Nasal Vaccines Market is Estimated To Witness High Growth Owing To Increased Uptake of Alternative Routes for Vaccine Ad

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The Nasal Vaccines Market is estimated to be valued at US$ 416.8 million in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Nasal vaccines employ intranasal route of administration for vaccines, where the antigen is directly deposited in nasal mucosa, inducing both systemic and local immunity. Compared to injectable vaccines, nasal vaccines offer advantages such as needle-free administration, thermostability, and induction of both mucosal and systemic immunity. The need for alternative routes of vaccine administration has been rising in order to address the challenges of injection-based immunization.

Market key trends:
One of the key trends fueling the growth of the nasal vaccines market is the increased uptake of alternative routes for vaccine administration. The nasal route offers distinct advantages over injectable vaccines such as needle-free, painless administration, which increases patient compliance. Nasal vaccines also induce both systemic and mucosal immunity, activating immune responses at the site of pathogen entry. This provides superior protection against respiratory pathogens such as influenza. Furthermore, nasal vaccines are stable at room temperature, eliminating the need for cold chain transportation and storage. This facilitates easy stockpiling and administration of nasal vaccines in developing regions, thus supporting the scaling up of vaccination programs.

Porter's Analysis
Threat of new entrants: New entrants face high costs associated with R&D, clinical trials, regulatory approvals and manufacturing facilities to produce nasal vaccines. This poses significant barriers.
Bargaining power of buyers: Nasal vaccine buyers include hospitals, clinics, government institutions and individuals. Their bargaining power is moderate due to availability of substitute treatment options.
Bargaining power of suppliers: Key raw material suppliers face moderate bargaining power due to established supply networks of major players and differentiated products.
Threat of new substitutes: Threat is low as nasal vaccines effectively target respiratory infections with non-invasive route of administration compared to injectable vaccines.
Competitive rivalry: Intense as major players compete on pricing, innovation and marketing.

SWOT Analysis
Strengths: Nasal route bypass IV administration. Non-invasive self-administration improves patient compliance.
Weaknesses: Require stringent temperature controls during storage and transport. High development costs associated with ensuring thermostability.
Opportunities: Growing preference for needle-free vaccines. Rising incidence of respiratory infections globally.
Threats: Stringent regulatory approvals. Reimbursement challenges in certain regions.

Key Takeaways
The global nasal vaccines market is expected to witness high growth, exhibiting CAGR of 8.6% over the forecast period, due to increasing prevalence of respiratory diseases globally. The US market currently dominates with a share of over 30% in 2023 due to presence of advanced healthcare infrastructure and major players. However, Asia Pacific region is expected to grow at fastest rate due to large patient pool, improving access and rising disease awareness in populous countries like India and China.

Key players operating in the Nasal Vaccines market are AstraZeneca, GlaxoSmithKline plc, Pfizer Inc., Serum Institute of India Pvt. Ltd., Sanofi Pasteur SA, Johnson & Johnson Services, Inc., Sinovac Biotech Ltd., Bharat Biotech International Limited, Altimmune, Inc., BiondVax Pharmaceuticals Ltd., FluGen Inc., Vaxart, Inc., Intravacc, Ennaid Therapeutics, LLC, Gamma Vaccines Pty Ltd. The major players are focusing on product launches, collaborations and technology advancements to strengthen their market position.

Read More:

https://www.rapidwebwire.com/nasal-vaccines-market-estimated-to-witness-high-growth-owing-to-increased-disease-prevention-capabilities-and-growing-focus-on-drug-delivery-product-innovation/

 

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