Number of pages: 100 | Report Format: PDF | Published date: 13 September, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
The global influenza vaccines market was pegged at ~US$ 6.9 billion in 2021 and is expected to witness a CAGR of ~7.5% during the forecast period.
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 vaccinations, or recombinant influenza vaccines are all types of influenza vaccines.
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 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 by key players and coming up with new and effective vaccines is also responsible for market expansion.
However, the high price of developing vaccines and stringent drug approval is hampering the market's growth.
The global influenza vaccines market has been analyzed from five perspectives: - vaccine type, valency, age group, distribution channel, and region.
Influenza Vaccines Market by Vaccine Type
Based on the therapy type, the global influenza vaccines market has been subdivided into two distinct types, namely live attenuated and inactivated. The inactivated vaccine segment dominated the global influenza vaccines market. This is attributed to the increased focus of key players to develop this vaccine in developed and developing countries. And also, because it is standardized according to specific strain of the influenza virus.
Influenza Vaccines Market by Valency
Based on the valency of the influenza vaccines, the global market is subdivided into quadrivalent and trivalent. The quadrivalent segment dominates the market 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.
Influenza Vaccines Market by Age Group
Based on age group, the global influenza vaccines market has been divided into, pediatrics and adults. The pediatric segment rules the influenza vaccines market, because of the high requirement for vaccination in infants and children to protect them against influenza virus infection.
Influenza Vaccines Market by Distribution Channel
Based on the distribution channel, the global influenza vaccines market is divided into hospital pharmacy, government suppliers, and others. The hospital pharmacy segment dominates the global influenza vaccines market. This is due to the high vaccine supply in these institutions and timely vaccination camps conducted in hospitals. The government suppliers segment is expected to witness growth in coming years owing to the rising immunization programs.
Influenza vaccines Market by Region
Based on region, the global influenza vaccines market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America dominates the global influenza vaccines market. This is attributed to the increasing prevalence of influenza majorly. Also, the launch of innovative products and advanced technologies used in the manufacturing of vaccines is contributing to the influenza vaccines market. Europe, on the other hand, holds the second position in the market, owing to higher immunization rates in the region. Asia Pacific is expected to witness a higher growth rate in the forecast period. This is attributed to government initiatives taken to avail vaccination, especially in the niche areas.
Some of the prominent players operating in the global influenza vaccines market are: -