Influenza Vaccines market is projected to grow at a CAGR of 10.5% by 2033: Visiongain - Yahoo Finance
Visiongain has published a new report entitled Influenza Vaccines Market Report 2023-2033: Forecasts by Vaccine Type (Quadrivalent, Trivalent), by End-users (Specialty Clinics, Hospitals, Others) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The global influenza vaccines market is valued at US$6,648.0 million in 2023 and is projected to grow at a CAGR of 10.5% during the forecast period 2023-2033.
Surge in Influenza Case Projected to Drive Industry Growth
The surge in global influenza cases is anticipated to fuel the demand for influenza vaccines, thus playing a pivotal role in the expansion of the market. To illustrate, data from the Global Flu report released in February 2022 revealed a staggering estimate of 1 billion individuals worldwide being afflicted by seasonal influenza on an annual basis. Within this number, it was reported that approximately 3 to 5 million people suffer from severe cases of the flu each year.
Furthermore, data disclosed by the World Health Organization (WHO) in December 2022 indicated that influenza affects between 5% to 15% of the population in the European region annually. Likewise, an article published in the Plos One Journal in July 2021 highlighted that about 5% to 10% of new influenza cases are observed in adults, while children experience a higher incidence ranging from 20% to 30%, also on an annual basis. This pronounced prevalence of influenza is anticipated to be a significant driving force behind the market's growth throughout the forecasted period.
It is anticipated that the market will expand as a result of the international coalition of governments working to raise awareness of the benefits of vaccination through immunisation programmes in an effort to halt the spread of communicable diseases associated with high morbidity and mortality.
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How has COVID-19 had a Significant Impact on the Influenza Vaccines Market?
The emergence of the COVID-19 pandemic had a profound influence on the trajectory of the influenza vaccine market. With SARS-CoV-2 primarily targeting the respiratory system of infected individuals, there was a heightened awareness and demand for influenza vaccines. This surge in demand was a direct result of the urgent need to bolster respiratory health and prevent co-infections with both influenza and COVID-19. Consequently, the pandemic period witnessed a notable spike in the consumption of influenza vaccines, a trend that undeniably impacted the market dynamics.
This heightened demand for influenza vaccines during the pandemic not only reflected a global commitment to safeguarding public health but also had substantial implications for the market's growth. Manufacturers and healthcare systems had to adapt swiftly to meet this surge in demand, highlighting the industry's resilience and capacity for rapid response in the face of unprecedented challenges. Moreover, the pandemic acted as a catalyst for innovation and resourcefulness within the vaccine production and distribution networks, potentially setting new standards for responsiveness in future health crises.
As we transition into the post-pandemic era, the significance of influenza vaccination remains undiminished. The lessons learned from the COVID-19 pandemic underscore the importance of proactive preventive measures, and the demand for influenza vaccines is anticipated to persist. This sustained interest in influenza immunization is poised to be a key driver in the market's growth trajectory over the forecast period. It signifies a paradigm shift in public health consciousness, emphasizing the enduring value of vaccines in maintaining robust respiratory health and fortifying global defences against respiratory illnesses, both seasonal and pandemic-induced.
How will this Report Benefit you?
Visiongain's 192-page report provides 77 tables and 116 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the influenza vaccines market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Influenza Vaccines. Get financial analysis of the overall market and different segments including vaccine type, end-users and capture higher market share. We believe that there are strong opportunities in this fast-growing influenza vaccines market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Ageing Population
Vaccinations against influenza comprise fifty percent of the demand among individuals aged 65 and older. The ageing process compromises an individual's immune system, rendering them more susceptible to infections resembling influenza. According to a CDC estimate, individuals aged 65 and above account for approximately 85% of the fatalities attributed to seasonal influenza. In addition, up to 70% of hospitalisations associated with seasonal influenza occur in this age group. This demonstrates the prevalence of this infection among ageing populations.
Presently, it is understood that the majority of the elderly have contracted a medical condition that will likely compromise their immune systems even further. Various degenerative diseases, respiratory disorders, neurological issues, and diabetes all increase the susceptibility of the elderly to influenza-related complications.
Increased Emphasis on Immunisation Programmes
Increased emphasis on immunisation programmes and the escalating incidence of infectious diseases are regarded as the primary factors anticipated to fuel the expansion of the worldwide vaccines market over the coming years. Furthermore, escalating corporate endeavours to improve vaccine research and development, coupled with expanding government funding for vaccine advancement, are anticipated to spur the expansion of the worldwide vaccines market over the coming years. It is anticipated that the expanding pool of prospects originating from developing economies will contribute to the near-term expansion of the market as a whole.
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Where are the Market Opportunities?
In the realm of influenza vaccines, a transformative shift towards universal protection looms on the horizon. The quest for a vaccine capable of conferring broad-spectrum immunity against various strains, including potential pandemic threats, stands as a paramount goal. This universal vaccine would revolutionize current immunization strategies, eliminating the need for annual reformulations and fortifying global preparedness. Researchers are delving into innovative approaches, leveraging advances in immunology and virology, to unravel the secrets of cross-strain immunity. By targeting conserved regions of the virus, scientists aim to create a shield against a wider array of influenza strains, ultimately safeguarding populations from the unpredictable nature of viral evolution.
In tandem with technological strides, personalized medicine is poised to play a pivotal role in the future of influenza vaccines. Leveraging cutting-edge genomics and immune profiling techniques, researchers are venturing into the realm of tailored immunization. Personalized vaccines, custom-designed to harmonize with an individual's unique immune landscape, hold the promise of enhancing the effectiveness and longevity of protection. This ground-breaking approach not only represents a leap forward in vaccine science but also embodies a more holistic and patient-centric approach to preventive healthcare. By bridging the gap between individual biology and vaccine efficacy, personalized immunization strategies could revolutionize how we defend against influenza and other infectious diseases.
Competitive Landscape
The major players operating in the influenza vaccines market are CSL, Emergent BioSolutions Inc., GSK plc, Pfizer Inc., Sanofi, SINOVAC, Abbott Laboratories, AstraZeneca, BIKEN Co., Ltd., and Viatris Inc. (Mylan). These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Recent Developments
On 26th September 2023, CSL Seqirus, a business of CSL signed an agreement with the UK government to develop and supply pandemic influenza vaccines in the event of an influenza pandemic. Under the terms of the agreement, should an influenza pandemic be declared, the UK government would have the option to purchase more than 100 million doses of pandemic vaccines from the CSL Seqirus manufacturing plant in Liverpool in a rapid timeframe.
On 13th July 2023, GSK plc started shipping doses of its quadrivalent influenza vaccines to US healthcare providers and pharmacies in preparation for the 2023-24 flu season. This immediately follows a licensing and lot-release approval from the US Food and Drug Administration (FDA). GSK expects to distribute over 40 million doses of its influenza vaccine to the US market. Both FLULAVAL QUADRIVALENT and FLUARIX QUADRIVALENT will be available in a 0.5mL, single-dose, pre-filled syringe, and are indicated for patients six months and older.
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