July 19, 2024
Influenza Vaccines Market

Global Influenza Vaccines Market Is Estimated To Witness High Growth Owing To Increasing Demand for Preventive Vaccination & Technological Advancements

The global Influenza Vaccines Market is estimated to be valued at US$ 5,965.9 Mn in 2022 and is expected to exhibit a CAGR of 4.2% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview

Influenza vaccines are key preventive measures for flu outbreaks and are designed to protect individuals from infection by influenza viruses. These vaccines are composed of inactivated or weakened forms of the virus that stimulate an immune response and provide immunity against the disease. The market for influenza vaccines is driven by the increasing demand for preventive vaccination, especially among vulnerable populations such as children, elderly, and individuals with chronic medical conditions. The market also benefits from technological advancements in vaccine production and the development of novel vaccine formulations.

Market Dynamics

  1. Driver: Increasing Demand for Preventive Vaccination

The growing awareness about the benefits of vaccination and increasing efforts by healthcare organizations to promote routine immunization are driving the demand for influenza vaccines. Governments across the globe are actively engaged in vaccination campaigns to prevent the spread of infectious diseases, leading to a significant increase in the demand for influenza vaccines.

For example, the World Health Organization (WHO) recommends routine vaccination against influenza for individuals aged 6 months and older. Moreover, the COVID-19 pandemic has further emphasized the importance of vaccination in preventing infectious diseases, leading to increased acceptance and demand for influenza vaccines.

  1. Driver: Technological Advancements

Technological advancements in vaccine production have led to the development of improved and more effective influenza vaccines. The introduction of cell-based and recombinant DNA technology for vaccine manufacturing has revolutionized the industry. These advancements have led to a streamlined production process, reduced production time, and enhanced vaccine efficacy.

For instance, cell-based influenza vaccine production eliminates the need for egg-based vaccines, allowing for faster response to new influenza strains and reducing the risk of potential egg-related allergenic reactions. Similarly, mRNA technology, as used in COVID-19 vaccines, has shown promise for developing novel influenza vaccines with improved effectiveness and faster production.

SWOT Analysis

Strengths:

  1. Seasonal Demand for Influenza Vaccines
  2. Established Distribution Networks

Weaknesses:

  1. Limited Effectiveness Against New Strains
  2. High Manufacturing Costs

Opportunities:

  1. Growing Adoption of Digital Health Technologies
  2. Expansion in Emerging Markets

Threats:

  1. Vaccine Hesitancy
  2. Competition from Generic Drugs

 Key Takeaways

The global influenza vaccines market is expected to witness high growth, exhibiting a CAGR of 4.2% over the forecast period, due to increasing demand for preventive vaccination and technological advancements. The market is dominated by key players such as Seqirus, GlaxoSmithKline plc, Sanofi, AstraZeneca, FluGen, Inc., Moderna, Inc., Biocryst Pharmaceuticals, Inc., CPL Biologicals Pvt. Ltd., CureVac AG, OSIVAX, and Solaris Vaccines.

In terms of market size, the global influenza vaccines market is projected to reach a value of US$ XX Mn by 2030. Regionally, North America is expected to dominate the market, followed by Europe and Asia Pacific. This is due to the presence of well-established healthcare infrastructure, high awareness, and proactive immunization initiatives in these regions.

Key players operating in the global influenza vaccines market include:

  1. Seqirus
  2. GlaxoSmithKline plc
  3. Sanofi
  4. AstraZeneca
  5. FluGen, Inc.
  6. Moderna, Inc.
  7. Biocryst Pharmaceuticals, Inc.
  8. CPL Biologicals Pvt. Ltd.
  9. CureVac AG
  10. OSIVAX
  11. Solaris Vaccines

In conclusion, the global influenza vaccines market is set to witness significant growth in the coming years. The increasing demand for preventive vaccination and technological advancements in vaccine production are key factors driving market growth.