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Mumps vaccine market Size 2031
Mumps vaccine market report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics.
PORTLAND, OREGON, UNITED STATES, October 26, 2023 /EINPresswire / -- Mumps vaccine market size valued at $2 billion in 2021, and is estimated to reach $3.5 billion by 2031, growing at a CAGR of 5.8% from 2022 to 2031. Mumps vaccine is the most efficient way of preventing mumps viral infection in children and elderly population. Mumps vaccine is mainly administered in the form of combination vaccine, which offers resistance against measles, mumps, and rubella virus infections. The vaccine has no side effects; however, some cases may encounter very mild fever or rash. In addition, in some pediatric patients, mumps vaccine is given in the form of MMRV vaccine, which offers resistance against measles, mumps, rubella, and varicella (chickenpox).
List of Key Players :
Serum Institute of India Pvt. Ltd., GlaxoSmithKline plc, Actiza Pharmaceuticals, Merck & Co., Inc.
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Furthermore, the new product launches and product approvals by the public and private players are anticipated to provide a lucrative opportunity for the market. Moreover, vaccine manufacturers are emphasizing on collaboration with organizations including United Nations International Children's Emergency Fund (UNICEF), World Health Organization (WHO), and Global Alliance for Vaccines and Immunization (GAVI) to enhance their vaccination programs in order to reach the maximum population to provide vaccines. This is anticipated to drive the market during the mumps vaccine market forecast period.
In addition, the government and non-government organizations in the developed as well as developing countries are focusing on creating awareness among the population about vaccination and risk associated with unvaccinated population. Various campaigns and drives are arranged by various organizations that further create awareness among the population about the causes and symptoms about mumps infection. As mumps infection is a contagious infection, hence it is necessary to create awareness among the people about the safety and precautions to be taken to avoid severe outbreaks. In addition, the governments have taken initiatives to spread knowledge and information about the vaccination and immunization, which are expected to help in prevention of infection and avoid any serious conditions associated with it. This further expands the market during mumps vaccine market analysis.
For instance, according to the article published in March 2022, by Center for Health Protection (Hong Kong), School Immunization Teams (SIT) under the Centre for Health Protection (CHP) is the vaccination scheme set up to provide immunization services to primary one student, primary five female students, and primary six students in Hong Kong under Hong Kong Childhood Immunization Programme (HKCIP). This scheme focuses on providing health knowledge about immunization in students, school staff, parents, and strengthening their awareness about vaccine-preventable diseases. Thus, such initiatives increases the success rate of various vaccination drives in the country, which further rises the demand for vaccines including the mumps vaccine.
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Though presence of several factors drives the growth of mumps vaccine market, few factors also act as a restraint to the market. Factors such as excessive cost and complex procedures associated with the manufacturing and development of vaccines provide a hindrance to the growth of the market. In addition, stringent rules and regulations associated with the development and distribution of mumps vaccines act as a restraint to the market.
The mumps vaccine market size is segmented on the basis of age group, distribution channel, and region. By age group, the market is bifurcated into pediatric and adult. The pediatric segment was the highest contributor to the market in the year 2021 and is expected to grow at the fastest CAGR of 6.1% during the forecast period. The growth of the segment is attributed to rise in awareness about the mumps vaccination in pediatric population in the developed and developing regions.
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