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LONDON, GREATER LONDON, UNITED KINGDOM, January 21, 2025 /EINPresswire.com/ -- Is the Ticovac Market Set to Witness Substantial Growth?
The ticovac market size has witnessed significant growth over the past years and is slated to see further expansion in the coming years. The market, which amounted to $4,010 million in 2024, is projected to reach $4,310 million in 2025, registering a compound annual growth rate CAGR of 7.6%. This notable growth in the historical period is pegged to a growing awareness, increased travel to endemic areas, rising veterinary concerns, an upswing in the geriatric population, and an increase in military and defense vaccinations.
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The ticovac market is expected to continue its upward trajectory in the next few years, growing to an estimated $5,700 million in 2029 at a CAGR of 7.3%. The growth over the forecast period can be attributed to an increase in outdoor workers, rising healthcare expenditure, an amplified focus on regional disease control, an uptick in health insurance coverage, and a climbing incidence of tick-borne encephalitis TBE cases.
What Drives The Ticovac Market Growth?
The growth of the ticovac market further gains momentum due to the rising prevalence of tick-borne diseases. These diseases are transmitted to humans via the bite of infected ticks and are caused by bacteria, viruses, or parasites. With climate change, expanding tick habitats, increased human exposure, and better diagnostics, tick-borne diseases are on the rise.
Ticovac, which provides active immunization against tick-borne encephalitis TBE, a potentially severe viral infection transmitted through tick bites, is particularly required to counter these diseases. For instance, in February 2024, the Centers for Disease Control and Prevention reported an overall incidence of Lyme disease as 18.9 cases per 100,000 population, marking a rate 68.8% higher than in previous years. Thus, the emerging prevalence of tick-borne diseases is largely propelling the growth of the ticovac market.
Additionally, increasing research and development R&D activities further fuel the growth of the ticovac market. R&D activities involve systematic investigations and innovations aimed at creating new products, improving existing ones, or developing novel technologies and solutions through scientific and technical research. They have a positive impact on Ticovac, driving advancements in vaccine formulation, enhancing efficacy, and ensuring its continued capability to address emerging strains of tick-borne encephalitis.
Major companies operating in the ticovac market include Pfizer Inc., which has been pivotal in fostering the market's growth.
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A significant trend that shapes the ticovac market is the focus on innovative formulations such as suspension liquid to gain a competitive advantage in the industry. Suspension liquid is a vaccine formulation for preventing tick-borne encephalitis, available for intramuscular injection. It comes in a 0.5 mL dose and has been designed for both adult and pediatric use.
How Is The Ticovac Market Segmented?
The ticovac market covered in this report is segmented as follows:
1 By Formulation: Inactivated Vaccines; Live Attenuated Vaccines
2 By Indication: Tick-Borne Encephalitis; Japanese Encephalitis; Rabies Encephalitis
3 By Distribution Channel: Hospital Pharmacies; Retail Pharmacies; Online Pharmacies
Regional Analysis Of Ticovac Market:
Region-wise, Europe was the most substantial region in the ticovac market in 2024, and North America is expected to be the most rapidly growing region in the forecast period. The regions covered in this report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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