Pune, India, Feb. 08, 2021 (GLOBE NEWSWIRE) -- According to the report, Influenza Vaccine market size is projected reach USD 7.34 billion by 2026. Global Influenza Vaccine market was USD 11.59 billion in 2018 and is anticipated to exhibit a CAGR of 6.9% during the forecast period set between 2019 to 2026. Influenza Vaccine market in North America was valued at USD 4.05 billion in 2018 and is also expected to observe the highest growth during forecast period.
Increasing Demand for Flu Vaccine amid COVID-19 to Aid Growth
The increasing focus on R&D activities to develop a vaccine to contain the widespread effect of the novel coronavirus is driving the demand for immunization across the globe. The COVID-19 pandemic has brought unprecedented changes in the healthcare industry. An increasing demand for the seasonal influenza vaccine to ensure better protection against the deadly pandemic is anticipated to favor the market growth in the near future.
Influenza, also known as flu, is generally a respiratory illness that occurs due to a viral infection. It is highly contagious and mainly spreads through respiratory droplets. In addition to this, it can pass from one person to another through physical contact and while talking. Owing to their serious implications on health, global healthcare organizations such as the Centers for Disease Control and Prevention (CDC) have recommended certain influenza vaccines such as baloxavir marboxil (Xofluza) to treat the symptoms in patients.
The global influenza vaccine market is expected to gain momentum owing to the increasing prevalence of chronic disease and the growing efforts in R&D activities by major companies to develop innovative and effective influenza vaccine treatment during the forecast period.
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INDUSTRY DEVELOPMENT:
- August 2020 – AstraZeneca announced its collaboration with the leading healthcare industry players such as Sanofi, Seqirus, and GlaxoSmithKline to fast-track the manufacturing of its FluMist vaccine to treat influenza and boost its sales for the period, 2020-21.
Increasing Prevalence of Influenza to Favor Growth
According to the World Health Organization (WHO), seasonal influenza has serious implications for health globally. It is estimated that around 1 billion people are affected by it every year. The increasing prevalence of chronic disease is propelling the manufacturers to develop innovative influenza vaccines. The increasing geriatric population globally is further anticipated to favor the global flu vaccine market during the forecast period. The global healthcare organizations have recommended several licensed vaccines that are being adopted largely to prevent chronic diseases that are propelling the companies to invest in developing innovative vaccines globally. This is expected to bode well for the market growth in the forthcoming years.
The pediatric segment, based on age group, is expected to showcase an exponential growth. This is attributable to the increasing rate of influenza amongst infants and the younger population that is driving the demand for an efficient influenza vaccine.
Among all the regions, North America is expected to hold the highest position in the global flu vaccine market. This dominance is attributable to the presence of established companies such as Emergent BioSolutions, Inc. that are increasing their focus on developing advanced influenza vaccines for therapeutic purposes in countries such as the U.S. The region stood at USD 2.18 billion in 2019.
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The global influenza vaccine market is consolidated with the presence of dominating players such as Sanofi that are focusing on upgrading their technology to manufacture advanced flu vaccine and consolidate their positions. The other key players are adopting strategies such as the introduction of new products, collaboration, and partnerships to strengthen their product portfolios and maintain their presence in the global marketplace. For instance, in February 2020, Abbott announced the launch of a new inactivated quadrivalent vaccine for influenza treatment. According to the company, the vaccine received approval for adoption in children below 3 years in India.
- GlaxoSmithKline plc. (U.K, Europe)
- Sanofi S.A (France, Europe)
- AstraZeneca (Cambridge, United Kingdom)
- Seqirus (Maidenhead, UK)
- BioDiem (South Melbourne Victoria)
- Emergent BioSolutions Inc. (Maryland, United States)
- F. Hoffmann-La Roche Ltd (Basel, Switzerland)
- Sinovac Biotech Ltd (China)
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Global Influenza Vaccine Market Segmentations:
By Type
- Inactivated
- Live Attenuated
By Valency
- Quadrivalent
- Trivalent
By Age Group
- Pediatric
- Adults
By Distribution Channel
- Hospital & Retail Pharmacies
- Government Suppliers
- Others
By Geography
• North America (U.S. and Canada)
• Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
• Latin America (Brazil, Mexico, and Rest of Latin America)
• Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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