The Insight Partners published latest research study on “Influenza Vaccines Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Vaccine Type, Virus Type, Technology, Target Group, and Route of Administration,” the market was valued at US$ 7,478.53 million in 2021 and is projected to reach US$ 12,272.49 million by 2028. It is estimated to grow at a CAGR of 7.4% from 2022 to 2028. Increasing government support to promote influenza vaccination and investment by top market players and governments worldwide are driving the market. However, the high cost of vaccine development is hampering the market’s growth.
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Moderna, Inc.; SEQIRUS; Sanofi; GlaxoSmithKline plc.; Hualan Biological Engineering Inc.; Emergent BioSolutions Inc.; Mitsubishi Chemical Group Corporation; Serum Institute of India Pvt. Ltd; MYLAN NV; and AstraZeneca are the leading companies operating in the influenza vaccines market.
Influenza virus causes flu which is a contagious respiratory illness that infects nose, throat and lungs. It can mild or severe and sometimes may lead to death. Flu vaccination every year can help in preventing flu. However, this can be deadly, especially in high-risk groups. Aged population, pregnant women and people with one or more chronic disease or with weak immune systems are at high risk. Influenza vaccines/flu shots protect against the four influenza viruses subtypes that are most common. Most of the influenza vaccines are “flu shots” given with a needle, usually in the arm, but nasal spray flu vaccine are also available.
Browse key market insights spread across 280 pages with 198 list of tables & 105 list of figures from the report, “Influenza Vaccines Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Vaccine Type (Quadrivalent Vaccines and Trivalent Vaccines), Virus Type (Influenza Virus Type A and Influenza Virus Type B), Technology (Egg-based and Cell-based), Route of Administration (Injection and Nasal Spray), and Target Group (Infants, Children, Adults, and Elderly)” in detail along with the table of contents: https://www.theinsightpartners.com/reports/influenza-vaccines-market
Companies operating in the influenza vaccines market witnessed a positive impact during the pandemic as global campaigns promoted people to get vaccinated against the influenza virus. For instance, in the US, the National Forum for Heart Disease & Stroke Prevention initiated the ‘Move with the Mayor Flu Vaccination Campaign’ where the mayors are protecting their communities from the dual threat of COVID-19 and flu by encouraging people to get vaccinated for flu. Similarly, to reduce the risk of severe illness that could arise from co-infection with SARS-CoV-2 and influenza, the Public Health Agency of Canada (PHAC) released Guidance on the Delivery of Influenza Vaccination in the Presence of COVID-19 to support the delivery of influenza vaccination programs during the COVID-19 pandemic.
- Based on vaccine type, the influenza vaccines market is segmented into quadrivalent vaccines and trivalent vaccines. In 2021, the quadrivalent vaccines segment held a larger market share; however, the same segment is estimated to grow at a faster CAGR during the forecast period. The quadrivalent influenza (flu) vaccine protects against 4 types of influenza viruses, including 2 influenza A viruses and 2 influenza B viruses. All flu vaccines in the US during the 2021-2022 season have been quadrivalent.
- Based on target group, the market can be segmented into infants, children, adults, and elderly. Different vaccines are approved for different age groups. The quadrivalent flu vaccine can be given to children under 6 months of age. Flucelvax Quadrivalent is now approved for people 6 months of age and older. Market players are receiving new product approvals and launching for market expansion. For instance, In Feb 2020, Abbott launched a quadrivalent vaccine for influenza in India.
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Market players and governments worldwide are increasing their investments in vaccine development and immunization. For instance, In March 2021, Sanofi announced an approximately US$ 925 million investment in a new vaccine manufacturing plant at its pre-existing site in Toronto and Canada. Investments in the new facility will provide additional antigen and filling capacity for Sanofi’s FLUZONE high-dose quadrivalent influenza vaccines, increasing availability in Canada, the US, and Europe in the years to come.
In April 2021, 3 levels of the government─federal, provincial, and municipal─supported Sanofi Pasteur in building an “end-to-end” influenza vaccines factory in Toronto. The partners are expected to invest nearly US$ 1 billion to get the site up and running, slated for 2027. Paris-based Sanofi, for its part, will invest more than US$ 55 million, create 165 new eligible jobs, and maintain another 1,100. The federal government is investing US$ 55 million, while the Ontario government is contributing US$ 55 million, making it a US$ 925 million project. In addition, Sanofi will also invest at least US$ 79 million annually over 8 years to fund research and development in Canada.
In June 2021, The European Investment Bank signed a US$ 30.55 million global vaccine distribution agreement with Univercells, a biotech company, to mass produce the COVID-19 vaccine at a new Belgian site. It helped build other vaccine factories around the world. In April 2022, the Bank provided a US$ 15.27 million loan to Italian biomedical research company IRBM to expand its vaccine production capacity and strengthen research on coronaviruses and other diseases.
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