Rockville , July 20, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global respiratory virus vaccines market is expected to reach US $ 18.6 Billion by 2033-end and the market is expected to witness a CAGR of 7.9% during the forecast period.
The importance of respiratory vaccinations in easing the burden on healthcare systems and minimising the risk of COVID-19 co-infection cannot be overstated. These include those that target influenza and pneumonia. In order to stop outbreaks, medical professionals have been emphasising immunisation to protect patients against respiratory illnesses like the flu.
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Due to recent developments in vaccine science, particularly the identification of vaccines targeting SARS-CoV-2, the need for respiratory virus vaccines has increased dramatically. The successful development, approval, and use of COVID-19 vaccines demonstrated the scientific community's capacity to react promptly to respiratory dangers and paved the way for further developments in the study and development of respiratory vaccines.
Key Driving Forces Accelerating the Market Growth
- The occurrence of respiratory virus outbreaks, such as influenza, COVID-19, and others, creates a strong demand for vaccines to prevent and control the spread of these diseases. The ongoing COVID-19 pandemic, in particular, has emphasized the importance of respiratory virus vaccines.
- Growing awareness among the population about the importance of vaccination and the benefits of respiratory virus vaccines has contributed to increased demand. Educational campaigns, government initiatives, and media coverage have played a crucial role in disseminating information and promoting vaccination.
- Advancements in vaccine development technologies, such as mRNA-based vaccines, have revolutionized the field of respiratory virus vaccines. These new technologies have demonstrated high efficacy and rapid development capabilities, driving market growth.
- Government support and funding for research and development, vaccine procurement, and immunization programs have significantly propelled the growth of the respiratory virus vaccines market.
- For instance, Pfizer announced its plans to begin Phase 3 clinical trials for its mRNA-based influenza vaccine in September 2022.
- For instance, Pfizer announced its plans to begin Phase 3 clinical trials for its mRNA-based influenza vaccine in September 2022.
Vital indicators shaping future of the industry
Monitoring and analyzing the epidemiological trends of respiratory viruses in North America is crucial for understanding the demand for vaccines. Factors such as the incidence and prevalence of respiratory virus infections, emerging variants, and their impact on public health will shape the future of the market.
Advances in vaccine development technologies, such as mRNA-based vaccines, vector-based vaccines, and novel adjuvants, will continue to drive innovation in the respiratory virus vaccines market. The development of next-generation vaccines with enhanced efficacy, broader protection, and improved delivery systems will shape the future landscape of the market.
Regulatory approvals and guidelines from authorities such as the U.S. Food and Drug Administration (FDA) and the Centers for Disease Control and Prevention (CDC) will influence the market. Changes in regulatory frameworks, vaccine approval processes, and post-marketing surveillance requirements will impact the development, manufacturing, and distribution of respiratory virus vaccines.
Government policies and immunization programs play a critical role in shaping the future of the market. Changes in vaccination schedules, target populations, vaccine procurement strategies, and immunization campaigns will impact the demand and distribution of respiratory virus vaccines.
Challenges hindering the market growth
Vaccine hesitancy, fueled by misinformation and mistrust, poses a significant challenge to the growth of the market. Spread of false information, misconceptions, and skepticism about vaccine safety and efficacy can reduce vaccine acceptance rates and hinder the achievement of high vaccination coverage.
Stringent regulatory and approval processes can delay the availability of respiratory virus vaccines in the market. The time-consuming nature of clinical trials, regulatory assessments, and post-approval monitoring can slow down the development and distribution of vaccines, impacting market growth.
Ensuring an adequate and equitable supply of vaccines to all regions and populations within North America can be challenging. Factors such as manufacturing capacity constraints, logistical complexities, cold chain requirements, and distribution inefficiencies can hinder the timely and widespread availability of respiratory virus vaccines.
How competition influences the market
Competition fosters innovation in vaccine development. Vaccine manufacturers strive to differentiate themselves by investing in research and development to create vaccines with improved efficacy, broader protection, and enhanced safety profiles. The competition encourages the exploration of new technologies, novel delivery systems, and alternative vaccine approaches to gain a competitive edge.
- For instance, AstraZeneca and the University of Oxford collaborated to develop a vaccine for Covid-19. Moreover, the Serum Institute of India accelerated the development of Covid-19 in April 2020.
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Key Segments of Respiratory Virus Vaccine Industry Research Report
- By Type:
- Inactivated/Killed
- Live-attenuated
- Recombinant
- By Route of Administration:
- Intramuscular
- Intranasal
- Subcutaneous
- By Indication:
- Influenza
- Measles
- Mumps & Rubella
- Coronavirus Disease (COVID-19)
- By Age Group:
- Pediatric
- Adults
- By End User:
- Physician Offices
- Hospitals
- Clinics
- Pharmacies/Stores
- By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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