What is Influenza Vaccine?
A. Influenza commonly known as flu is a contagious respiratory infection or illness caused by influenza viruses. The influenza vaccine protects a person from getting the flu.
High prevalence of influenza, rise in government focus on immunization programs, newly developed vaccines, and technological advancement in vaccine administration are the factors driving the global influenza vaccine market growth. However, factors such as longer timelines, implementation of stringent regulations, and high costs associated with vaccine development create restraints for the market growth. On the other hand, high growth prospects in emerging sectors open many doors of opportunities for the market players.
According to the report published by Allied Market Research, the global Influenza Vaccine Market generated $5.02 billion in 2020, and is projected to reach $10.12 billion by 2030, registering a CAGR of 7.2% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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Covid-19 Scenario:
- The COVID-19 is expected to impact the global influenza vaccine market positively.
- Influenza vaccines will not prevent COVID-19, but conserve scarce medical resources for the care of people with COVID-19. Thus, the demand for influenza vaccines is expected to increase during the forecast timeframe.
- Globally, the COVID-19 death toll has gone beyond four million and the number is still growing. Because of the ongoing COVID-19 pandemic, getting a flu vaccine will be more important than ever.
Onkar Sumant, a Manager, Healthcare at Allied Market Research, stated, increase in government support and surveillance regarding vaccination against influenza on the national and global levels to monitor the supply, distribution, and administration of flu vaccines drive the growth of the influenza vaccine market.
Factors that boost the growth of the influenza vaccine market include increase in government support and surveillance regarding vaccination against influenza on the national and global levels to monitor the supply, distribution, and administration of flu vaccines. Moreover, rise in investment by leading market players across the globe and surge in government funding which has facilitated the launch of therapeutically effective vaccines drive the market growth.
Based on region, North America contributed to the highest share in 2020, holding around half of the total market share, and is expected to maintain the lead throughout the forecast period. On the other hand, Asia-Pacific is projected to manifest the fastest CAGR of 8.5% during the forecast period.
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Leading players of the global influenza vaccine market analyzed in the research include Biodiem, Sanofi Pasteur SA, AstraZeneca plc., F. Hoffmann-La Roche Ltd., Emergent BioSolutions, GlaxoSmithKline plc, Gamma Vaccines Pty Ltd., Merck & Co. Inc. (Merck Sharp & Dohme Corp.), Novartis AG, CSL Limited, Pfizer, Inc., and Sinovac Biotech Ltd.
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