May 24, 2024

Adult Vaccines Market is in trends by rising demand due to growing aging population

The adult vaccines market comprises vaccines that provide immunization against various infectious diseases for individuals aged above 18 years. Common adult vaccines include influenza, pneumonia, shingles, tetanus, diphtheria, pertussis, hepatitis, and human papillomavirus vaccines. These vaccines protect adults from serious illnesses and help reduce healthcare costs associated with treating such illnesses. The global adult vaccination programs have witnessed increased uptake in recent years owing to the high risk of infectious diseases among adults. Moreover, regulations in various countries mandate adult vaccination against certain diseases.

The Global Adult Vaccines Market is estimated to be valued at US$ 16,790.11 Mn in 2024 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030.

Key Takeaways
Key players operating in the adult vaccines are GlaxoSmithKline Plc, Merck & Co., Sanofi Pasteur, Pfizer Inc., CSL Limited, Johnson & Johnson, Serum Institute of India, Medimmune, and AstraZeneca Plc. GlaxoSmithKline Plc dominated the market with its influenza and shingles vaccines.
The demand for adult vaccines is increasing owing to the growing aging population globally that is more susceptible to vaccine-preventable diseases. Various government programs are also promoting adult vaccination.
The manufacturers are also focusing on expanding their presence in emerging markets of Asia Pacific, Middle East, and Latin America region where the awareness and demand for adult vaccines is growing steadily.

Market key trends
One of the key trends in the adult vaccines market is the rising demand for combination vaccines. Traditionally, adults received different vaccines targeting individual diseases. However, combination vaccines offer convenience of administration and better compliance. Major companies are focused on developing innovative combination vaccines to target multiple disease indications. For instance, in 2021, GSK received FDA approval for its combination shingles and pneumococcal polysaccharide vaccine. Such novel combination vaccines are expected to drive future growth of the adult vaccines market.

Porter’s Analysis

Threat of new entrants: Adult Vaccines require large investments and strict regulatory approvals which limits the threat of new entrants.

Bargaining power of buyers: Multiple choices are available for adult vaccines which increases the bargaining power of buyers.

Bargaining power of suppliers: Suppliers have specialized ingredients and formulations which gives them strong bargaining power.

Threat of new substitutes: Alternate immunization methods pose low threat currently due to lack of new vaccine substitutes.

Competitive rivalry: Intense competition exists between large multinational companies to launch new vaccines and gain more market share.

The United States accounts for the largest share of the adult vaccines market in terms value owing to robust immunization programs, large target population and favorable reimbursement policies. Adult Vaccines market in China is expected to grow at the fastest pace during the forecast period supported by rising healthcare spending, increasing awareness about vaccine-preventable diseases and expansion of immunization programs

Geographical Regions
The North America region dominates the adult vaccines market and holds a share of over 40% in terms of value due to increasing awareness about vaccine-preventable diseases, rising cases of HPV and pertussis infections and strong presence of leading manufacturers in the region. The Asia Pacific region is anticipated to show the fastest growth during the forecast period supported by improving healthcare infrastructure, expanding vaccination programs and rising disposable income in emerging economies.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it