Pneumonia is type of lung infection that impacts the air sacs of the patient and fills it up with pus or fluid. Adults over the age of 65 and infants below the age of 2 are at a greater risk of acquiring pneumonia. Pneumococcal diseases are found to be quite common among adults as well as children. Geriatric population is considerably more susceptible to these diseases that might even lead to death. Vaccines for pneumonia are generally administered to infants and children who are less than two years old and to adults over 65 years of age. This vaccine helps in providing immunity against pneumonia. There are more than 13 types of known pneumococcal bacteria that can cause the disease and the vaccine helps in protecting from them.
Growing Patient Pool Will Influence Market Growth
As per the research study published by World Health Organization Child Health Epidemiology Reference Group, there are more than 150.7 million cases of pneumonia across the globe each year. Most importantly, 95% of these cases are from the developing nations. Moreover, over 150 million new instances of pneumonia occur among children from age group zero to five. It leads to around 20 million cases of hospitalization each year across the globe. Such high prevalence of pneumonia in infants and children across the globe is expected to provide the much needed impetus to the overall development of the global pneumonia vaccine market.
In addition to this, rising geriatric population is also a key factor for the growth of the global market in recent years. As this demographic is more susceptible to pneumonia infections, getting injected with vaccine thus is quite beneficial for them. Naturally, the demand of the pneumonia vaccine is high for adults and elderly population as well.
Another important growth factor for the global pneumonia vaccine market is its increasing demand from people with weakened immunity. People suffering from diabetes and heart disorders or heavy drinkers and smokers are more susceptible of such kind of infection.
Based on the regional segmentation, the global pneumonia vaccine market is classified into five key regions. These regions are Latin America, Europe, Asia Pacific, Middle East and Africa, and North America. Of these, currently, the global market is being dominated by the regional segment of North America. This dominance of the regional segment is due to the strong presence of a several notable companies in the region. In addition to this, increasing prevalence of pneumonia, rising governmental focus on initiating immunization and awareness campaigns, and developments in the administration of vaccines are some of the other key factors that are helping to drive the growth of the North America pneumonia vaccine market.
The regional segment of Europe is the second largest market behind that of North America. The presence of key market players, growing consumer awareness, and a developed healthcare infrastructure in countries such as the UK, Spain, France, and Italy are some of the key factor contributing to the overall development of the Europe market.
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Asia Pacific to Emerge as Fastest Developing Market
On the other hand, the regional segment of Asia Pacific is expected to witness a highly promising rate of growth in the near future. The region is home to two of the fastest growing economies in the world in India and China. Both these nations also have a huge population density and a known history of large number of pneumonia cases. With the governments in these regions spending heavily on the development of their respective domestic infrastructure and launching several patient awareness campaigns, the demand for pneumonia vaccines is expected rise considerably from these regions.