[330+ Pages Report] According to the report published by the Facts & Factors Research, the global Seasonal Influenza Vaccine market was estimated at approximately USD 5,638.3 Million in 2020 and is expected to generate revenue of around USD 9,801.8 Million by the end of 2030, growing at a CAGR of around 5.6% between 2021 and 2030.
Global Seasonal Influenza Vaccine Market: Overview
Influenza commonly known as flu is a viral infection that attacks the respiratory system where an infected individual suffers from muscle aches, fever, runny nose, congestion, cough, headaches, and fatigue. It is a rapid transmittable infection, spreading via sneezes and coughs of an infected individual, and can cause mild to severe sickness.
An influenza vaccine refers to the vaccines, which protect against infection by influenza viruses. It is also known as flu jabs or flu shots. The newer versions of the influenza vaccines are developed twice a year because of rapid changes in the flu virus. An influenza vaccine causes antibodies to develop in the body about two weeks after vaccination. These antibodies provide protection against infection with the viruses that are used to make vaccines.
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Global Seasonal Influenza Vaccine Market: Growth Factors
Key factors such as the growing occurrence of cancer along with the expanding research and development activities with 3D animation technology intended for visualization in novel drug development will generate the demand for animated studies to make clear the drug mechanisms is projected to drive the growth of Seasonal Influenza Vaccine market in the upcoming years. Furthermore, the growing adoption of Seasonal Influenza Vaccine methods by healthcare experts for representing medical processes or other scientific uses with much advanced understanding is likely to boost the market enlargement in Seasonal Influenza Vaccine over the analysis period. Because this technology helps in instructing patients, a rising patient enrolment in wellness programs or disease management is observed. This shows the prospective for this technology in the future. Also, Seasonal Influenza Vaccine is used for the explanation of cellular as well as molecular mechanisms, for medical simulation and recreation of any crime scene in the forensic study, and to deliver education in emergency care.
However, the high research and development cost will hamper the growth of the global Seasonal Influenza Vaccine market during the forecast period. Moreover, it needs prior guidance of the company employees to enhance their production. Conversely, the combination of Seasonal Influenza Vaccine into the mobile apps by connecting real-time media-rich content with quantifiable data and configurable tools for numerous medical device and pharmaceutical company sales are projected to generate profitable opportunities for market growth in Seasonal Influenza Vaccine in the near future.
Global Seasonal Influenza Vaccine Market: COVID-19 Impacts
The COVID-19 pandemic impacted the routine immunization programs and campaigns conducted worldwide due to lockdown conditions in developing as well as developed countries. Influenza vaccination rates increased considerably in the COVID-19 pandemic as health departments and experts along with government programs encouraged people to get vaccinated against flu while providing free vaccination against flu. E.g., the UK has planned to expand the influenza program to provide free influenza vaccine for the first time to all adults 50-64 years of age, people on the shielded patient list, and their household members and children in the first year of secondary school.
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Global Seasonal Influenza Vaccine Market: Segmentations
In terms of types, the global Seasonal Influenza Vaccine market is divided into Quadrivalent and Trivalent vaccines. In 2020, the quadrivalent product category accounted for the highest revenue share. This vaccine type is designed to protect against four different flu viruses, including influenza-A and influenza-B. Factors such as high efficiency coupled with larger demand for these products to protect viruses will support the segment growth to a great extent.
Depending upon the sector, the worldwide market is categorized into public and private. The private sector is projected to grow with the fastest annual growth rate of over 6%. Whereas, the end-user chapter is broadly analyzed into Hospitals, Government Suppliers, and Others. During the year 2020, the hospital segment recorded more than USD 1.8 bn, expanding at 5% of CAGR during the study period.
Global Seasonal Influenza Vaccine Market: Regional Analysis
The regional segment is divided into North America, Europe, Asia Pacific, the Middle East, and Africa, Latin America, and Russia & CIS. North America Seasonal Influenza Vaccine Market recorded more than 3.5 billion in 2020. This region is anticipated to dominate and hold the top position in the market in the next few years due to the rising occurrence of influenza outbreaks in countries like the U.S.
However, Asia Pacific Seasonal Influenza Vaccine Market is projected to grow with the fastest growth rate during the forecast period. The mounting disease awareness, the intensifying government support for immunization against seasonal influenza, and vast coverage for vaccination are expected to support the regional growth.
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Global Seasonal Influenza Vaccine Market: Competitive Players
Various market players in the global market of Seasonal Influenza Vaccine cover AstraZeneca, Biodiem, CSL Limited, Emergent BioSolutions, F. Hoffmann-La Roche Ltd, Gamma Vaccines, GlaxoSmithKline, Merck, Novartis, Pfizer, Sanofi, Sinovac, Hualan, Abbott, Mitsubishi Tanabe Pharma, Serum Institute of India, Mylan, among others.
The worldwide seasonal influenza vaccine market is highly consolidated in nature. The worldwide market is concentrated among a few international players, namely Sanofi, CSL Limited, GSK, AstraZeneca, Sinovac Biotech, and Mitsubishi Tanabe Pharma. Among these, Sanofi and GSK accounted for the highest revenue share. The company, Sanofi, is estimated to capture more than 48% share of the worldwide market. Company’s products such as Fluzone, and Flublok witnessed notable revenue in the US and Europe during the year 2021 which has supported the company’s dominant market position.
Browse detail report with in-depth TOC @ seasonal influenza vaccine market research report, 2021-2030
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