Global pneumococcal vaccines market growth is driven by factors such as rising incidence of pneumococcal diseases worldwide and growing immunization programs by various governments. Moreover, increasing awareness among people regarding pneumococcal vaccination can also drive the market growth. However, high costs associated with pneumococcal vaccines development and production can hamper the market growth. Ongoing research activities for developing affordable and effective vaccines can offer new opportunities in the near future.
Market Dynamics:
Global pneumococcal vaccines market growth is primarily driven by rising prevalence of pneumococcal pneumonia, meningitis, and other serious infections caused by Streptococcus pneumoniae bacteria worldwide. As per the World Health Organization (WHO), pneumonia is one of the top five causes of death in children under age of 5 years. Moreover, increasing government funding and initiatives to promote immunization programs through national immunization schedules can drive the market growth. However, high research, development and production costs of pneumococcal vaccines can hamper the market expansion. Ongoing clinical trials assessing the safety and efficacy of new multivalent pneumococcal formulations can drive the market growth. Emerging economies present significant opportunities for market players owing to improving healthcare infrastructures in these countries.
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