Pneumonia Vaccine Market: High Prevalence of Pneumonia in Children Globally Contributes to the Growth of the Market
Pneumonia Vaccine Market: Introduction
- Pneumonia can be defined as lung infection which affects the air sacs and fills them up with fluid or pus. Infants below the age of two years and adults over the age of 65 years are at the higher risk of acquiring pneumonia.
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- Pneumococcal diseases are considered to be common among children and adults. Elderly population is significantly prone to these infections, which might even lead to death. Pneumonia vaccines are usually administered to children less than two years of age and to adults over 65 years of age.
- Pneumonia vaccine aids in fighting and provides immunization against over 13 types of pneumococcal bacteria known to cause infection in the lungs
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Key Drivers and Restraints of Global Pneumonia Vaccine Market
- The global annual incidence of pneumonia is considered to be over 150.7 million cases according to the WHO Child Health Epidemiology Reference Group. In addition, over 95% of all these cases are known to be occurring in the developing countries. Furthermore, over 150 million new cases of pneumonia are known to occur in children below five years of age, leading to nearly 20 million hospitalizations annually at a global level. This high prevalence of pneumonia in children globally contributes to the growth of the pneumonia vaccines market.
- Growing geriatric population along with the increasing prevalence of pneumococcal infections, makes the aging population more prone to infections, contributing to the rise in demand for pneumonia vaccines.
- Furthermore, people with weakened immune system, including people suffering from heart disease, diabetes, smokers, and heavy drinkers, are more likely to get pneumonia. Increase in the population with weakened immune system contributes to the demand for pneumonia vaccine aiding in the growth of the market.
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North America to Lead Global Pneumonia Vaccine Market
- In terms of region, the global pneumonia vaccine market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global pneumonia vaccine market in 2018, owing to strong presence of leading market players, high prevalence of pneumonia, increasing government focus on immunization programs, and advancements in administration of vaccines
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- Europe was the second largest market for pneumonia vaccine in 2018, followed by Asia Pacific. Asia Pacific is projected to be the fastest growing market for pneumonia vaccine, followed by Latin America and Middle East & Africa. Growing focus of the governments in countries in Asia on enhancing healthcare facilities, government initiatives, rising disposable income, and rapid economic development contribute to the growth of the pneumonia vaccine market in the region.
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Key Manufacturers Operating in Global Pneumonia Vaccine Market
Leading players in the global pneumonia vaccine market are:
- Glaxosmithkline plc.
- LG Chem Ltd.
- Merck & Co., Inc.
- Panacea Biotec Limited
- Pfizer Inc.
- Pnuvax Incorporated
- Serum Institute of India Pvt. Ltd.
- Shenzhen Kangtai Biological Products Co., Ltd. (Beijing Minhai Biotechnology Corporation Limited)
- SK Bioscience
- Walvax Biotechnology Co., Ltd.
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