Adult Vaccines Market Global Market Analysis 2019-2025
Posted by priya saraf on September 23rd, 2019
Vaccines refer to the biological preparation that improves immunity to fight against a particular disease. Vaccines comprise suspensions formulated from weakened, killed or fragmented microorganisms, toxins or antibodies that are administered to a patient, with a primary intention to prevent a disease. Vaccines offer active immunity against specific harmful and disease causing agents by stimulating the immune system to attack the agent. Vaccines helps to protect individuals against serious and fatal diseases such as influenza and measles among others. Adult immunization that includes administration of licensed vaccine provided to patients aged 18 years and older, for medical indications.
Vaccines are routinely administered to eliminate the infectious diseases among infants and children, however the Centers of Disease Control & Prevention (CDC), 2016, also recommends adults to periodically take up vaccination, referred to as adult vaccines. According to the CDC 2015, 30% of the patients from mission Healthy People 2020 opted for Shingles vaccine and were reported to be safe from preventable illness.
The global Adult Vaccines Market was valued at US$ 12,806.49 million in 2017 and is expected to witness a robust CAGR of 7.1% over the forecast period (2017 - 2025).
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Development of vaccines for various new diseases and rising awareness regarding advantages of preventive medication are the two prominent factors supporting growth of the market. For instance, according to the Centers for Disease Control and Prevention, 2015, flu vaccinations prevented around 1.9 million flu illnesses, 966,000 flu-associated medical visits, and around 67,000 flu-associated hospitalizations, representing 6.5% lowering of disease burden. However, high complexity in cost of manufacturing a vaccine is one of the major factors negatively affecting growth of the market.
Factors such as increasing number of government initiatives to prevent certain diseases and epidemic caused due to vaccine-preventable diseases. Additionally, increasing number of countries are conducting national immunization programs to provide vaccination and promote awareness regarding advantages of vaccination to fight fatal diseases with natural immunity among adults as well as children. For instance, in 2015, the Centers for Disease Control and Prevention (CDC), the Food and Drug Administration (FDA) and the National Institutes of Health (NIH) partnered with the U.S. Department of Health and Human Services Biomedical
Advanced Research and Development Authority (BARDA) to support the advanced development of new and better influenza vaccines, as a part of inter-agency government effort in the U.S. Among the middle-income and emerging economies, relevant Indian government funding agencies such as Department of Biotechnology (DBT) and The Indian Council of Medical Research (ICMR) are scaling up their investments in research and development associated to vaccine development. For instance, in 2015, the Department of Biotechnology projected a funding of US$ 2.95 million for Malaria Vaccine Initiative, to develop vaccine against
Plasmodium falciparum and P. Vivax. On the other hand, growing awareness among the populace regarding prevention of diseases facilitated by vaccines is expected to augment the market growth over the forecast period. For instance, according to the Centers for Disease Control and Prevention, 2015, flu vaccinations prevented around 1.9 million flu illnesses, 966,000 flu-associated medical visits, and around 67,000 flu-associated hospitalizations, representing 6.5% lowering of disease burden. Moreover, according to a study from the Society for Risk Analysis, 2016, GDP loss of a pandemic outbreak in the U.S.
was recorded between US$ 34.4 billion and US$ 45.3 billion. However, a large population not being vaccinated poses as a restraint for growth of the market. For instance, according to National Health Interview Survey conducted by the Centers of Disease Control & Prevention (CDC) 2015, more than 4 out of 5 people did not report for Tdap vaccination in the U.S. and over one-third of the participants did not report for pneumococcal vaccination.
Medicare coverage for adult vaccination in the U.S. also poses as a key factor favoring growth of the adult vaccines market. For instance, National Health Interview Survey (NHIS), 2015, reports an increase of 2.8% increased risk for pneumococcal disease among adults aged 19-64 years. The market in Asia Pacific is expected to witness significant traction, owing to extensive research conducted by the local players to cater to the increasing prevalence of diseases for which vaccines have not been developed. For instance, in January 2018, Bharat Biotech, an India-based company, was awarded with prequalification from the World Health Organization to develop world’s first rotavirus vaccine ROTAVAC.
Market players are engaged in development vaccines to cater to diseases with high epidemic
Market players are increasingly focusing on developing vaccines that caters to diseases with highest probability of causing an epidemic. For instance, in February 2017, an India-based drug firm, Cipla, in collaboration with Serum Institute of India, introduced Hepatitis B vaccine for adults in the country. The disease affects chronically over 40 million people in the country, as per India’s Universal Immunization Programme. Moreover, Dynavax Technologies Corporation received FDA approval in 2018, for its two-dosed Hepatitis-B vaccine indicated for adults aged 18 years and older.
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.
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About the Authorpriya saraf
Joined: May 23rd, 2019
Articles Posted: 166
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