Pneumococcal Vaccine Market Trends

Growth Drivers

Increased Revenue Generated by Pneumococcal Vaccine to Drive the Market Growth

Currently, there are only two pneumococcal vaccines approved by the U.S. Food and Drug Administration (FDA), Prevnar 13 and Pneumovax 23. Prevnar 13 is a pneumococcal 13-valent conjugate vaccine developed and manufactured by Pfizer. It is majorly used in children between the ages of 6 weeks and 5 years for providing active immunization for prevention of diseases caused by the Streptococcus pneumoniae bacteria. Pfizer reported a revenue of USD 5,847 million globally from Prevnar 13 in 2019 and a worldwide revenue of USD 5,802 million in 2018. In 2019, the vaccine segment observed an operational growth of 12% internationally on account of growing use in children. The increased volumes of vaccine purchased by governments is anticipated to be a driving factor for the market growth. Moreover, the association with Gavi, the Vaccine Alliance is further predicted to bring about a rise in the sale volumes.

Rising Research and Development Funding to Expand Pneumococcal Vaccine Market

The Meningitis Vaccine Project, a partnership between the World Health Organization and PATH, is a promising meningitis vaccine discovery program which is anticipated to provide a great opportunity for larger market players to enter into the pneumococcal vaccines market. This is another significant factor estimated to contribute towards the market growth in the next few years.

Challenges

Side Effects Associated with Pneumococcal Vaccines to Hinder the Market Growth

Various side effects are associated with the use of pneumococcal vaccine such as soreness, redness or swelling at the site of injection along with fatigue, headache, joint pain and fever is estimated to hamper the market growth. These side effects generally tend to be mild and the reactions get better within one or two days, however, serious reactions might occur at times which is predicted to decrease the adoption of the vaccine during the forecast period.