vaccination rates, growing awareness about the benefits of adult vaccination, and government initiatives to promote immunization.
- Regionally, North America is expected to dominate the adult vaccines market, followed by Europe. This can be attributed to factors such as well-established healthcare infrastructure, high healthcare spending, and favorable government policies.
- Key players operating in the global adult vaccines market include GlaxoSmithKline Plc, Merck & Co., Sanofi Pasteur, Pfizer Inc., CSL Limited, Johnson & Johnson, Serum Institute of India, Medimmune, and AstraZeneca Plc. These companies are focusing on research and development activities, mergers and acquisitions, and partnerships to strengthen their market position and expand their product portfolio.