April 18, 2024
Nasal Vaccines Market

Nasal Vaccines Market is Estimated to Witness High Growth Owing to Rising Prevalence of Respiratory Infections

The nasal vaccines market has witnessed significant growth owing to the increasing prevalence of various respiratory infections such as influenza, meningococcal disease, measles, and others. Nasal vaccines offer convenience of administration through the nasal route and induce both mucosal and systemic immunity. They elicit strong immunological responses at the site of infection resulting in better protective efficacy. The Global nasal vaccines market is estimated to be valued at US$ 480.16 Bn in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2024 to 2030.

Key Takeaways
Key players operating in the nasal vaccines are Fresenius SE & Co. KgaA, Glenmark Pharmaceuticals, Carlsbad Tech, GlaxoSmithKline PLC, Zydus Cadila, Epi Health LLC, Viatris Inc., Apotex Inc., Teva Pharmaceuticals Industries Ltd., and Emcure Pharmaceuticals Ltd (Avet Pharmaceuticals Inc.), among others. Key players are focused on strengthening their R&D capabilities and new product launches to strengthen their market position.

The key opportunities in the Global Nasal Vaccines Market Demand include rising government support for immunization programs and vaccine research. In addition, increasing focus on thermostable nasal vaccines for use in low and middle-income countries is expected to present lucrative opportunities for market players.

There is high growth potential in emerging markets of Asia Pacific, Latin America, and Middle East & Africa attributed to rising disease awareness, increasing healthcare expenditure, and growing focus of global players. Key market players are focusing on expanding their manufacturing and distribution capabilities in these regions.

Market drivers
The growing disease outbreaks and epidemics of influenza, meningococcal, measles, and other respiratory infections worldwide are expected to drive the demand for nasal vaccines. Nasal vaccines offer superior immunogenicity and protection compared to injectable vaccines which is further fueling the market growth. Growing focus of pharmaceutical companies as well as government and non-government organizations on vaccine research and development for efficient control of infectious diseases will positively influence the nasal vaccines market over the forecast period.

PEST Analysis
Political: The nasal vaccines market is regulated by various government bodies and regulatory agencies which approve new drugs and vaccines and monitor the quality and safety of the products. Changes in legislations pertaining to taxation, healthcare spending can influence the market dynamics.

Economic: The global economical conditions influence the spending capacities of consumers as well as funding for research & development activities by pharmaceutical companies. Recessions can reduce the profitability of market players.

Social: The awareness levels regarding vaccine-preventable diseases and availability of vaccination drives influence the demand for nasal vaccines. People are more health conscious today and prefer easy to administer vaccination routes like nasal vaccines.

Technological: Advanced nasal drug delivery technologies help in developing thermostable vaccines that can withstand variations in temperature without losing potency. Newer adjuvants are explored to enhance the immune response elicited by nasal vaccines. Integrating digital technologies aids in developing smart packaging and tracking vaccine administration.

The nasal vaccines market is concentrated in terms of value in North America due to high awareness levels, robust healthcare infrastructure and presence of major players. Europe is another lucrative market owing to supportive government policies for vaccination programs.

Asia Pacific is recognized as the fastest growing regional market driven by improving healthcare access, increasing healthcare spending, rising income levels and escalating disease burden of influenza and meningitis. Initiatives by governments to strengthen national immunization programs and introduction of newer nasal vaccines by regional companies propel the regional demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it