Pune, India, July 15, 2021 (GLOBE NEWSWIRE) -- According to the report, Global Influenza Vaccine market size is projected to reach USD 10.73 billion value at CAGR of 7.4% during the forecast period 2021 to 2028. The growing regulations about fuel-efficiency and vehicular weight will have a positive impact on the Influenza Vaccine market growth in the forthcoming years
The report further mentions that the market stood at USD 5.86 billion in 2020. According to the Centers for Disease Control and Prevention (CDC), around 13 million flu cases were reported globally during 2019-20. Besides, the flu outbreaks lead to several thousand deaths and take a toll on the healthcare settings. Therefore, the increasing focus on the supply of vaccines by several International Health Organizations is likely to propel the demand for the products in the forthcoming years.
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Astounding Demand for Vaccines amid COVID-19 Led to Market Exhibiting Growth Rate of 31.6% in 2020
According to the Centres for Disease Control & Prevention (CDC), as of May 2021, about 189.4 million flu vaccines have been distributed in the U.S. compared to 174 million during the 2019-2020 season. The sudden spurt in the cases of the novel coronavirus surged the demand for vaccines. Pharma companies focused on R&D activities to develop vaccines and control the widespread of the disease.
Besides, several studies published in 2020 by researchers in Brazil report, a single flu shot administered to people can help to reduce the mortality rate by 20% before contraction of COVID and by 27% after the onset of the pandemic. Therefore, the high demand for vaccines led to the market exhibiting a growth rate of 31.6% in 2020.
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Based on type, the inactivated segment held a global influenza vaccine market share of about 93.9% in 2020. The segment is likely to showcase exponential growth backed by the increasing demand for this type of virus strain that helps to minimize the effect of the flu virus in reduced time.
Based on valency, the market is segmented into quadrivalent and trivalent. Moreover, on the basis of the age group, the market is segregated into pediatrics and adults. Based on the distribution channel, the market is trifurcated into hospitals & retail pharmacies, government suppliers, and others. Lastly, based on the region, the market is categorized into North America, Latin America, the Middle East and Africa, Europe, and Asia-Pacific.
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High Demand Leads to International Healthcare Organizations Focus on Ensuring Optimum Vaccine Supply
International organizations such as UNICEF, PAHO, and others have been actively focusing on supplying millions of vaccine doses globally. This is due to the increasing prevalence of infectious diseases, leading to the surging demand for effective vaccines to control the spread. Besides, government provision for large procurement of vaccines is likely to boost the adoption of flu vaccines.
On the other hand, the high cost of vaccines has led to limited access across the less developed regions. This is anticipated to hinder the global influenza vaccine market growth to some extent.
North America:
The region is expected to dominate and hold the highest position in the market in the forthcoming years. This is owing to the increasing incidence of influenza outbreaks in countries such as the U.S. Moreover, the presence of prominent companies focusing on developing innovative vaccine solutions will further boost the demand for influenza vaccines in the region. North America stood at USD 3.04 billion in 2020.
Asia-Pacific:
The market in the region is anticipated to experience significant growth backed by the rising rate of population in countries such as India and China that propel the adoption of advanced influenza vaccines to combat flu diseases between 2021 and 2028.
List of Key Companies Covered in the Influenza Vaccine Market Report:
- GlaxoSmithKline plc. (U.K, Europe)
- Sanofi S.A (France, Europe)
- AstraZeneca (Cambridge, United Kingdom)
- Seqirus (Maidenhead, UK)
- BioDiem (South Melbourne Victoria)
- Emergent BioSolutions Inc. (Maryland, United States)
- Sinovac Biotech Ltd (China)
- Other Prominent Players
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Global Influenza Vaccine Market Segmentation:
By Type:
- Inactivated
- Live Attenuated
By Valency:
- Quadrivalent
- Trivalent
By Age Group:
- Pediatric
- Adults
By Distribution Channel:
- Hospital & Retail Pharmacies
- Government Suppliers
By Geography:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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