The global Influenza Vaccines Market is estimated to be valued at US$ 6,216.47 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 help in preventing influenza (flu) by activating the body’s immune response against flu viruses. It protects against the strains currently circulating and causing seasonal flu outbreaks every year. Vaccination is especially important for people who are at high risk of developing serious flu complications.
Market key trends:
One of the key trends in the influenza vaccines market is the development and approval of cell-based and recombinant vaccines. These alternative approaches have the potential to provide standardized and scalable manufacturing options compared to conventional egg-based vaccines. Cell-based vaccines are manufactured using cell culture technology that does not require eggs during vaccine production. Recombinant vaccines contain genetically engineered virus antigens produced in cells but lack flu viruses. Both technologies help address concerns related to egg-dependent vaccine supply limitations and antigenic mismatches.
SWOT Analysis
Strength: Influenza vaccines help in effectively preventing influenza and reducing the risk of complications due to influenza infections. They help provide immunity against various influenza strains.
Weakness: Development of new generation vaccines require extensive research and clinical trials which is a time consuming and an expensive process. Frequent mutations in influenza viruses require development of updated vaccines each season.
Opportunity: High demand for influenza immunization programmes globally presents an opportunity for market players. Increasing government support for vaccination drives will further aid market growth.
Threats: Fear of side-effects associated with influenza vaccines is a major concern for many. Unpredicted mutations or weak match between circulating virus strains and vaccine component strains may reduce vaccine effectiveness.
Key Takeaways
The Global Influenza Vaccines Market Size is expected to witness high growth, exhibiting a CAGR of 4.2% over the forecast period, due to increasing government support for vaccination programmes. With rising awareness about influenza vaccination, its demand is steadily increasing globally.
Regional analysis: North America dominates the global influenza vaccines market currently. However, Asia Pacific region is expected to emerge as the fastest growing market due to growing support from governments in the region through vaccination programmes. Countries like China and India represent major opportunities.
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 focused on advancing their research and development activities to develop newer formulations with enhanced efficacy. They are also expanding their production facilities to cater to the growing global demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
