A robust compound annual growth rate is set to be charted by the global pneumonia vaccines market over the next few years and it will lead the market accrue higher worth and generate a slew of gainful opportunities.
The disease that can easily turn fatal is common in children but is also witnessing an increase in incidence in the adult population. Caused by infections – viral, bacterial, fungal – the contamination of lungs and alveoli called pneumonia has vaccines in the market. These are usually provided to older people, aged 65 and above, and children, less than 2 years of age. It provides protection against 13 types of bacteria (pneumococcal).
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It is significant to note here that the rate of ageing across the world is increasing rapidly and that is set to help the global pneumonia vaccines market reach a higher growth trajectory. By the year 2050, 2 billion people will be aged 60 and above and one in every six people will be aged 65 and above. Interestingly, Europe and North America will see one in every four fall in the latter category.
The restraint that is hampering growth in the global pneumonia market is high cost of vaccine and a longer time need to produce it. However, research and development and government support will counteract the negative influence. Government support towards awareness creation in this area is also set to pay off in the near future. It is a direct outcome of increasing prevalence of pneumonia.
It is worth noting that players operating in the global pneumonia market are proactive and helping the market witness a sturdy growth over the forecast period owing to various measures opted to lay claim to a sizeable share of the market. Some of the top players in the market include 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 and Walvax Biotechnology Co., Ltd..
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