by Market Overview:
Influenza vaccines help in preventing influenza by activating the body’s immune system to recognize and fight against the influenza virus. These vaccines are specifically designed for seasonal influenza viruses that research suggests will be most common. Influenza vaccines effectively reduce influenza illness, medical visits, and missed work and school due to influenza.
Market key trends:
One of the key trends in the influenza vaccines market is the introduction of quadrivalent vaccines. Quadrivalent vaccines protect against two influenza A strains (H1N1 and H3N2) and two influenza B strains. Previously, most influenza vaccines were trivalent, protecting against two A strains and one B strain. Quadrivalent vaccines provide broader protection against circulating influenza B strains. Another major trend is the shift towards cell-based and recombinant vaccines production technologies. These technologies help in producing vaccines more quickly as compared to traditional egg-based production methods. This enables a quicker response in updating vaccine composition for newly circulating strains.
Market key trends:
One of the major trends contributing to the growth of the influenza vaccines market is the increasing cases of influenza globally. According to WHO, the influenza virus can infect up to 1 billion people worldwide and lead to 3-5 million severe illnesses each year. This has raised the awareness about the importance of immunization against influenza, thereby driving the adoption of influenza vaccines. Moreover, people across age groups are getting vaccinated now unlike the past when it was mostly preferred among infants and elderly. This has created higher demand for different influenza vaccine products within the market.
SWOT Analysis
Strength: Higher efficacy of quadrivalent vaccines that protect against additional influenza strain is aiding their growing preference over trivalent vaccines.
Weakness: Stringent regulations for approval of new influenza vaccines which requires extensive clinical testing can delay market entry of new players.
Opportunity: Emergence of new technologies like cell-based and recombinant vaccine production provide opportunity for novel and more effective vaccine products in the market.
Threats: Threat from other respiratory viral diseases that share similar symptoms with influenza sometimes lead to self-medication without proper diagnosis which affects influenza vaccine sales.
The global 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.
Key Takeaways
The global Influenza Vaccines Market Share was valued at US$ 6216.47 Mn in 2023 and is expected to reach over US$ 9466.84 Mn by 2030, expanding at a CAGR of 4.2% during the forecast period. The market is witnessing growth due to the increasing cases of influenza globally.
Regional analysis: The North American region dominated the influenza vaccines market in 2023 with over 35% market share. This is due to high prevalence of seasonal influenza and presence of major vaccine manufacturers in the region. Asia Pacific is projected to witness highest growth during the forecast period owing to large population base, improving healthcare infrastructure and increasing government support for immunization programs.
Key players: Major companies operating in the influenza vaccines market include Seqirus, GlaxoSmithKline plc, Sanofi, AstraZeneca, FluGen, Inc., Moderna, Inc., Biocryst Pharmaceuticals, Inc., CPL Biologicals Pvt. Ltd., CureVac AG, OSIVAX, and Solaris Vaccines. Leading players are investing in new production plants and focusing on development of quadrivalent and cell-based influenza vaccines with longer shelf life.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
