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Influenza Vaccines Market Size in 2029: A Look at Recent Changes and Trends
The market size for influenza vaccines has been experiencing significant growth in recent years. The projection is that it will rise from $8.5 billion in 2024 to $9.04 billion in 2025, with a compound annual growth rate (CAGR) of 6.3%.
The previous growth can be accredited to factors such as preparedness for pandemics, initiatives in public health, studies on vaccine effectiveness, recommendations from healthcare professionals, and global monitoring of influenza.
Expectations for the influenza vaccines market are strong, with a predicted significant increase in size over the coming years. The market is projected to expand to $12.13 billion in 2029, boasting a compound annual growth rate (CAGR) of 7.6%.
This anticipated growth in the forecasted period can be attributed to numerous factors, including environmental and climate changes, enhanced access to healthcare, the emergence of new influenza strains, innovative advancements in adjuvants and delivery systems, and increased health expenditure. Forecasted trends within this period include increased usage of mRNA vaccine technology, a heightened focus on pediatric immunization, measures to control seasonal influenza, improved vaccination coverage in developing countries, and customized vaccination strategies.
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What Core Factors Are Driving the Expansion of the Influenza Vaccines Market?
The influenza vaccine market is projected to expand due to the growing occurrences of seasonal influenza. Seasonal influenza, a respiratory illness triggered by influenza viruses, usually occurs and leads to infections during particular times of the year, particularly in colder months.
Factors such as antigenic drift, population susceptibility, environmental elements, incomplete vaccine coverage, and absence of universal vaccination lead to this pattern. Influenza vaccines assist in reducing the instances of seasonal influenza by offering immunity against the circulating strains of the virus.
For instance, the Center for Disease Control and Prevention (CDC), in November 2023, revealed that approximately 31 million flu-related illnesses, 14 million flu-related medical visits, 360,000 flu-related hospitalizations, and 21,000 flu-related deaths occurred during the 2022-2023 flu season.
Consequently, the influenza vaccines market is being propelled by the escalating occurrences of influenza seasons.
How Is the Influenza Vaccines Market Structured Across Key Segments?
The influenza vaccines market covered in this report is segmented –
1) By Vaccine Type: Inactivated, Live Attenuated
2) By Valency: Quadrivalent, Trivalent
3) By Route Of Administration: Injection, Nasal Spray
4) By Age Group: Pediatric, Adult
5) By Distribution Channel: Hospitals And Pharmacies, Government And Institutional Supply, Other Distribution Channels
Subsegments:
1) By Inactivated: Trivalent Inactivated Vaccines (TIV), Quadrivalent Inactivated Vaccines (QIV)
2) By Live Attenuated: Live Attenuated Influenza Vaccines (LAIV), Quadrivalent Live Attenuated Influenza Vaccines (QLAIV)
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What Innovation Trends Will Redefine the Influenza Vaccines Market Landscape?
The rising trend of using high-tech methods for vaccine production is becoming increasingly prominent in the influenza vaccine market. Businesses in this market are implementing cutting-edge vaccine production technologies to strengthen their market standing.
To illustrate, GlaxoSmithKline PLC., a pharmaceutical and biotech enterprise based in the UK, unveiled the Multiple Antigen Presenting System (MAPS) for vaccine creation in January 2023. This technology offers a novel approach to developing effective vaccines against various bacteria and viruses.
Moreover, it is beneficial for rapid vaccine development during an epidemic or pandemic outbreak.
Where Is the Influenza Vaccines Market Experiencing the Fastest Regional Growth?
North America was the largest region in the influenza vaccines market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the influenza vaccines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Leading Players Shaping the Future of the Influenza Vaccines Industry
Major companies operating in the influenza vaccines market include Pfizer Inc., F. Hoffmann-La Roche Ltd., Merck & Co.
Inc., Novartis AG, Sanofi-Aventis LLC., AstraZeneca PLC, GlaxoSmithKline plc., Serum Institute of India Private Limited, Takeda Pharmaceutical Company Limited, Moderna Inc., Viatris Inc., CSL Limited, Seqirus Inc., Daiichi Sankyo Company Limited, China National Pharmaceutical Group Corporation, Shanghai Fosun Pharmaceutical Group Co. Ltd., Mitsubishi Tanabe Pharma Corporation, Shionogi & Co.
Ltd., Liaoning Cheng Da Biotechnology Co. Ltd., Novavax AB, Sinovac Biotech Co.
Ltd., Green Cross Corporation, Emergent BioSolutions Inc., Walvax Biotechnology Co. Ltd., Hualan Biological Engineering Inc., Valneva SE, Bharat Biotech International Limited, Vaxess Technologies Inc., Osivax, Gamma Vaccines Pty.
Ltd.
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