by 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 are administered via the nasal route instead of injection. They stimulate mucosal immunity and provoke both humoral and cell mediated immune responses. Nasal vaccines are given as drops or spray into the nose.
Market Dynamics:
Thermostability is a key driver propelling the nasal vaccines market growth. Nasal vaccines offer benefits of being thermostable and do not require cold chain distribution. This allows storage of nasal vaccines at room temperature, reducing expenses associated with temperature controlled logistics. Additionally, growing demand for needle-free administration route is fueling the market. Nasal route of administration induces functional antibodies in the nasal mucosa which is the primary site of entry for respiratory pathogens.
Market key trends:
One of the key trends in the nasal vaccines market is the growing demand for thermostable nasal vaccines. Traditionally, nasal vaccines required cold storage between 2 to 8 degree Celsius during transportation and storage. However, thermostable nasal vaccines can withstand higher temperatures up to 40 degree Celsius for over three months without losing their potency. This makes them more suitable for use in tropical and developing countries where maintaining cold chain can be challenging. Thermostable nasal vaccines also reduce vaccine wastage and lower distribution costs, thus driving their adoption.
SWOT Analysis
Strengths: Nasal delivery allows for direct vaccination in the mucosa where pathogens first enter the body without use of needles which enhances convenience.
Weaknesses: Manufacturing of nasal vaccines can be more complex than traditional injectable vaccines. Initial public resistance to nasal sprays.
Opportunities: Growing focus on thermostable nasal vaccines suitable for use in tropical countries. Increasing research on nasal vaccines for diseases like COVID-19 and influenza.
Threats: Stringent regulatory approvals and high development costs pose threats. Delay in product launches can allow competitors to gain market share.
Key Takeaways
The global Nasal Vaccines market size is expected to grow from US$ 416.8 million in 2023 to over US$ 918.2 million by 2030, expanding at a CAGR of 8.6% during the forecast period. The rising demand for thermostable nasal vaccines suitable for use in developing countries without cold chain infrastructure is driving the market.
Regionally, North America is expected to dominate the nasal vaccines market during the forecast period. This is attributed to growing research activities for developing nasal vaccines in the region. However, Asia Pacific is likely to witness the fastest growth owing to rising focus of key players to launch affordable nasal vaccines for diseases like influenza and COVID-19 in populous countries like India and China.
Key players operating in the nasal vaccines market include 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, and Gamma Vaccines Pty Ltd. These companies are focused on expanding their portfolio through partnerships and collaborations for developing novel nasal vaccines.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
