Influenza Vaccines Market is Estimated To Witness High Growth Owing To Trends in Vaccine Development
The global Influenza Vaccines Market Share is estimated to be valued at US$ 6216.47 Mn in 2023 and is expected to exhibit a CAGR of 4.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Influenza vaccines are administered to provide immunity against the influenza virus. They help reduce the chances of contracting the virus. Influenza vaccines are available for different types of influenza viruses such as trivalent and quadrivalent vaccines. The vaccines provide protection against seasonal influenza strains that are most likely to cause disease. Increased awareness about influenza vaccines through vaccination programs have boosted the demand for influenza vaccines over the years.
Market key trends:
One of the key trends in the influenza vaccines market is new vaccine development. Researchers are constantly working on developing new and improved influenza vaccines with better effectiveness. For instance, adjuvanted and cell-based influenza vaccines are being developed which can provoke a stronger immune response compared to traditional influenza vaccines. Researchers are also developing universal influenza vaccines which can provide protection against multiple strains of influenza viruses. Such ongoing R&D for novel influenza vaccine formulations is expected to drive the market growth over the forecast period. Another trend is the increased focus on quadrivalent influenza vaccines. Quadrivalent vaccines provide protection against two influenza A strains and two influenza B strains. This offers broader protection compared to trivalent vaccines.
Porter's Analysis
Threat of new entrants: The high costs involved in R&D, clinical trials, and production facility set-up pose barriers for new companies.
Bargaining power of buyers: Buyers have moderate bargaining power with presence of numerous established players offering differentiated products.
Bargaining power of suppliers: Suppliers have low bargaining power given the intensive competition and presence of substitutes.
Threat of new substitutes: Threat is moderate as new vaccines for other infectious diseases can capture market share.
Competitive rivalry: Intense due to global presence of key players and need for continual innovation.
SWOT Analysis
Strengths: Established distribution channels, brand recognition, technological expertise in vaccine development.
Weaknesses: Heavy R&D investments, stringent regulatory approvals, reliance on seasonal demand.
Opportunities: Growing geriatric population, increasing immunization programs, pandemic preparedness.
Threats: Pricing pressures, patent expiries, emergence of alternative treatment options.
Key Takeaways
The global influenza vaccines market is expected to witness high growth, exhibiting CAGR of 4.2% over the forecast period, due to increasing prevalence of influenza infections globally. In 2023, the market size was valued at US$ 6216.47 Mn.
Regionally, North America dominated the market in 2023 due to robust immunization programs and availability of advanced treatment options in the region. However, Asia Pacific is expected to exhibit fastest growth during the forecast period owing to rising healthcare investment and expanding patient population in countries like China and India.
Key players operating in the influenza vaccines market are Seqirus, GlaxoSmithKline plc, Sanofi, AstraZeneca, FluGen, Inc., Moderna, Inc., Biocryst Pharmaceuticals, Inc., CPL Biologicals Pvt. Ltd., CureVac AG, OSIVAX, and Solaris Vaccines. These players are focusing on new product launches, facility expansion and collaborations for sustaining their market position.
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