by Influenza viruses cause contagious respiratory illnesses commonly known as the flu. Influenza vaccines help stimulate the body’s immune system to recognize and fight off the viruses that cause influenza. The vaccines protect against the major strains of viruses that research indicates will be most common during the upcoming flu season.
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 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand for influenza vaccines due to Covid-19 outbreak is a major trend driving the growth of influenza vaccines market. The Covid-19 pandemic highlighted the vulnerabilities of healthcare systems worldwide. It showed that countries need to be better prepared for epidemics and pandemics. As a result, many countries are now focusing on strengthening their vaccination programs against influenza to reduce the overall disease burden. This includes vaccinating more people as well as procuring additional vaccine doses. For instance, some countries like the US have decided to procure additional influenza vaccine doses for the 2022-23 flu season. Meanwhile, vaccine maker such as Sanofi and GlaxoSmithKline are also increasing their influenza vaccine production capacities to meet the growing demand in future years amid the ongoing Covid-19 pandemic. This rising demand for influenza vaccines is expected to continue in the long run, thereby propelling the market growth over the forecast period.
SWOT Analysis
Strength: Influenza vaccines provide protection against seasonal flu which results in hospitalizations and deaths every year. They help reduce the societal and economic burden of the disease.
Weakness: Vaccine effectiveness depends on correct identification of influenza strains to include in annual flu vaccines and can vary year to year depending on the match between circulating strains and vaccine strains. There is also general hesitancy towards vaccination in some populations.
Opportunity: Growing awareness about the severity of flu infection and availability of different types of influenza vaccines including quadrivalent and cell-based vaccines provides growth opportunities.
Threats: Pandemic threats from novel strains for which no vaccines exist and antimicrobial resistance emerging pose threats to the market. Changes in treatment guidelines or reimbursement policies also impact the market.
Key Takeaways
Global Influenza Vaccines Market Size is expected to witness high growth over the forecast period of 2023 to 2030. 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 11% over the forecast period 2023 to 2030.
Regional analysis:
North America currently dominates the market due to high vaccination rate and availability of advanced vaccines. However, Asia Pacific is expected to be the fastest growing region due to initiatives by governments to strengthen immunization programs and large population prone to influenza infection.
Key players:
Key players operating in the influenza vaccines market include DuPont de Nemours, Inc., Lenzing AG, Kelheim Fibres GmbH, Asahi Kasei Corporation, Grasim Industries Limited (Aditya Birla Group), Sateri Holdings Limited, Tangshan Sanyou Group Co., Ltd., Birla Cellulose (Aditya Birla Group), Indo Bharat Rayon (Aditya Birla Group), China Bambro Textile Co., Ltd. They are focused on expanding vaccine portfolio and production capacities to fully capture market opportunities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
