The global Influenza Vaccines Market is estimated to be valued at US$ 6216.47 Mn in 2023 and is expected to exhibit a CAGR of 4.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Influenza Vaccines are immunization medicines aimed to boost immunity against seasonal influenza. Influenza vaccine comprises of killed or weakened forms of the viruses that cause seasonal flu. These vaccines are administered annually to protect against the three or four types of influenza viruses likely to be circulating in a given year based on yearly predictions by the World Health Organization. Vaccination is the most effective method for preventing influenza and its complications like pneumonia. The rising burden of influenza infections, along with favorable government initiatives promoting vaccination programs are key factors supplementing growth of the influenza vaccines market.
Market key trends:
One of the major trends in the influenza vaccines market is the emergence of quadrivalent influenza vaccines. Quadrivalent influenza vaccines protect against two influenza A strains and two influenza B strains. Quadrivalent vaccines offer protection against additional influenza B lineages compared to the trivalent vaccines. Manufacturers are focusing on development of quadrivalent influenza vaccines to increase their market share. For instance, in September 2022, Seqirus received USFDA approval for its high-dose quadrivalent influenza vaccine, Fluad Quadrivalent. Another key trend is the rise in Universal Influenza Vaccines which aim to induce broad protection against all subtypes of influenza viruses. Companies are investing in R&D for universal influenza vaccines to reduce annual vaccination requirements.
Threat of new entrants: The threat of new entrants in the influenza vaccines market is low due to high capital requirements for R&D and manufacturing.
Bargaining power of buyers: The bargaining power of buyers is moderate due to availability of both vaccines and treatments for influenza from multiple vendors.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are a few established players manufacturing key raw materials for influenza vaccines.
Threat of new substitutes: The threat of new substitutes is low as there are limited treatment options for influenza apart from vaccines.
Competitive rivalry: The competitive rivalry is high amongst established players due to regular product innovations and new product launches.
The Global Influenza Vaccines Market Size is expected to witness high growth, exhibiting CAGR of 4.2% over the forecast period, due to increasing threat of influenza outbreaks globally. North America dominates the influenza vaccines market due to presence of major players and high adoption rates for vaccination programs.
The global influenza vaccines market size for 2023 is US$ 6216.47 Mn. The market is expected to grow at a substantial pace owing to rising government spend on vaccination programs and increasing awareness among people regarding influenza immunization. The seasonal outbreaks of influenza and new viral strains discovery further supplements the market growth.
Key players operating in the influenza vaccines market are Seqirus, GlaxoSmithKline plc, Sanofi, AstraZeneca, FluGen, Inc., Moderna, Inc., Biocryst Pharmaceuticals, Inc., CPL Biologicals Pvt. Ltd., CureVac AG, OSIVAX, and Solaris Vaccines. Major players are focused on new product launches, geographical expansion and collaboration to strengthen their market position.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it