Mumps Vaccine Market to Reach $3.5 Billion, Globally, by 2031 at 5.8% CAGR: Allied Market Research

Improving healthcare infrastructure, rise in unmet healthcare needs, and surge in the prevalence of infectious diseases such as mumps drive the growth of the global mumps vaccine market.

PORTLAND, Ore., Feb. 9, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Mumps Vaccine Market by Age Group (Pediatric, Adult), by Distribution Channel (Hospitals and Clinics, Vaccination Centres): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global mumps vaccine industry generated $2 billion in 2021, and is estimated to reach $3.5 billion by 2031, witnessing a CAGR of 5.8% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

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Drivers, Restraints, and Opportunities-

Improving healthcare infrastructure, rise in unmet healthcare needs, and surge in the prevalence of infectious diseases such as mumps drive the growth of the global mumps vaccine market. On the other hand, stringent rules & regulations associated with vaccine development, high development cost, and low manufacturing capacity restrain the growth to some extent. However, surge in promotional activities by manufacturers and rise in awareness about the importance of vaccination among individuals are expected to create lucrative opportunities in the industry.

Covid-19 scenario-

• The outbreak of the pandemic led the majority of pharmaceutical companies toward COVID-19 vaccine production, which in turn gave way to a steep decline in other vaccine productions such as mumps vaccines. This factor impacted the market negatively.
• However, the global market for mumps vaccine has recovered slowly and steadily.

The hospitals and clinics segment to maintain its dominance during the forecast period-

By distribution channel, the hospitals and clinics segment held the largest share in 2021, garnering nearly three-fourths of the global mumps vaccine market revenue, and is projected to maintain its dominance by 2031. The same segment would also showcase the fastest CAGR of 6.0% during the forecast period. This is driven by the considerable number of patient visits to the hospitals for mumps vaccination after the pandemic.

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The pediatric segment to rule the roost-

By age group, the pediatric segment contributed to more than two-thirds of the global mumps vaccine market share in 2021, and is projected to rule the roost by 2031. The same segment would also display the fastest CAGR of 6.1% throughout the forecast period. Surge in awareness about mumps vaccination among the pediatric population in developed and developing regions fuel the segment growth.

North America garnered the major share in 2021-

By region, North America held the major share in 2021, garnering more than three-fifths of the global mumps vaccine market revenue, and is expected to dominate by 2031. This is due to the prevalence of a large number of mumps cases in the U.S. and other major regions across North America. Asia-Pacific, on the other hand, would showcase the fastest CAGR of 8.6% from 2022 to 2031.

Leading Market Players-

• GlaxoSmithKline plc
• Merck & Co., Inc
• Actiza Pharmaceuticals
• Serum Institute of India Pvt. Ltd.

The report analyzes these key players in the global mumps vaccine market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

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