The global Influenza Vaccines Market Share is estimated to be valued at US$ 6216.47 Mn in 2023 and is expected to exhibit a CAGR of 4.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Influenza vaccines are pharmaceutical preparations that confer active acquired immunity against influenza infection due to influenza viruses. They are made of either trivalent or quadrivalent inactivated or live-attenuated flu vaccines. Government initiatives to improve immunization coverage and rising awareness regarding influenza and availability of influenza vaccines are driving the growth of the market. In addition, advancements in vaccine technologies and the introduction of new influenza vaccines are further fueling the market growth.
Market key trends:
One of the key trends in the influenza vaccine market is the rising adoption of recombinant technology for manufacturing influenza vaccines. Recombinant vaccine technology has significant advantages over traditional influenza vaccines as it reduces reliance on egg culture and allows for faster production. This has enabled the timely availability of vaccines. Furthermore, progress towards the development of universal influenza vaccines which can protect against multiple strains is gaining significance. Universal flu vaccines aim to deliver long-lasting protection and help reduce the socioeconomic burden of seasonal and pandemic influenza.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as large capital investment is required to manufacture influenza vaccines. Furthermore, the market is dominated by major pharmaceutical players.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are many established players offering influenza vaccines. However, buyers have options to negotiate on pricing.
Bargaining power of suppliers: The bargaining power of suppliers is low as raw materials used for manufacturing influenza vaccines are common and available.
Threat of new substitutes: The threat of new substitutes is low as there are limited treatment options available for influenza.
Competitive rivalry: The competitive rivalry is high as major players compete on the basis of vaccine efficacy, new product innovations and price.
Key Takeaways
The global influenza vaccines market is expected to witness high growth, exhibiting CAGR of 4.2% over the forecast period, due to increasing disease incidence and government support for immunization programs. The market size for 2023 is estimated to be US$ 6216.47 Mn.
Regional analysis: North America dominates the global influenza vaccine market owing to high awareness, high healthcare expenditure, and vaccine recommendations by CDC for annual vaccination. Asia Pacific region is expected to witness the fastest growth rate due to improving healthcare infrastructure and increasing focus of international organizations in expanding immunization programs in developing countries.
Key players: Key players operating in the influenza vaccines market are Seqirus, GlaxoSmithKline plc, Sanofi, AstraZeneca, FluGen, Inc., Moderna, Inc., Biocryst Pharmaceuticals, Inc., CPL Biologicals Pvt. Ltd., CureVac AG, OSIVAX, and Solaris Vaccines. Major players are focusing on new vaccine development and geographic expansion to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it