Pneumococcal Vaccines Market to Garner Brimming Revenues by 2026
Transparency Market Research (TMR) has published a new report titled, “Pneumococcal Vaccines Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. According to the report, the global pneumococcal vaccines market was valued at US$ 7,247.6 Mn in 2017 and is anticipated expand at a CAGR of 3.3% from 2018 to 2026. Increase in patient pool, growth of the pharmaceutical industry, government initiatives to increase vaccination programs, rise in health care expenditure, and surge in product approvals are projected to augment the global market from 2018 to 2026.
- Increase in Government Participation in Design & Implementation of Comprehensive Vaccination Programs to Propel Market
Pneumococcal disease is considered to be the most common cause of mortality across the globe. The infection is more common in children; however, the disease also affect adults. Demand for pneumococcal vaccines is high across the emerging & developed countries. Moreover, governments have increased focus on the construction of systematic vaccination programs in their respective countries. Public hospitals of Hospital Authority (HA) in Hong Kong participated in the 13-valent pneumococcal conjugate vaccine (PCV13) program in July 2017 which was announced by the Centre for Health Protection to strengthen the immunity of adults against pneumococcal infection. The HA provided pneumococcal vaccination to elderly persons in the country in 2017–2018.
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- Increase in Investments by Public & Private Players in R&D of Pneumococcal Conjugate Vaccines
Vaccines are considered to be one of the most cost-effective health interventions for infectious diseases. Vaccine companies focus on improving accessibility of vaccines for people living in middle- to low-income countries. The size of their pipeline portfolios is an indication of their efforts. Innovations in the field of medicine have enabled the development of multivalent pneumococcal vaccines. Addressing vaccine affordability and aligning supply & demand have become a priority for vaccine manufacturers.
According to the Access to Medicine Foundation, around 30% of adaptive R&D ongoing projects involve multivalent vaccines. Serum Institute of India is developing a 10-valent PCV (pneumococcal conjugate vaccine) that targets the serotype prevalent in 70% of the pneumococcal disease-affected population in Asia, Africa, and Latin America. Innovative and tailored strategies developed by government authorities for pneumococcal vaccination programs are propelling investments by key players in strengthening their pipeline portfolios. Pfizer received three approvals for R&D projects of vaccines targeting meningococcal and pneumococcal diseases in 2017. GlaxoSmithKline is currently characterizing the thermostability of its leading PCV “Synflorix”.
- Longer Timeline and High Cost of Development of Pneumococcal Vaccines to Restrain Market
Vaccine development remains a time-consuming and challenging part of the field of medicine, in terms of time required for the discovery of vaccine candidates to market launch. Regulatory constraints increase as the vaccine candidate makes its way through the approval process. Hence, despite achieving the technological advancements in the vaccine development process, some companies are still unable to develop vaccines in a timely manner. Research programs for pneumococcal vaccine development require high capital, which needs strong risk-bearing sponsors and investors.
This is considered to be a major restraint of vaccine development. Large pharmaceutical companies such as Pfizer, Inc. and GlaxoSmithKline have made significant investments in the research of pneumococcal vaccines and are often able to claim some returns, which is not possible for emerging companies. Hence, time and cost constraints are expected to hamper the growth of the global pneumococcal vaccines market during the forecast period.