Influenza vaccines protect against the three or four viruses that research suggests will be most common. They are a safe and effective prevention against flu. The global influenza vaccines market encompasses vaccines that help build immunity against seasonal flu viruses. Influenza viruses are continuously evolving which necessitates the development of new vaccines every year. This market involves significant research activities to monitor virus evolution and develop vaccines to counter them.
The global Influenza Vaccines Market is estimated to be valued at US$ 6216.47 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Increased awareness regarding benefits of preventive healthcare presents a key market opportunity for influenza vaccines. Regular influenza vaccination can help reduce flu illnesses, doctors’ visits, and missed work and school due to flu, as well as prevent flu-related hospitalizations. Rising public understanding about the importance of vaccination in staying healthy is driving the demand for influenza vaccines. As people invest more on wellness and proactive healthcare, the influenza vaccines market is likely to see considerable gains. Vaccination helps build immunity without having to experience the actual illness which is preferable for most. Rising focus on health and wellbeing will continue to bolster the market growth over the foreseeable future.
Threat of new entrants: The influenza vaccines market require huge capital investments for R&D that acts as a barrier for new players. However, biotechnology and pharmaceutical companies can enter this market by developing advanced and innovative influenza vaccines.
Bargaining power of buyers: The bargaining power of buyers is moderate as influenza vaccines are prescribed drugs by physicians. Pharmaceutical companies have pricing power over buyers.
Bargaining power of suppliers: Pharmaceutical companies have strong control over raw material suppliers due to stringent regulations. This gives less bargaining power to suppliers in the influenza vaccines market.
Threat of new substitutes: There is no substitute currently available for influenza vaccines. Substitutes can pose threat if developed in future.
Competitive rivalry: The influenza vaccines market is moderately concentrated due to presence of few global players. Increased competition results in high R&D investments, branding & promotional activities.
Strengths: Rising awareness about influenza, seasonal epidemics, government support drives the demand. Technological advancements lead to development of advanced and innovative vaccines.
Weaknesses: High R&D costs, stringent regulatory framework, vaccine production complexities. Vulnerable to supply chain disruptions.
Opportunities: Untapped developing markets, scope for therapeutic influenza vaccines, cell culture technologies can improve production.
Threats: Threat from alternative treatment options, pandemic threats impact demand unpredictably. Price controls and reimbursement policies.
The Global Influenza Vaccines Market Size is expected to witness high growth during the forecast period of 2023-2030. The global influenza vaccines market is estimated to be valued at US$ 6216.47 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030.
Regional analysis indicates that North America currently dominates the global influenza vaccines market and is expected to continue its dominance during the forecast period. This can be attributed to high awareness, structured healthcare system and government support for immunization programs in the region.
Key players operating in the influenza vaccines market are DuPont de Nemours, Inc., Lenzing AG, Kelheim Fibres GmbH, Asahi Kasei Corporation, Grasim Industries Limited (Aditya Birla Group), Sateri Holdings Limited, Tangshan Sanyou Group Co., Ltd., Birla Cellulose (Aditya Birla Group), Indo Bharat Rayon (Aditya Birla Group), China Bambro Textile Co., Ltd. Major players are focusing on new product launches, partnerships and acquisitions to strengthen their market presence.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it