Kenneth Research recently added a report on ‘ Influenza Vaccines Market’ in its database of market research reports which provides its readers an in-depth analysis on the latest trends, growth opportunities and growth drivers that are associated with the growth of the market. The report additionally shares critical insights on the COVID-19 impacts on the Influenza Vaccines Market, along with the compound growth rate (CAGR) of the market for a projected period between 2022 and 2031. The report also includes analysis of the market by utilizing different analytical tools, such as PESTEL analysis and Porter’s five forces analysis. These tools also provide an in-depth analysis on the micro and macro-environmental factors that are associated with the growth of the market during the forecast period.
Influenza Vaccines Market Size: Introduction
Influenza virus, generally referred to as flu is a common infectious disease. Its symptoms include a cough, fever, muscle pain, joint pain, and severe headaches. Sometimes, influenza illness can even occasionally lead to death.
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As per World Health Organization (WHO), hospitalization related to severe illness affected with influenza ranged between 3.0 to 5.0 million and in which deaths related to influenza virus ranged in between 290,000 to 650,000 in the year 2017. There are various types of influenza vaccines such as adjuvant inactivated influenza vaccine, inactivated influenza vaccine, live attenuated influenza vaccine, toxoid vaccine, and recombinant influenza vaccine. The worldwide spread of influenza virus epidemic is expected to drive the influenza vaccines market size over the projected period.
Market Dynamics
The rising number of influenza vaccines approvals is expected to augment the influenza vaccines market size on a global scale. Increasing number of government initiatives towards the development of various vaccines to treat multiple health disorders is further anticipated to push the influenza vaccines market towards growth.
For example, the Bill and Malinda Gates Foundation in April 2018, announced a sum of US$ 12.0 million along with Lucy and Larry page for researchers to present innovative ideas, affordable and effective flu vaccines. Additionally, National Institute of Allergy and Infectious Disease (NIAID) in May 2018, supported the trial of universal influenza vaccines, which will, in turn, provide significant growth opportunities for the global influenza vaccines market size.
Continual mutation of the influenza virus has resulted in the advent of a newer virus, which is unaffected by the existing vaccines, which in turn leading to newer R&D practices to come up with newer vaccine formulae which creates a significant hike in the vaccines’ price. This is expected to be one of the major restraining factors of the global influenza vaccines market size.
Segment Analysis
Live attenuated influenza vaccines (LAIV) segment is expected to dominate the global influenza vaccines market over the forecast period, due to their immunity-boosting abilities by weakening the influenza viruses. Lesser side effects associated with LAIV and availability of a wide range of approved LAIV Such as Fluenz and FluMist is also contributing a significant share in driving the growth of this segment.
Among vaccine types, multivalent vaccines especially quadrivalent influenza vaccines are expected to dominate the market during the forecast period, due to their approval from FDA, low cost and their suitability to be consumed by population belonging above the age group of 2 years.
Regional Insight
North America is expected to hold a prime market share in the global influenza vaccines market owing to rising numbers of R&D activities by some of the major players of the market along with government support to come up with novel vaccine portfolio for the treatment of influenza virus.
Asia Pacific influenza vaccines market is expected to witness a prime growth rate during the forecast period, owing to the increase in geriatric population, coupled with the economic growth in developing nations like China and India, which can lead to the expanding healthcare expenditure capacity in the region, which in turn will drive the Asia Pacific influenza vaccines market over the projected period.
Competitive Landscape
Some of the key players operating in the influenza vaccines market include GlaxoSmithKline plc, Novartis International A.G., Sanofi S.A., Johnson & Johnson Inc., and CSL Limited among others. Major market players are focusing on acquisition activities to expand their product portfolio, along with concerns to improve their market share and geographical reach.
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For instance, In August 2017, Sanofi acquired Protein Sciences, a U.S.-based vaccines biotechnology company for the expansion of its influenza vaccine product portfolio. As a result of this acquisition, Flubok that was the only recombinant protein-based influenza vaccine approved by the U.S. Food and Drug Administration (FDA), which got added to Sanofi Pasteur’s influenza vaccine product portfolio
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