Market Research Future (MRFR) postulates that the global influenza vaccination market is predicted to demonstrate 8.2% CAGR throughout the forecast period (2017-2023). The rising incidences of influenza across the globe is favoring the market growth to a large extent. Influenza is referred to as a contagious respiratory disease which generally affects the human respiratory tract. Symptoms include headache, fever, malaise, cough, body aches, sore throat, and nasal congestion. The most effective way to prevent influenza is a vaccination against it. Also termed as a flu shot, influenza vaccination is used to protect against the influenza virus. The market has witnessed a healthy growth in the recent past owing to the fear of an impending pandemic.
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Market Potential and Pitfalls
With the rising incidences of influenza across the globe, the global influenza market is predicted to propel. Factors such as rising per capita healthcare expenditure and growing immune-compromised geriatric population are highly favoring the market growth. The accelerating awareness associated with the pandemic influenza viruses coupled with the increasing initiatives by the government for vaccination against influenza is contributing to the market growth. A huge amount of unexplored influenza vaccine market in the emerging nations is creating ample opportunities for the market to expand at a rapid pace.
One of the key trends influencing the influenza vaccine market is the development of a strong pipeline. Moreover, the number of clinical trials for developing a vaccine in order to treat influenza is increasing at a steady pace, thereby triggering the demand for influenza vaccination market across the globe. Also, the rising product approval for influenza vaccine is driving the market growth throughout the appraisal period. For instance, Seqirus Vaccine Limited has recently received the FDA approval Afluria Quadrivalent.
On the contrary, strict regulatory framework coupled with the low accessibility of the product especially in the developing economies are some of the major concerns anticipated to limit the market growth during the appraisal period. Moreover, limited production capacity, variable demand, strict mandates which act as a barrier to the new entrants, and a high level of required investment are disrupting the market to a large extent.
Global Influenza Vaccination Market: Segmental Analysis
The global influenza vaccination market has been segmented on the basis of manufacturing technology, type of influenza, vaccines, and others.
By mode of type of influenza, the global influenza vaccination market has been segmented into pandemic, seasonal, zoonotic, and others.
By mode of manufacturing technology, the global influenza vaccination market has been segmented into cell culture based, egg-based, recombination-based technology, and others.
By mode of vaccines, the global influenza vaccination market has been segmented into FluMist, Fluzone, fluvirin, fluvax, and others.
By mode of end-users, the global influenza vaccination market has been segmented into research organization, hospital & clinics, academic institutes, and others.
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Geographically, the influenza vaccination market span across regions namely, Europe, America, Asia Pacific, and the Middle East & Africa.
Among all the regions, the American region is predicted to dominate the global influenza vaccination market due to the growing prevalence of influenza coupled with the high per capita healthcare expenditure. Additionally, with the presence of developed economies like Canada and the U.S., the market in this region is predicted to expand in the coming years. Moreover, the rising geriatric population is likely to fuel the market growth.
The European region is considered to occupy the second largest market share and is likely to retain its dominance. The growth is credited to the high availability of funds for research, a huge patient population, and well-developed healthcare infrastructure. With the presence of market players such as Novartis AG and F. Hoffmann-La Roche Ltd, the market is estimated to propel.
On the other hand, the Asia Pacific region is presumed to experience the fastest growth rate owing to the presence of developing nations such as China and India. Additionally, with the rising geriatric population coupled with the favorable government policies, the market in this region is estimated to flourish.
February 12, 2019: M2SR, an intranasal vaccine candidate has shown for the first time, protection against an extremely mismatched influenza virus. FluGen Inc. announced that despite the mismatch, more than 50 percent of the participants who received M2SR had shown a serum antibody response to the vaccine.
The global influenza vaccine market is highly consolidated with major players dominating the market share. The entry is fairly restricted in the market due to the strict regulatory compliance requirement. The competitive landscape details strategies, products, and investments being done by key players in different technologies and companies to boost their market presence.
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