The Influenza vaccines market is estimated to reach a valuation of US$ 7161.38 Bn by 2024 from US$ 5353.2 Bn in 2020, registering a CAGR of 33.% from 2024 to 2031.
Influenza, commonly known as flu, is a contagious respiratory illness caused by influenza viruses that infect the nose, throat, and lungs. Influenza vaccines help in preventing the flu by inducing the body's immune system. The different types of influenza vaccines are egg-based, cell-based and recombinant vaccines. The egg-based vaccines are traditional vaccines which require eggs for vaccine production. Cell-based vaccines use animal cell lines or mammalian cell cultures instead of eggs which makes them faster to produce. Recombinant vaccines use recombinant DNA technology to produce vaccines.
The global Influenza Vaccines Market Demand is driven by factors such as the increasing prevalence of influenza, availability of government funding for vaccination programs and rising awareness about influenza vaccination. Government initiatives to promote vaccination are fueling the market growth. For instance, the US Centers for Disease Control and Prevention (CDC) recommends routine annual flu vaccination for everyone above 6 months of age. Key players operating in the influenza vaccines market include Integra LifeSciences Corporation, AbbVie Inc., Johnson & Johnson, HansBioMed, Becton, Dickinson and Company. The Global influenza vaccines Market is estimated to be valued at US$ 7161.38 Bn in 2024 and is expected to exhibit a CAGR of 33.% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the influenza vaccines market are Integra LifeSciences Corporation, AbbVie Inc., Johnson & Johnson. Rising demand for vaccination due to increasing awareness about influenza is driving the market growth. Technological advancements such as the development of cell-based and recombinant influenza vaccines have improved vaccine production methods.
Growing demand: The significant increase in demand for influenza vaccines due to rising awareness as well as government funding and initiatives for vaccination is a major factor propelling market growth. Vulnerable populations like pediatric & geriatric require annual vaccination.
Technological advancements: The emergence of newer Influenza Vaccines Market Size And Trends production technologies like cell-based and recombinant vaccine production methods have improved the speed, effectiveness and reliability of vaccine manufacturing. This helps in rapidly producing vaccines as per changing seasonal strains.
Market trends
1. Shift towards cell-based and recombinant vaccine production: With advancements in biotechnology, manufacturers are shifting from egg-based to faster cell-based and recombinant vaccines which do not require eggs for production.
2. Focus on developing universal influenza vaccines: Players are investing in R&D to develop universal flu vaccines which can treat multiple strains of influenza viruses and provide longer lasting protection.
Market Opportunities
1. Growth potential in emerging nations: Emerging nations in Asia Pacific and Latin America with large population bases offer lucrative opportunities for market players due to growing spending on healthcare and rising awareness.
2. Scope for quadrivalent influenza vaccines: Quadrivalent vaccines protecting against 4 strains (2 influenza A and 2 influenza B) instead of trivalent (3 strains) vaccines have better market potential.
Impact of COVID-19 on Influenza Vaccines Market
The COVID-19 pandemic has significantly impacted the growth of the influenza vaccines market in both positive and negative ways. On one hand, it disrupted vaccine production and supply chains globally due to strict lockdown measures. Manufacturers faced shortages of raw materials and challenges in workforce management. This led to delayed production and fulfillment of orders. On the other hand, the pandemic increased awareness about the importance of vaccines. People were more inclined to get vaccinated against other infectious diseases like influenza to avoid chances of contracting co-infections.
Pre-COVID, the market was growing at a steady rate due to regular influenza outbreaks every year and increasing vaccination rates worldwide. Manufacturers focused on expanding production capacities and supply networks. However, during the peak of the pandemic in 2020 and 2021, the market experienced decline as priorities shifted to COVID vaccines and other essential medical goods. Production was halted or slowed down across major regions that were heavily impacted.
Post-COVID, the market is rebounding back steadily as lockdowns are being lifted globally. Manufacturers are ramping up production to fulfill the pent-up demand. Also, dual vaccination programs for influenza and COVID are being implemented in many countries to expedite immunization drives. New product launches and innovations in vaccine delivery mechanisms are further aiding the market growth. While uncertainties around future virus mutations remain, the long-term outlook is positive given continued support from governments and health organizations to strengthen influenza prevention.
Geographical Regions with high Influenza Vaccines market value concentration:
North America holds the largest share of the influenza vaccines market value-wise, primarily due to high adult and child vaccination rates in the US and Canada. Countries in the region invest heavily in national immunization programs and consistently account for over 50% of global influenza vaccine sales.
Europe is another major regional market led by countries like Germany, UK and France. Strategic initiatives by regulatory bodies to promote annual influenza vaccination among high-risk groups like elderly and chronic illness patients are supporting EU market growth.
Fastest growing region for Influenza Vaccines market:
Asia Pacific region is poised to become the fastest growing market for influenza vaccines during the forecast period. Rising healthcare expenditures, increasing per capita incomes, growing geriatric population and overall focus on preventive healthcare are some key factors fueling APAC market expansion. Additionally, presence of many Indian and Chinese pharmaceutical manufacturers engaging in flu vaccine production will likely attract more foreign investments in the coming years.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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