Pneumococcal Vaccines Market is Anticipated to Reach Nearly US$ 20,515.5 million by 2026
Various government and private sector organizations are taking initiatives to provide vaccination, especially for the low income group and at the same time create awareness among the people about various diseases. Child mortality rate due to pneumonia has also reduced significantly due to pneumococcal vaccines. The latest developed vaccines that fight against infections of 13 and 23 pneumococcal serotypes are Pneumovax23 and Prevnar 13. However, the most comprehensive vaccine to fight against 72 forms of S. Pneumoniae is still under development. Meanwhile, in order to maintain the quality of vaccines, manufacturers, distributors and others in the supply chain are following cold chain procedure, recommended by WHO. The increasing incidence of drug resistance against bacteria of pneumonia disease is driving the need for cost-effective treatment and also giving rise to the R&D of new pneumococcal vaccines.
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Global Pneumococcal Vaccines Market to Witness Strong Growth during the Forecast Period 2017-2026
As per the latest study by Transparency Market Research (TMR), the global pneumococcal vaccines market is expected to experience strong growth. The market is estimated to register 8.3% CAGR during the forecast period 2017-2026. By the end of 2026, the global pneumococcal vaccines market is also estimated to reach US$ 20,515.5 million revenue.
The global pneumococcal vaccines market is segmented into distribution channel, product type, and region. Based on the product type, the market is divided into 10- valent PCV, 7- valent PCV, 13- valent PCV, and 23- valent PPSV. Among the given product types, 13- valent PCV is expected to be the largest product type in the global pneumococcal vaccines market during the forecast period.
By distribution channel, the market segment includes clinics, hospitals, and other distribution channels. Hospitals are expected to be largest distribution channel for pneumococcal vaccines during 2017-2026.
North America to Dominate the Global Pneumococcal Vaccines Market from 2017 to 2026
North America is expected to remain dominant in the global pneumococcal vaccines market. Introduction of the Pneumococcal Conjugate Vaccines (PCV) in the U.S. and Canada and the routine immunization schedule in these countries has proven to be highly effective in reducing pneumonia and pneumococcal disease. Moreover, factors such as increasing investment by the government and private sector organizations, and the development of new vaccines have also contributed to the growth in the region. According to the US Centers for Disease Control and Prevention (CDC), the introduction of 7-valent vaccine in Canada and the U.S. significantly reduced Invasive Pneumococcal Disease (IPD) among children. Meanwhile, efforts are being taken by government and private sector organizations to introduce pneumococcal vaccines in developing countries under various programs.