The global Influenza Vaccines Market is estimated to be valued at US$ 7161.38 Bn in 2023 and is expected to exhibit a CAGR of 33.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Influenza vaccines help in preventing seasonal flu which is especially important for people at a higher risk of serious flu complications like young children, elderly people, pregnant women and those with chronic medical conditions. These vaccines provide protection from four influenza virus strains which are likely to be most common during the upcoming flu season.
Market key trends:
Influenza vaccines are developed by pharmaceutical companies to provide immunization against the influenza virus which may cause seasonal epidemics of influenza or flu. They help the immune system of the vaccinated person to recognize and fight against the influenza virus. These vaccines contain weakened or killed forms of the viruses that cause seasonal flu, stimulating the body’s immune system to develop the ability to fight the actual virus. The global market is propelled by the growing geriatric population which is more prone to influenza and related severe health issues. With aging population worldwide, the demand for preventive healthcare through immunization is on the rise to reduce disease burden from flu and associated complications in the elderly. This has enhanced the uptake of influenza vaccines globally over the past few years.
Strength: The influenza vaccines market has strong potential for growth due to increasing awareness about vaccination benefits and rising cases of influenza infections globally.
Weakness: High R&D costs associated with development of new and improved influenza vaccine formulations is a major challenge.
Opportunity: Emergence of novel influenza virus strains presents an opportunity for development and commercialization of updated vaccines with broader protection.
Threats: Stringent regulatory pathways for approval of new vaccines and threat of pandemic influenza outbreaks pose challenges.
The Global Influenza Vaccines Market Size is expected to witness high growth over the forecast period of 2024 to 2031.
Regional analysis:The North America region currently dominates the market due to supportive reimbursement policies and increased funding for immunization programs in the region. Asia Pacific is expected to grow at the fastest rate owing to rising healthcare spending and expansion of vaccination programs in developing countries such as India and China.
Key players operating in the influenza vaccines market are Integra LifeSciences Corporation, AbbVie Inc., Johnson & Johnson, Becton, Dickinson and Company, Cook Group, Smith & Nephew Plc., Zimmer Biomet Holdings, Inc., Stryker Corporation, MiMedx Group, Fidia Pharma USA Inc., Baxter International Inc., Olaregen Therapeutix, Inc., EnColl Corporation, DSM, ACell Inc., 3M, Cell Constructs I, LLC, CG bio Inc., and Marine Polymer Technologies, Inc.. Major players are focusing on new product launches, patents, partnerships and geographical expansion through mergers and acquisitions to strengthen their market presence.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it