Influenza Vaccines Market
Number of pages: 100 | Report Format: PDF | Published date: September 13, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
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Report Attribute |
Details |
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Market size value in 2021 |
USD 6.9 billion |
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Revenue forecast in 2030 |
USD 13.22 billion |
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Growth Rate |
CAGR of 7.5% from 2022 to 2030 |
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Base year for estimation |
2021 |
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Forecast period |
2022-2030 |
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Segments covered |
Vaccine Type, Valency, Age Group, Distribution Channel, and Region |
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Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
The global influenza vaccines market was pegged at US$ 6.9 billion in 2021 and is expected to register a revenue CAGR of 7.5% during the forecast period.
Market Fundamentals
The Influenza virus causes a contagious respiratory ailment known as Influenza. Fever, coughing, headaches, joint and muscular pain, and extreme fatigue are all symptoms of influenza. Flu-related illness can range from mild to severe, and it can occasionally be fatal. For preventing influenza infections, vaccinations are advised. Inactivated influenza vaccines, adjuvant inactivated influenza vaccines, live attenuated influenza vaccines, or recombinant influenza vaccines are all types of influenza vaccines.
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Market Dynamic
The rising prevalence of influenza globally has led to many strategies planned by governments of various economies. An increase in government funding to encourage influenza vaccination will fuel the market revenue growth for influenza vaccines. Through several initiatives and programs, the governing bodies of various governments and nations assist in the promotion of vaccination.
The increasing investments in R&D activities and the launch of new and effective vaccines is also responsible for the market revenue growth. However, the high price of developing vaccines and stringent drug approval is expected to hamper the market revenue growth to some extent.
Market Ecosystem
The global influenza vaccines market is analyzed from five perspectives: vaccine type, valency, age group, distribution channel, and region.
Influenza Vaccines Market by Vaccine Type
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Based on the vaccine type, the global influenza vaccine market is segmented into two distinct types, namely live attenuated and inactivated.
The inactivated vaccine segment dominates the global influenza vaccines market in terms of revenue share. This large revenue share of this segment is attributed is to the increased focus of key players to develop this vaccine in developed and developing countries because it is standardized according to a specific strain of the influenza virus.
Influenza Vaccines Market by Valency
Based on the valency, the global influenza vaccine market is segmented into quadrivalent and trivalent.
The quadrivalent segment accounts for the largest market revenue share because of its high demand in the vaccine market and better results as compared to trivalent vaccines. This high demand is also due to the development of novel vaccines, cost-effectiveness, efficacy against viral infections, and easy availability in hospitals and clinics.
Influenza Vaccines Market by Age Group
Based on age group, the global influenza vaccines market is segmented into, pediatrics and adults.
The pediatric segment dominates the influenza vaccines market in terms of revenue, because of the high requirement for vaccination in infants and children than in adults, to protect them against the infection.
Influenza Vaccines Market by Distribution Channel
Based on the distribution channel, the global influenza vaccines market is segmented into hospital pharmacies, government suppliers, and others.
The hospital pharmacy segment dominates the global influenza vaccines market in terms of revenue. This is due to the high vaccine supply in these institutions and timely vaccination camps conducted in the hospitals.
The government suppliers’ segment is expected to register a high revenue growth in coming years owing to the rising immunization programs.
Influenza vaccines Market by Region
Based on region, the global influenza vaccine market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
In terms of revenue share, North America dominates the global influenza vaccines market. This is attributed to the increasing prevalence of influenza majorly. Moreover, the launch of innovative products and advanced technologies used in the manufacturing of vaccines is contributing to the revenue growth of the influenza vaccines market in this region.
Europe, on the other hand, accounts for the second largest revenue share, owing to higher immunization rates in the region.
Asia Pacific is expected to register the highest revenue CAGR during the forecast period. This is attributed to government initiatives taken to avail vaccination, especially in niche areas.
Competitive Landscape
The prominent players operating in the global influenza vaccines market are:
Strategic Developments
The global influenza vaccines market is expected to register a revenue CAGR of 7.5% in the forecast period.
Increasing investments in R&D activities is the major governing factor of the revenue growth of the global influenza vaccines market.
Pfizer Inc., Sinovac, and Novartis AG, are among the key players operating in the global influenza vaccines market.
The quadrivalent vaccine segment accounts for the highest revenue share in the global influenza vaccines market.
Asia Pacific region is expected to register the highest revenue growth during the forecast period.
*Insights on financial permanence is subject to availability of information in public domain