The global Influenza Vaccine Market generated $5.02 billion in 2020, and is projected to reach $10.12 billion by 2030, registering a CAGR of 7.2% from 2021 to 2030. The quadrivalent segment accounted more than three-fifth of the total influenza vaccine market share in 2018.
High prevalence of influenza, rise in government focus on immunization programs, newly developed vaccines, and technological advancement in vaccine administration are the factors driving the global influenza vaccine market growth. However, factors such as longer timelines, implementation of stringent regulations, and high costs associated with vaccine development create restraints for the market growth. On the other hand, high growth prospects in emerging sectors open many doors of opportunities for the market players.
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Drivers, restraints, and opportunities:-
Increase in government support and surveillance regarding vaccination against influenza on the national and global levels to monitor the supply, distribution, and administration of flu vaccines drive the growth of the influenza vaccine market.
- The COVID-19 is expected to impact the global influenza vaccine market positively.
- Influenza vaccines will not prevent COVID-19, but conserve scarce medical resources for the care of people with COVID-19. Thus, the demand for influenza vaccines is expected to increase during the forecast timeframe.
- Globally, the COVID-19 death toll has gone beyond four million and the number is still growing. Because of the ongoing COVID-19 pandemic, getting a flu vaccine will be more important than ever.
The report offers detailed segmentation of the global influenza vaccine market based on the vaccine type, technology, age group, route of administration, and region.
Some of the key players operating in the influenza vaccine market are AstraZeneca plc., Biodiem, CSL Limited, Emergent BioSolutions, F. Hoffmann-La Roche Ltd., Gamma Vaccines Pty Ltd., GlaxoSmithKline plc, Merck & Co. Inc. (Merck Sharp & Dohme Corp.), Novartis AG, Pfizer, Inc., Sanofi Pasteur SA, and Sinovac Biotech Ltd.
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North America was the highest revenue contributor in the global influenza vaccine market and accounted for a 47.80% share in 2020. On the other hand, Middle East and Africa is expected to grow at a CAGR of 8.0%, owing to rise in incidences of influenza among children and increase in disposable income.
Key Benefits For Stakeholders
- This report provides an extensive analysis of the current and emerging market trends and dynamics in the global influenza vaccine market to identify the prevailing opportunities.
- This study presents the competitive landscape of the global influenza vaccine market to predict the competitive environment across geographies.
- Comprehensive analysis of factors that drive and restrict the influenza vaccine market growth is provided.
- Region- & country-wise analysis is provided to understand the influenza vaccine market trends and dynamics
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