The Global Influenza Vaccines Market is expected to grow at a high CAGR of 6.90% during the forecasting period (2022-2029).
Influenza is a contagious, acute respiratory illness caused by influenza viruses, usually flu A or B subtypes. Influenza can cause mild to severe disease, and it may predispose to exacerbations of underlying disease or the development of secondary bacterial infections. Influenza viruses can infect humans and other animals. Viruses that infect humans circulate in seasonal epidemics, although some tropical regions experience endemic influenza circulation.
The rising prevalence of the influenza virus is driving the global influenza vaccines market. The growing number of government initiatives to increase awareness about the medications and prevention of influenza has been the key market driver for influenza vaccines.
The increasing government support for immunization to promote influenza vaccine market growth
One of the crucial and significant factors driving the global market is the increasing government support and surveillance regarding vaccination against influenza. Surveillance must be carried out on the national and global levels to monitor the supply, distribution, and administration of flu vaccines. In association with other governments, WHO constantly monitors the demand and conducts immunization programs globally to minimize the vaccine's unmet need. For instance, in May 2021, Australia launched a national flu vaccination program amid the pandemic to reduce the infection rate among the population. As a result, the seasonal vaccines in Australia are now available through community pharmacies and general practitioners. With the help of this immunization program, the government has already vaccinated around 5 million people, and more than 20 million vaccines are still available through community pharmaciesGPs's, and dedicated flu clinics. Organizations such as WHOs Global Influenza Surveillance and Response System (GISRS), Centers for Disease Control and Prevention (CDC), and health ministries of several countries are helping in keeping track of chronic diseases. in South Africa, to create awareness about the benefits of MIS, and improve the adoption rate.
A longer timeline for vaccineVaccine Typeion is likely to hamper the market growth
Novel vaccine development is a huge process that generally takes between 10 to 15 years to develop coupled with establishing its safety, quality, and efficacy. There are three major factors that contribute to the long timelines that include vaccine development complexities, globalized clinical development, and divergent regulatory requirements. Regulatory requirements for clinical trials also vary significantly in countries worldwide. Consequently, this may result in significant delays in the development of novel vaccines. Moreover, data from different countries/regions is often requested for regulatory approval purposes. However, many countries have different labeling requirements coupled with stretched timelines, which adds further complexity to the process of conducting clinical trials across the globe. Therefore, the impact of the stringent regulatory requirements coupled with h longer duration for the conductance of clinical trials is anticipated to hamper theVaccine Type development.
The outbreak of COVID-19 has severely impacted all the healthcare segments, except the market studied. As COVID-19 affects a patient’s respiratory system, it is necessary for them to take vaccines for safety purposes. Thus, the demand for influenza vaccines has increased. Since there was a nationwide lockdown, biologists and researchers were unable to work from their laboratories, which has hindered the introduction of new vaccines into the market. Additionally, growing awareness among the public about the higher risk of getting infected with COVID-19 if the flu weakens the immune system is also another factor contributing to the uptake of flu vaccines. For instance, according to the Centers for Disease Control & Prevention (CDC), as of May, over 189.4 million flu vaccines for the 2020-2021 flu season have been distributed in the U.S compared to 174 million in 2019-2020 season. Also, according to the latest study published in 2020, researchers in Brazil stated that a flu shot could reduce the mortality rate by 20 percent when taken before COVID-19 and approximately about 27 percent when the vaccine is taken after the onset of COVID-19.
The quadrivalent segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)
The quadrivalent segment accounts for the maximum revenue in the influenza vaccine market due to its cost-effectiveness, efficacy against viral infections, and easy availability in hospitals and clinics. Hence, the aforementioned factors are likely to boost the market during the forecast period. A vaccine that works by stimulating an immune response against four different antigens, such as four different viruses or other microorganisms. For instance, Gardasil is a quadrivalent vaccine that helps protect the body against infection with four different types of human papillomaviruses (HPV). All flu vaccines in the United States for the 2021-2022 season are quadrivalent vaccines. Different vaccines are approved for different age groups. There is a quadrivalent flu shot that can be given to children as young as 6 months old. Flucelvax Quadrivalent is now approved for people 6 months and older.
North America region holds the largest market share of the global influenza vaccines market
North America has the largest share in the influenza vaccine market, and it is likely to continue this growth in the forecasted period as well. This is because of people’s awareness of viral infection and its available therapies, the government spending on spreading awareness, and the technological advancements in developing new vaccines. In North America, the United States is contributing the maximum revenue because of the presence of more healthcare players in the country, their increased spending on R&D, and technological advancements. In the United States, there is an increased prevalence of influenza, which has led to market growth.
The Influenza Vaccines Market is a moderately competitive presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include AstraZeneca PLC, CSL Limited, Abbott Laboratories, F.Hoffmann-La Roche Ltd, Emergent BioSolutions, GlaxoSmithKline PLC, Gamma Vaccines Pvt. Ltd, Merck & Co. Inc., Pfizer Inc., Sanofi Pasteur SA among others. The major players are adopting several growth strategies such asVaccine Type launches, acquisitions, and collaborations, which are contributing to the growth of the influenza vaccines market globally. For instance, in February 2020, CSL announced the introduction of the AUDENZ vaccine to the market, which can be used against the H5N1 influenza A virus.
The Company, through its subsidiaries, researches, manufactures and sells pharmaceutical and medicalVaccine Types. AstraZeneca focuses its operations on eight therapeutic areas, including gastrointestinal, oncology, cardiovascular, respiratory, central nervous system, pain control, anesthesia, and infection.
Fluenz Tetra nasal spray: Fluenz Tetra is a vaccine to prevent influenza (flu). It is used in children and adolescents 24 months to less than 18 years of age. Fluenz Tetra will help to protect against the four virus strains contained in the vaccine, and other strains closely related to them.
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