The global influenza vaccines market is a multi-billion dollar industry focused on developing vaccines to prevent the influenza virus, commonly known as the flu. Influenza vaccines work by helping the body build immunity to the viruses that cause seasonal flu without having to get the illness. There are generally two types of influenza vaccines available annually – the seasonal flu shot and the nasal spray vaccine. These vaccines are designed to protect against the three or four influenza viruses that research suggests will be most common during the upcoming season. With influenza being one of the most common infectious diseases globally, claiming millions of lives each year, the need for effective prevention through vaccination continues to rise.
The global influenza vaccines market is estimated to be valued at US$ 7161.38 Bn in 2023 and is expected to exhibit a CAGR of 33.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the influenza vaccines market is the development of quadrivalent influenza vaccines. Quadrivalent vaccines protect against two influenza A strains and two influenza B strains. As influenza B viruses circulate globally in a less predictable way than influenza A viruses, quadrivalent vaccines provide broader protection against circulating influenza B strains. Major manufacturers like Sanofi and Seqirus offer quadrivalent influenza vaccines that have gained popularity in recent years. With the continuous evolution of the influenza virus, manufacturers are also focusing on cell-based and recombinant vaccine technologies that can facilitate faster production turnaround times compared to conventional egg-based vaccines.
Porter’s Analysis
Threat of new entrants: The Influenza Vaccines Market has moderate threat of new entrants due to the stringent regulations for developing and testing influenza vaccines.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of alternatives in the market and price sensitivity of buyers.
Bargaining power of suppliers: Healthcare suppliers have moderate bargaining power due to the availability of alternative suppliers.
Threat of new substitutes: There is low threat of substitute products as there are limited alternatives for influenza vaccines.
Competitive rivalry: The competitive rivalry in the market is high due to the presence of many large and small scale players.
Key Takeaways
The Global Influenza Vaccines Market Size is expected to witness high growth over the forecast period owing to the rising awareness regarding immunization.
North America is expected to hold the largest share in the influenza vaccines market due to the government initiatives to spread awareness and increasing healthcare expenditure in the region.
Key players operating in the influenza vaccines market are Integra LifeSciences Corporation, AbbVie Inc., Johnson & Johnson, Cook Group, Smith & Nephew Plc. . These players are focusing on new product launches and regional expansion to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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