Respiratory Disease Vaccine Market Overview 2024-2028: Market Size To Reach $76.1 Billion By 2028 As Per The Business Research Company's Respiratory Disease Vaccine Global Market Report 2024
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LONDON, Feb. 19, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Respiratory Disease Vaccine Global Market Report 2024, the respiratory disease vaccine market is poised for robust expansion. The report forecasts significant growth from $68.4 billion in 2023 to $69.99 billion in 2024, marking a compound annual growth rate (CAGR) of 2.3%. Factors such as the escalating prevalence of respiratory diseases, augmented public vaccination awareness, and enhanced public health initiatives have been pivotal in propelling this growth trajectory.
Steady Growth Projected with Compelling Market Dynamics
The report anticipates a continued upward trend in the respiratory disease vaccine market, with a projected size of $76.18 billion by 2028, reflecting a CAGR of 2.1%. This growth is attributed to factors such as an aging population, escalating healthcare expenditure, increased investments in vaccines, and heightened pandemic preparedness. Noteworthy trends in the forecast period include the emergence of innovative vaccines, collaborative research endeavors, advancements in vaccine development, and streamlined drug approval processes.
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Addressing the Impact of Smoking on Market Dynamics
A noteworthy contributor to respiratory disease vaccine market expansion is the rising incidence of smoking. Smoking-related health risks, including tracheitis, heart disease, stroke, and cancer, underscore the critical need for respiratory disease vaccines. Notably, the report highlights statistics from July 2022, indicating a 5.8% increase in cigarette production compared to the previous year. Such trends are instrumental in driving the demand for respiratory disease vaccines as a preventive measure among smokers.
Key Players and Innovation in the Market
Major players such as Pfizer Inc., Johnson & Johnson Ltd., Merck & Co. Inc., and others are spearheading innovation in the respiratory disease vaccine market. Noteworthy developments include Pfizer Inc.'s FDA approval for ABRYSVO, a bivalent respiratory syncytial virus vaccine, and GSK PLC's acquisition of Affinivax Inc., bolstering its commitment to vaccine innovation. These initiatives underscore the industry's focus on creating efficacious solutions for preventing and treating respiratory diseases.
Regional Insights and Market Segmentation
The Asia-Pacific region emerged as the largest market for respiratory disease vaccines in 2023, with North America anticipated to witness the fastest growth in the forecast period.
The report segments the respiratory disease vaccine market by type (viral vaccine, bacterial vaccine, combination vaccine), infection (COVID-19, influenza, RSV, pneumonia, others), age (infant, adolescent, adult), and end-user (clinic, hospital, other end-users), providing comprehensive insights for stakeholders.
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Stakeholders across the healthcare spectrum, including pharmaceutical companies, policymakers, healthcare providers, and investors, can leverage the insights from the respiratory disease vaccine market report to drive informed decision-making. By understanding market dynamics, emerging trends, and regional nuances, stakeholders can capitalize on opportunities for innovation, collaboration, and market expansion, ultimately contributing to improved respiratory healthcare outcomes globally.
Respiratory Disease Vaccine Global Market Report 2024 by The Business Research Company provides insights on the respiratory disease vaccine market size, respiratory disease vaccine market segments, respiratory disease vaccine market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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