Influenza Vaccine Market
The global influenza vaccine market is expected to grow significantly from USD 3.13 billion in 2017 to USD 6.17 billion in 2024, at a CAGR of 10.2% from 2018 to 2024. Factors propelling the growth of the influenza vaccine market include increasing awareness regarding its treatment, and growing incidence of infectious diseases coupled with increasing research and development activities. Moreover, introduction of specialized quadrivalent influenza vaccines, and rise in the vulnerable elderly population across the globe are further boosting the market growth. However, stringent government regulations may hinder the growth of the market to some extent.
The report segments the global Influenza vaccine market by Age Group (pediatrics, and adult), by Influenza Viruses (influenza viruses A, influenza viruses B, influenza viruses C, and influenza viruses D), by Vaccines Types (quadrivalent, trivalent, fluzone/vaxigrip, flumist, flulaval, anflu, fluvirin, fluarix, and other), by Route of Drug Administration (intradermal, intramuscular, intranasal, and intravenous), by End-User (research centers, and hospitals and clinics), and by Region (North America, Latin America, Europe, Asia-Pacific, and Middle East and Africa).
Influenza is a respiratory disease caused by influenza virus. Influenza virus affects millions of people every year, and thousands of people are hospitalized and in some cases the flu may cause death. The influenza vaccines develop antibodies in the body after vaccination and these antibodies provide protection against infection and inhibit the growth of the virus.
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Key Findings of the Global Influenza Vaccine Market
- The influenza vaccine market is expected to reach USD 6.17 billion by 2024 at CAGR of 10.2%
- Based on the Age Group, the pediatrics segment held the major share of the global influenza vaccine market in 2017
- On the basis of Vaccines Types, the quadrivalent segment holds the major share of the global influenza vaccine market owing to its use in the treatment of different type of flu viruses
- Geographically, North America holds the major share of the global influenza vaccine market owing to the increasing investment by major pharmaceutical companies and growing number of patients in the region
- Some of the major key players in the global influenza vaccine market are GlaxoSmithKline, Merck, Protein Sciences Corporaton, Sanofi Pasteur, Inc., Pfizer, CSL Limited, MedImmune, LLC, ID Biomedical Corporation, Hualun Biologicals, Novartis, and Sinovac Biotech among others
New Research and Development Activities to Reduce the Risk of Influenza Virus
The influenza virus causes infection in nose, throat, and lungs and affects all age groups, including younger children and adults especially pregnant women, and people with weak immune systems. It can cause mild or serious illness and sometimes can lead to death. Influenza vaccines inhibit the growth of the virus and develop antibodies against the virus. Major pharmaceutical companies are investing in research and development activities for the development of a universal influenza vaccine that can provide durable protection for all age groups against the influenza virus infection.
Global Influenza Vaccine Market – Regional Insight
Geographically, the global influenza vaccine market is segmented into North America, Latin America, Europe, Asia-Pacific, and Middle East and Africa. North America holds the major share of the global influenza vaccine market owing to increasing investments by major pharmaceutical companies and growing number of patients in the region coupled with the government initiative to promote the influenza vaccination campaigns. Europe holds the second largest market share of the global influenza vaccine market due to introduction of new influenza vaccine, and an increase in the size of the elderly population. Asia-Pacific is the fastest growing region for the global influenza vaccine market due to increasing incidence of communicable diseases and growing elderly population along with the improvement of the current vaccine technology.
Research and Development Activities Driving the Growth of Influenza Vaccine Market, to Grow at a CAGR of 10.2% during 2018-2024