Pune, India, Nov. 23, 2021 (GLOBE NEWSWIRE) -- The global influenza vaccine market size is expected to showcase considerable growth by reaching USD 10.73 billion by 2028 while exhibiting a CAGR of 7.2% between 2021 and 2028. This information is published by Fortune Business Insights in its report, titled “Influenza Vaccine Market, 2021-2028.” 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.
List of Key Players in Influenza Vaccine Market:
- 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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Astounding Demand for Vaccines amid COVID-19 Led to Market Exhibiting Growth Rate of 31.6% in 2020
According to the Centers 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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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.
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REGIONAL INSIGHTS
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.
Prominent Companies Focus on Investment in R&D Activities to Widen Their Business Horizon
The global market for influenza vaccine is consolidated by the presence of major companies focusing on investing in research and development activities to introduce innovative technological solutions to improve the product's efficacy across the healthcare sector. In addition to this, adopting strategies such as partnership, collaboration, and facility expansion by other key players will favor the market growth during the forecast period.
Industry Development:
- March 2021 - Sanofi announced its plan to invest around USD 736.9 million in its Canadian vaccine manufacturing facility. The company aims to quadruple the supply of vaccines in the country, the U.S., and other European countries.
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