Influenza vaccines, also known as flu shots, are vaccines that protect against influenza virus infection, commonly known as the flu. Influenza vaccines are vaccines that are administered through an intramuscular injection or nasal spray and are designed to prevent influenza virus infection and illness through pre-exposure vaccination. The global influenza vaccines market is primarily driven by the growing prevalence of influenza. According to the World Health Organization (WHO), influenza affects 5-10% of adults and 20-30% of children worldwide every year. The global influenza vaccines market is estimated to be valued at US$ 6216.47 Mn in 2023 and is expected to exhibit a CAGR of 33% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The global influenza vaccines market is experiencing significant growth due to two key drivers. First, increasing awareness campaigns by governments and public health organizations regarding vaccination are driving the market growth. Regular vaccination can reduce the chances of contracting influenza by 40-60% among the targeted population. Second, technological advancements are facilitating novel vaccine production using recombinant technology, cell culture techniques, and live attenuated influenza vaccine production. These developments are offering efficacious and safe alternatives to conventional influenza vaccines and propelling the market growth. However, factors like high production and R&D costs associated with influenza vaccines development along with stringent regulatory requirements are challenging the market growth to some extent.
Segment Analysis
The global influenza vaccines market is segmented into type, valency, age group, route of administration and distribution channel. Based on type, the market is bifurcated into trivalent and quadrivalent. The quadrivalent segment accounts for the largest market share owing to its ability to offer protection against four strains of influenza including two A strains and two B strains. By valency, the market is divided into multi-strain and single-strain. Multi-strain vaccines dominate as they provide protection against multiple strains of influenza. Based on age group, the market covers pediatric and adult. The adult segment holds the highest share as influenza vaccines are widely adopted by adults due to risks associated with influenza. By route of administration, the market is classified into intramuscular and intranasal. Intramuscular vaccines lead the segment with majority share as the IM route elicits better immune response. Based on distribution channel, the market covers hospital pharmacies, retail pharmacies, and online pharmacies. Hospital pharmacies have the largest share in the market owing to high patient footfall.
Pest Analysis
Political: The government support in the form of immunization programs promote the adoption of influenza vaccines. Vaccination policies and regulations ensure widespread distribution and administration of vaccines.
Economic: Rising healthcare spending and disposable income levels favour market growth. However, high R&D costs and stringent regulatory processes add to production costs.
Social: Increasing awareness about vaccine preventable diseases and their socioeconomic burden drive the social adoption of vaccines. growing global population and risk of pandemics also contribute to market expansion.
Technological: Continuous innovations in cell-based and recombinant technologies aid the development of newer and improved influenza vaccines with extended protection and cross-strain immunity. Advancements in vaccine formulations and delivery methods further augment the market.
Key Takeaways
The Global Influenza Vaccines Market Size is expected to witness high growth over the forecast period owing to factors such as rising geriatric population, increasing government support for immunization, growing incidence of influenza, and technological advancements in vaccine production.
Regional analysis: North America dominates the global market and is poised to retain its top position throughout the forecast period. This can be attributed to high vaccination rates, availability of advanced vaccines, and significant healthcare spending in the region.
Key players operating in the influenza vaccines market are Integra LifeSciences Corporation, AbbVie Inc., Johnson & Johnson, HansBioMed, Becton, Dickinson and Company, Cook Group, Smith & Nephew Plc., Reprise Biomedical, Organogenesis Holdings Inc., Tissue Regenix, LifeNet Health, Zimmer Biomet Holdings, Inc., Stryker Corporation, MiMedx Group, PolyNovo Limited, Fidia Pharma USA Inc., Baxter International Inc., In2Bones Global, BioHorizons, Inc., Harbor MedTech, Inc., MLM Biologics Inc., Geistlich Pharma AG, Olaregen Therapeutix, Inc., EnColl Corporation, Kerecis limited, DSM, ACell Inc., 3M, Cell Constructs I, LLC, CG bio Inc., and Marine Polymer Technologies, Inc. Key players are focusing on new product launches, collaborations and geographic expansion to obtain a significant market share.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
