Influenza Vaccine Market to Surpass 12.37 Billion by 2030 Drives Due to Growing Prevalence of Influenza Disease
SkyQuest projects that the influenza vaccine market will attain a USD 12.37 billion value by 2030, with a CAGR of 6.83% over the forecast period (2023-2030). The growing prevalence of influenza vaccine market has spurred various governments to take proactive measures to increase flu vaccine uptake in their respective countries. With greater awareness among the population about the risks posed by infectious diseases, including influenza, many governments have initiated comprehensive immunization programs to prevent the spread of the virus, especially in developing and low-income countries.
Westford, USA, July 21, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, flu vaccines are biological agents designed to stimulate the body's immune response, producing antibodies that offer protection against the influenza virus. Typically, the body develops immunity to the virus within two weeks of receiving the vaccine. Over the years, flu vaccines have gained popularity worldwide due to their effectiveness in preventing and reducing the spread of the influenza virus in the influenza vaccine market.
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· Pages - 200
· Tables - 114
· Figures – 77
Expanding government support and focus on influenza vaccination has significantly influenced the global influenza vaccine market. Governments worldwide have recognized the importance of influenza vaccination in reducing the impact of seasonal flu outbreaks and potential pandemics. As a result, they have been actively implementing vaccination programs to promote widespread immunization.
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*Prominent Players in Influenza Vaccine Market*
· Sanofi Pasteur
· GlaxoSmithKline
· Seqirus (a division of CSL Limited)
· AstraZeneca
· Pfizer
· Merck & Co.
· Johnson & Johnson
· Novartis
· Serum Institute of India
· Daiichi Sankyo Company, Limited
· Mitsubishi Tanabe Pharma Corporation
· Sinovac Biotech Ltd.
· Abbott Laboratories
· Bavarian Nordic A/S
· Hualan Biological Engineering Inc.
· BiondVax Pharmaceuticals Ltd.
· Medicago Inc.
· Altimmune Inc.
· Vaxart Inc.
· Moderna Inc.
*Inactivated Segment is Expected to Grow the Market Due to theHigher Sales *
The inactivated segment primarily dominated the global influenza vaccine market. This dominance was attributed to the significantly higher sales driven by strong demand for inactivated vaccines. The appeal of inactivated vaccines lies in their proven efficacy and safety, making them a preferred choice among healthcare providers and the public.
The market in North America was the dominant player in the global influenza vaccine market, and this dominance was projected to continue throughout the forecast period. One of the key factors contributing to this market leadership is the region's rapid product launches and continuous advancements in vaccine manufacturing systems.
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*Hospital and Retail Pharmacies Segment is Expected to Dominate the Market Due to Widespread Preference for Vaccinations*
The hospital and retail pharmacies distribution channels stood out as the primary revenue drivers in the global influenza vaccine market. This dominance can be attributed to the widespread preference for vaccinations in smaller healthcare institutions, where hospitals and retail pharmacies play a crucial role in vaccine administration.
Regional markets in the Asia-Pacific were anticipated to experience exponential growth in the global influenza vaccine market. This growth can be attributed to several factors, with the region's rapidly expanding population, particularly in countries such as China and India, being a significant driver.
A comprehensive analysis of the major players in the influenza vaccine market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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*Key Developments in the Influenza Vaccine Market*
· Sanofi recently significantly changed its immuno-oncology collaboration with Regeneron Pharmaceuticals, Inc. The restructuring resulted in Regeneron gaining worldwide exclusive licensing rights to Libtayo, a promising cancer immunotherapy drug, under a modified and restated license and partnership agreement. This move allowed Regeneron to take full control of the commercialization and distribution of Libtayo, which holds great potential in the field of immuno-oncology.
· In 2022, GSK plc, a renowned pharmaceutical company, made a noteworthy announcement regarding its strategic expansion. GSK entered a definitive agreement to acquire Affinivax, Inc., a clinical-stage biopharmaceutical company headquartered in Cambridge, Boston, Massachusetts.
* Key Questions Answered in Influenza Vaccine Market Report*
· What specific growth drivers are projected to impact the market during the forecast period?
· List the top companies in the market and explain how they have achieved their positions of influence.
· In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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