The new report by Expert Market Research titled, ‘Global Influenza Vaccine Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2031’, gives an in-depth analysis of the influenza vaccine market, assessing the market based on its segments like type, technology, age group, route of administration and major regions.
The report tracks the newest trends within the industry and studies their impact on the general market. It also assesses the market dynamics, covering the key demand and price indicators, alongside analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2031)
• Historical Market Size: USD 5.9billion
• Forecast CAGR (2022-2031): 7.3%
• Forecast Market Size: USD 11.1 billion
North America now contributes the most to the global influenza vaccine market, and this trend is expected to continue for an anticipated time. This is due to increased public awareness of viral infections and available treatments, government spending on public awareness campaigns, and scientific improvements in the development of new vaccinations. Because of the presence of more healthcare players in the country, increasing spending on R&D, and technological improvements, the United States contributes the most revenue in North America.
Due to rising population and government attempts to raise knowledge about viral diseases and accessible vaccines, Asia-Pacific is the fastest-growing region in the influenza vaccine market.
Globally, market is growing due to rising awareness of the benefits of influenza in preventing the negative side effects of infection. Various regulatory authorities, like the United States Food and Drug Administration (FDA) and the European Commission, are increasingly approving effective influenza vaccinations. As a result, the disease is prevented from spreading and the quality of healthcare is improved, resulting in market growth. Furthermore, the market is being propelled forward by rising demand for new zoonotic influenza vaccines to limit the spread of influenza from animals.
Influenza Vaccine Market Definition and Major Segments
A flu vaccination, often known as an influenza vaccine, is a vaccine that protects against different strains of influenza. The vaccine protects against influenza-related complications like as ear infections and bacterial pneumonia, which are particularly common during the monsoon season. One of the most important immunizations for improving one’s quality of life is the influenza vaccine.
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The global influenza vaccine market can be segmented on the basis of type, technology, age group and route of administration.
Based on type:
Based on technology:
Based on age group:
Based on route of administration:
• Nasal spray
On the basis of regional markets, the segmentation of the influenza vaccine market includes North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Influenza Vaccine Market Trends
The growing need for influenza vaccinations in developing countries, owing to the high occurrence of influenza-related mortality, is assisting the market for influenza vaccine. Furthermore, several governments are progressively distributing influenza vaccines to youngsters in order to prevent the spread of serious health problems. Because the monsoon season in developing nations causes an increase in influenza cases, it is suggested that vaccines against the disease be administered on a regular basis, which is driving the market forward. Furthermore, governments are expected to initiate various research initiatives in order to produce a vaccine that protects against various strains of the influenza virus, which is expected to fuel market growth during the forecast period.
The industry is being assisted by the increasing use of cold-adapted influenza virus vaccines to improve vaccination efficacy and safety. Furthermore, because such vaccines have no negative side effects, they are becoming increasingly popular among children. Cold-adapted vaccinations are appropriate for the trypanophobic population since they may be administered by nasal spray, which is fueling market expansion. Furthermore, the influenza vaccine sector is growing due to the increased acceptance of cold-adapted influenza vaccinations by healthcare agencies.
Advances in vaccine technology are resulting in the development of influenza vaccines based on the negative-strand RNA virus, which is expected to drive market expansion. Furthermore, during the COVID-19 crisis, the development of effective mRNA vaccines against SARS-CoV-2 prompted a rise in research activities to produce efficient mRNA influenza vaccines, which is projected to contribute considerably to market growth. Leading firms are also conducting investigations and clinical trials to establish the advantages, immunogenicity, and safety of the mRNA influenza vaccine. For example, in July 2021, Moderna dosed the first individuals in the United States in the Phase I/II clinical trials of quadrivalent seasonal influenza mRNA vaccine candidate, mRNA-1010.
Key Market Players
The major players within the market are AstraZeneca plc, Biodiem Limited, CSL Limited, Emergent BioSolutions Inc., F. Hoffmann-La Roche AG, Gamma Vaccines Pty Ltd, GlaxoSmithKline Plc., Merck and Co., Inc., Pfizer Inc., Sanofi S.A. and others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of those market players.
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