IMARC Group, a leading market research company, has recently releases report titled “Influenza Vaccine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, The study provides a detailed analysis of the industry, including the global influenza vaccine market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the influenza vaccine market?
The global influenza vaccine market reached a value of US$ 6.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 9.8 Billion by 2028, exhibiting a CAGR of 8.4% during 2023-2028.
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Factors Affecting the Growth of the Influenza Vaccine Industry:
- Research and Development:
The growth of the influenza vaccine market is significantly influenced by continuous research and development efforts. Vaccine manufacturers are persistently working on improving the efficacy and safety of influenza vaccines. This includes the development of more effective formulations, such as quadrivalent and high-dose vaccines, to provide better protection against evolving influenza strains. Additionally, research seeks to reduce the need for annual vaccinations through the development of longer-lasting vaccines. The relentless pursuit of innovation in vaccine technology is a driving force behind the expansion of the influenza vaccine market.
- Increasing Awareness and Immunization Campaigns:
A crucial factor in the growth of the influenza vaccine market is the increasing awareness of the importance of vaccination and the implementation of immunization campaigns. Governments and healthcare organizations worldwide are actively promoting annual influenza vaccinations, particularly among vulnerable populations like the elderly and children. These awareness campaigns not only boost vaccine uptake but also drive market growth as a larger portion of the population seeks vaccination each year. The efforts to educate the public about the benefits of influenza vaccination play a pivotal role in the market’s expansion.
- Seasonal and Pandemic Threats:
The influenza vaccine market is continually influenced by seasonal outbreaks and pandemic threats. The unpredictability of influenza strains and the potential for new pandemics underscore the importance of vaccine development and stockpiling. Manufacturers are driven to produce sufficient vaccine doses to meet the demand in the event of a pandemic. Seasonal outbreaks also drive annual demand for influenza vaccines as individuals and healthcare providers prioritize prevention. The cyclical nature of influenza, with its recurring threats, ensures a sustained market demand, making the influenza vaccine market resilient and continually growing.
Influenza Vaccine Market Report Segmentation:
Breakup By Vaccine Type:
- Quadrivalent
- Trivalent
By vaccine type, quadrivalent represented the largest segment because they provide broader protection against four different influenza virus strains.
Breakup By Technology:
- Egg-based
- Cell-based
By technology, egg-based represented the largest segment due to their long-standing, proven effectiveness and established manufacturing processes.
Breakup By Age Group:
- Egg-based
- Cell-based
By age group, pediatric represented the largest segment due to the high priority placed on immunizing children, who are more vulnerable to influenza complications.
Breakup By Route of Administration:
- Pediatric
- Adult
By route of administration, the market is segmented into injection and nasal spray.
Breakup By Regional Insights:
- Injection
- Nasal Spray
Region wise, North America emerged as the largest market due to its advanced healthcare infrastructure and high awareness and adoption of influenza vaccinations.
Global Influenza Vaccine Market Trends:
The market growth of influenza vaccines is driven by increasing awareness about the importance of vaccination in preventing flu outbreaks. Governments and health organizations worldwide are actively promoting flu vaccinations, especially among high-risk populations like children, the elderly, and healthcare workers. This is coupled with the growing prevalence of influenza and public health initiatives focusing on immunization programs. Additionally, advancements in vaccine technology, such as the development of quadrivalent vaccines that provide broader protection, and efforts to produce more effective and longer-lasting vaccines, are further propelling the market.
Leading Companies Operating in the Global Influenza Vaccine Industry:
- Abbott Laboratories
- AstraZeneca plc
- CSL Limited
- Daiichi Sankyo Company Limited
- Emergent BioSolutions Inc.
- F. Hoffmann-La Roche AG
- Gamma Vaccines Pty Ltd
- GlaxoSmithKline plc
- Merck & Co. Inc.
- Novartis AG
- Pfizer Inc.
- Sanofi
- SINOVAC
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