SEATTLE, April 06, 2020 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the U.S. influenza vaccine market was valued at US$ 2.6 billion in 2019, and is expected to exhibit a CAGR of 16.1% during the forecast period (2019-2027).
Key Trends and Analysis of the U.S. Influenza Vaccine Market:
Increasing U.S. government initiatives, in order to support various research institutes who are engaged in research and development activities and focusing on the development of the novel flu vaccines. The government is providing financial support to the research institutes, in order to continue the research for developing universal influenza vaccine. For instance, in 2019, Center for Vaccine Development and Global Health (CVD) has awarded the total funding accounted for over US$ 200 million dollars to the researchers at University of Maryland School of Medicine (UMSOM). The main aim of the funding is to develop a universal vaccine to protect against emerging influenza strains as well as improvements to current seasonal vaccines.’
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The rising adoption of inorganic growth strategies such as collaborations by the major key players and increasing focus on product development and manufacturing are expected to drive the market growth. For instance, in December 2018, Sanofi developed a new vaccine, similar to the Vaxelis, in partnership with Merck.
Moreover, constant improvements on formulation and production levels, by the key players for the development of influenza vaccines is expected to boost growth of the influenza vaccines market. For instance, according to the Centers for Disease Control and Prevention, in February 2020, for the 2019-2020 influenza season, it is estimated that, manufacturers will provide as many as 162 to 169 million doses of influenza vaccine for the U.S. market.
Key Market Takeaways:
- The U.S. influenza vaccine market is expected to exhibit a CAGR of 16.1% during the forecast period (2019-2027), owing to increasing incidence of the influenza in the U.S. For instance, for the 2019-2020 U.S. Flu Season, Centers for Disease Control and Prevention has estimated that around 38,000,000 – 54,000,000 patients will suffer from flu illness, estimated 17,000,000 – 25,000,000 patients will visit medical facilities, and estimated 390,000 – 710,000 flu patients will be hospitalized, in the U.S.
- This increasing number of flu incidences has provided a significant opportunity to all the flu vaccine manufacturers to develop and distribute the large volume vaccines. For influenza season 2019-2020, in July 2019, GlaxoSmithKline Inc, announced that it will begin shipment of its quadrivalent influenza vaccines to the U.S. healthcare providers and pharmacies. Moreover, it is expected that GSK will ship around 40 million doses of influenza vaccines for the U.S. market in the 2019-20 season
Major players operating in the U.S. influenza vaccine market include—
Sanofi Pasteur, Seqirus Vaccines Ltd., GlaxoSmithKline Plc., and Medimmune
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Market Segmentation:
- U.S. Influenza Vaccines Market, By Vaccine Type:
- Trivalent Vaccines
- Quadrivalent Vaccines
- U.S. Influenza Vaccines Market, By Virus Type:
- Influenza Virus Type A
- Influenza Virus Type B
- U.S. Influenza Vaccines Market, By Age Group:
- Pediatrics
- Adults
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