Pune, Sept. 11, 2020 (GLOBE NEWSWIRE) -- The global influenza vaccine market is expected to gain momentum by reaching USD 7.60 billion by 2027 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.
This information is published by Fortune Business Insights, in its latest report, titled, “Influenza Vaccine Market Size, Share & COVID-19 Impact Analysis, By Type (Inactivated and Live Attenuated), By Valency (Quadrivalent and Trivalent), By Age Group (Pediatric and Adults), By Distribution Channel (Hospital & Retail Pharmacies, Government Suppliers and Others) and Geography Forecast, 2020-2027.” The report further observes that the market stood at USD 4.45 billion in 2019 and is likely to exhibit a CAGR of 6.9% between 2020 and 2027.
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.
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What does the Report Include?
The market report includes a detailed assessment of various drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive insights into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several research methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnership, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2020 and 2027.
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.
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DRIVING FACTORS
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.
SEGMENTATION
Pediatric Segment to Remain at the Forefront; Increasing Adoption of Immunization Strategy to Spur Demand
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.
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REGIONAL INSIGHTS
Presence of Established Companies in North America to Surge Demand
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.
The market in Asia-Pacific is expected to showcase a significant growth in the forthcoming years. This is ascribable to factors such as the increasing geriatric population and the supportive government initiative to promote this vaccine between 2020 and 2027.
COMPETITIVE LANDSCAPE
Abbott Announces Launch of New Quadrivalent Vaccine to Strengthen its Product Portfolio
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.
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.
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List of the Companies Operating in the Influenza Vaccine Market:
- 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)
- Other Prominent Players
Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- New Product Launch
- Technological Advancements in the Market
- Prevalence of Disease Indication- For Key Countries, 2019
- Impact of COVID-19 on Influenza Vaccine Market
- Key Industry Developments - Mergers, Acquisitions, and Partnerships
- Global Influenza Vaccine Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Inactivated
- Live Attenuated
- Market Analysis, Insights and Forecast – By Valency
- Quadrivalent
- Trivalent
- Market Analysis, Insights and Forecast – By Age Group
- Pediatric
- Adults
- Market Analysis, Insights and Forecast – By Distribution Channel
- Hospital & Retail Pharmacies
- Government Suppliers
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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