Dublin, Aug. 31, 2023 (GLOBE NEWSWIRE) -- The "Global Influenza Vaccines Market, Persons Vaccinated, Key Company Analysis, Emerging Players Profile, Promising Influenza Vaccines in Clinical Development, Size, Share, Trends, Major Deals and Recent Developments - Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global influenza vaccines market is projected to reach US$ 10.9 Billion by 2030
The Centers for Disease Control and Prevention (CDC) recommends routine seasonal influenza vaccination for all individuals 6 months of age and older. According to the World Health Organization (WHO), globally, about 3 to 5 million cases of severe influenza illness, and about 290,000 to 650,000 flu-related deaths are reported annually.
The vast population base together with significantly low vaccination coverage in emerging markets, the introduction of new vaccines, rising government support for immunization and growing awareness of the value of influenza vaccine in preventing disease are the prominent factors that will drive the influenza vaccines market.
The increasing R&D investments by leading market players, such as Sanofi, CSL Limited, and GlaxoSmithKline, for expanding manufacturing capabilities and focus on launching new vaccines will propel the market for influenza vaccines over the forecast period.
However, shortage of vaccine supply due to the genetic assortment of the viral strains is surging the need for updating vaccines each year by the manufacturers. This is a major factor restraining market growth.
Recent Developments
- In July 2023, Sinovac Biotech Ltd. announced an alliance with Indonesian state-owned biopharmaceutical company PT Bio Farma, to serve Indonesia's domestic vaccine market as well as international market.
- In November 2022, Penn scientists developed a 20-subtype mRNA flu vaccine for protection against future flu pandemics.
- In October 2022, Novavax announced positive results from the Phase 1/2 clinical trial of its COVID-19-Influenza Combination (CIC) vaccine candidate.
- In March 2022, the Australian government invested more than US$ 100 million in the seasonal influenza vaccine to protect people at risk.
By Region: Influenza Vaccines Market and Forecast - Key Takeaways
- Geographically, North America is the largest market for influenza vaccines capturing over 50% market share in 2022.
- In the European region, almost all countries have national and/or regional vaccination policies or strategies for seasonal influenza in place.
- Asia is expected to be the fastest growing market for influenza vaccines, driven by the increasing population in the Asian countries, growing focus of the governments on enhancing healthcare facilities, rising incidence of seasonal influenza, and rising disposable income.
- Australasia accounted for least share of the influenza vaccines market in 2022.
By Country: Influenza Vaccines Market and Forecast - Key Takeaways
- On country basis, United States captured highest share of the influenza vaccines market.
- Japan is the second largest market for influenza vaccines.
- China, Brazil, Canada, Australia, Germany, UK, and India are the other leading markets for influenza vaccines.
- Poland is a country with one of the lowest influenza vaccination coverage rates among the EU member states.
By Company: Influenza Vaccines Market and Forecast - Key Takeaways
- In 2022, GlaxoSmithKline plc influenza vaccines sales were up 5% over the prior year.
- AstraZeneca influenza vaccines sales declined by 31% in 2022, owing to late start to the influenza season in Europe.
- In September 2022, Pfizer Inc. initiated the phase 3 clinical study for mRNA-based influenza vaccine. The study enrolled 25,000 U.S. adults aged 18 years and older.
- In 2021, Seqirus influenza vaccines sales increased by 37% over the prior year, driven by strong growth in seasonal influenza vaccines.
- In October 2022, Novavax announced positive results from the Phase 1/2 clinical trial of its COVID-19-Influenza Combination (CIC) vaccine candidate.
Global Influenza Vaccines Market - Driving Factors
- Transformation of Vaccine Technologies
- Vaccines most Cost-Effective Means of Disease Prevention
- Scientific & Technological Breakthroughs
- Growing Awareness and Adoption of Influenza Vaccines Due to Increasing Government Support for Immunization
- Robust R&D Investments with Strong Pipeline Candidates to Drive Market Growth
Global Influenza Vaccines Market - Challenges
- Complexity of Vaccine Development and Approval System Thwarts Product Development
- Legal Obstacles
- General Technical Barriers
- Economic Barriers
- Regulatory Barriers
- Hurdles to Optimal use of Licensed Vaccines
- Technical Obstacles
- Economic Obstacles
- Cultural Obstacles
- Barriers to New Entrants in the Vaccines Market
- Reducing the Timeline for Vaccine Development
- Challenges Faced by Healthcare Workers in Immunization
Influenza Vaccines Market - Key Company Analysis
- GlaxoSmithKline (GSK)
- Sanofi
- Seqirus (CSL Limited)
- Abbott
- AstraZeneca
- Gamma Vaccines Pty Ltd.
- Hualan Bioengineering Co., Ltd
- Mylan (Now Part of Viatris)
- BioDiem
- Shanghai Institute of Biological Products Co., Ltd.
Influenza Vaccines Market - Emerging Players Profile
- Novavax
- Medicago
- Moderna Inc.
- Pneumagen
- Daiichi-Sankyo
- FluGen
- Imutex
- EpiVax
- Versatope Therapeutics, Inc.
- BiondVax Pharmaceuticals Ltd.
- BIKEN Co., Ltd.
- Sinovac Biotech
- Emergent BioSolutions
- Osivax
- Emergex Vaccines
Country Wise Distribution - Influenza Vaccines Market, Persons Vaccinated and Forecast
- United States
- Canada
- Brazil
- Mexico
- Germany
- France
- Italy
- Spain
- United Kingdom
- Netherlands
- Ireland
- Denmark
- Luxembourg
- Sweden
- Finland
- Belgium
- Poland
- Norway
- Australia
- New Zealand
- Japan
- China
- India
- South Korea
- Singapore
- Hong Kong
- Malaysia
- Thailand
- Indonesia
For more information about this report visit https://www.researchandmarkets.com/r/4waw22
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