by The global Influenza Vaccines Market Share is estimated to be valued at US$ 6216.47 Mn in 2023 and is expected to exhibit a CAGR of 4.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Influenza vaccines are used for vaccination against influenza virus strains that are anticipated to be most common. The vaccines are seasonal and need to be updated each year based on international recommendations to match circulating virus strains. The main types of influenza vaccines include inactivated influenza vaccines (IIV) and recombinant influenza vaccines (RIV). IIVs are the most widely available type and are produced by growing virus in eggs or cell cultures and then inactivating them with formaldehyde.
Market Dynamics:
Increasing adoption of universal influenza vaccines is one of the major drivers expected to boost the growth of the influenza vaccines market during the forecast period. Universal influenza vaccines provide protection against various strains of influenza viruses offering cross protection. Thus, they do not need to be updated every year unlike conventional seasonal influenza vaccines. Growing focus on development of such vaccines is anticipated to drive market growth.
For instance, according to data by the Coalition for Epidemic Preparedness Innovations (CEPI), over 25 universal influenza vaccine candidates are under development currently.
Another driver for market growth is increasing recommendations for annual influenza vaccination globally. Several countries have included influenza vaccination as part of their national immunization programs. Further, at-risk groups like elderly, pregnant women and children are recommended yearly influenza vaccination. This has raised overall vaccination rates and demand for influenza vaccines over the years.
Segment Analysis
The influenza vaccines market is dominated by the quadrivalent influenza vaccines sub-segment. This is owing to the rising awareness about the advantages of quadrivalent vaccines over traditional trivalent vaccines in providing broader protection against multiple influenza strains. The quadrivalent influenza vaccines protect against two influenza A strains and two influenza B strains.
PEST Analysis
Political: Various favorable government initiatives to promote immunization programs are boosting the growth of the influenza vaccines market. For instance, the U.S. government has implemented annual flu vaccination as a requirement for Medicare patients.
Economic: The rising per capita healthcare expenditure worldwide has increased the uptake of influenza vaccines, thereby driving the market growth.
Social: Increasing awareness among people about the importance of influenza vaccination to prevent the spread of the disease is supporting the market expansion.
Technological: Continuous innovations in vaccine production technologies have facilitated the development of quadrivalent and recombinant influenza vaccines with enhanced efficacy.
Key Takeaways
The global influenza vaccines market is expected to witness high growth, exhibiting CAGR of 4.2% over the forecast period, due to increasing adoption of vaccination programs and accessibility of influenza vaccines across geographies.
Regionally, North America dominated the influenza vaccines market and accounted for over 40% market share globally, owing to rising disease burden of influenza and presence of leading manufacturers in the region. The Asia Pacific region is projected to exhibit the fastest growth during the forecast period due to growing population susceptible to influenza infections in emerging economies like India and China.
Key players operating in the influenza vaccines market are Seqirus, GlaxoSmithKline plc, Sanofi, AstraZeneca, FluGen, Inc., Moderna, Inc., Biocryst Pharmaceuticals, Inc., CPL Biologicals Pvt. Ltd., CureVac AG, OSIVAX, and Solaris Vaccines. The key players are largely involved in new product launches and geographical expansion to strengthen their global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
