Pneumococcal Vaccines Market: Asia Pacific Market to Grow at a Rapid Pace
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.
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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”.
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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.
Asia Pacific Market to Grow at a Rapid Pace
In terms of revenue, the pneumococcal vaccines market in Asia Pacific is projected to expand at a CAGR of 9.7% during the forecast period. Rapidly increasing patient population and advancements in the biopharmaceutical industry in the region are expected to boost the demand for pneumococcal vaccines, which in turn is likely to drive the market during the analysis period. Additionally, rise in government investment to increase vaccination programs in the region are anticipated to provide lucrative opportunities for manufacturers in the next few years. Moreover, several regional players in China, India, and Southeast Asia are focusing on research & development to bring new products to market. Serum Institute of India in developing 10-valent pneumococcal vaccine. Walvax in China already has 23-valent PPSV in the market and is developing 13-valent pneumococcal vaccine.
Pfizer, Inc. and Merck KGaA to Lead Market
The report also provides profiles of leading players operating in the global pneumococcal vaccines market. These include Pfizer, Inc., Merck & Co., Inc., SK Chemicals, Serum Institute of India Pvt., Ltd., Chengdu Institute of Biological Products Co., Ltd., GlaxoSmithKline plc, Sanofi, and Walvax Biotechnology Co., Ltd. Increase in mergers & acquisitions, strategic collaborations, and new product launches are expected to drive the global market during the forecast period. In September 2018, Pfizer, Inc. announced the grant of Breakthrough Therapy designation by the U.S. FDA for its pipeline candidate pneumococcal vaccine conjugate (20vPnC) - PF-06482077 for adults (18 years and above). Pfizer, Inc. plans to initiate phase-3 trials of the candidate by the end of 2018.
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