by Influenza vaccines are used to provide active immunization against seasonal influenza viruses. It helps prevent infection by two types of influenza viruses that are expected to be most common during the upcoming flu season. The commercially available influenza vaccines include trivalent influenza vaccines (TIV) and quadrivalent influenza vaccines (QIV). TIV protects against two influenza A virus subtypes and one influenza B virus lineage, whereas QIV protects against an additional B lineage. Influenza vaccines are available as intramuscular injections or intradermal microinjections.
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 Dynamics:
According to the Centers for Disease Control and Prevention (CDC), on an average, influenza causes around 9.3 million illnesses annually in the US. Influenza also results in an average of 79,000 to 115,000 deaths worldwide every year. This has created a huge demand for effective influenza vaccines, which is facilitating the growth of the market. In addition, increasing usage of adjuvanted and quadrivalent influenza vaccines is also contributing to growth of the market. Adjuvanted influenza vaccines help facilitate immune response and require use of lower quantity of antigen. Quadrivalent influenza vaccines provide protection against two influenza A strains and two influenza B strains in a single dose. These factors are expected to support market growth over the forecast period.
SWOT Analysis
Strength: Influenza vaccines Market have three major strengths. Firstly, they are effective in preventing influenza illnesses and reducing the risk of potential complications. Secondly, vaccination programs aid in reducing societal costs associated with influenza. Thirdly, vaccines help protect vulnerable groups such as the elderly, pregnant women and children.
Weakness: There are a few weaknesses associated with influenza vaccines. Firstly, they have to be administered annually as influenza viruses mutate rapidly. Secondly, vaccine production depends on the accuracy of strain selection for the upcoming flu season. Thirdly, vaccine efficacy can be reduced if the selected strains differ from the circulating strains.
Opportunity: There are two main opportunities in the influenza vaccines market. Firstly, the launch of quadrivalent vaccines that protect against an additional strain widens product offerings. Secondly, rising awareness about vaccination benefits presents an opportunity to increase uptake rates globally.
Threats: Two major threats confront the influenza vaccines market. Firstly, the regular emergence of new virus strains challenges vaccine developers. Secondly, any safety concerns or issues during clinical trials can affect public perception and vaccine sales.
Key Takeaways
The Global Influenza Vaccines Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2023 is projected to be US$ 6216.47 Mn.
Regional analysis: North America dominates the global influenza vaccines market currently due to high vaccination rates and stockpiling of vaccines in the region. Asia Pacific is anticipated to demonstrate the fastest growth owing to growing outbreaks in densely populated countries and strengthening healthcare infrastructure.
Key players: Key players operating in the influenza vaccines market are DuPont de Nemours, Inc., Lenzing AG, Kelheim Fibres GmbH, Asahi Kasei Corporation, Grasim Industries Limited, Sateri Holdings Limited, Tangshan Sanyou Group Co., Ltd., Birla Cellulose, Indo Bharat Rayon, and China Bambro Textile Co., Ltd.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Vaagisha Singh
Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups. LinkedIn
