The Influenza Vaccine Market is a rapidly growing industry, driven by increasing demand for preventive healthcare measures and the need to control the spread of influenza viruses. The global market for influenza vaccines was valued at over USD 6 billion in 2021 and is expected to grow at a significant pace over the coming years.
The increasing prevalence of flu cases, especially among high-risk groups such as the elderly and children, is a major factor driving demand for influenza vaccines. Additionally, the growing awareness of the importance of flu prevention and the availability of new, more effective vaccines are contributing to market growth.
Governments and healthcare organizations around the world are also investing in influenza vaccine programs, further boosting market growth. For instance, the U.S. Centers for Disease Control and Prevention (CDC) recommends annual flu shots for everyone over the age of 6 months and provides funding for vaccine programs in the country.
In terms of product type, the market is segmented into trivalent and quadrivalent vaccines. Trivalent vaccines protect against three strains of the influenza virus, while quadrivalent vaccines protect against four strains. Quadrivalent vaccines are becoming increasingly popular, as they offer improved protection against the flu.
The influenza vaccine market is highly competitive, with a large number of players operating globally. Key players in the market include Pfizer, GlaxoSmithKline, Sanofi, AstraZeneca, and Merck & Co. These companies are focused on developing new, more effective vaccines and expanding their distribution networks to capture a larger share of the market.
In conclusion, the increasing demand for flu prevention, the availability of new, more effective vaccines, and government support for vaccine programs are expected to drive the growth of the influenza vaccine market in the coming years.
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.
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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.
Influenza Vaccine Market Segments and Sub-segments:
Based on the technology, the egg-based segment contributed to the largest share in 2020, accounting for more than four-fifths of the global influenza vaccine market. The same segment is expected to lead the market throughout the forecast period. However, the cell-based segment is projected to manifest the highest CAGR of 9.2% from 2021 to 2030.
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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KEY FINDINGS OF THE STUDY:
This report provides an extensive analysis of the current and emerging market trends and dynamics in the global influenza vaccine market to identify the prevailing opportunities.
This study presents the competitive landscape of the global influenza vaccine market to predict the competitive environment across geographies.
Comprehensive analysis of factors that drive and restrict the influenza vaccine market growth is provided.
Region- & country-wise analysis is provided to understand the influenza vaccine market trends and dynamics.
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