Newark, June 13, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the global seasonal influenza vaccines market will grow from USD 7.82 Billion in 2023 to USD 17.77 Billion by 2033. Various formulations of seasonal influenza vaccines are available to cater to dissimilar age groups and medical situations. Vaccines intended for adults, children, and older people, as well as those with specific health conditions such as egg allergies or weakened immune systems, exist. Moreover, nasal spray alternatives to standard injectable vaccines are available for individuals who prefer non-injectable vaccination methods. The effectiveness of the flu vaccine may vary due to factors such as strain similarity, age, and underlying health. However, the importance of vaccination cannot be overstated. It plays a crucial role in preventing influenza infections and reducing complications within populations. Even during periods when the vaccine's protection is less effective, it still provides benefits by mitigating symptoms and limiting community transmission.
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Key Insight of the Seasonal Influenza Vaccines Market
North America region is expected to grow at the highest CAGR during the forecast period.
During the forecast period, Asia Pacific is expected to grow at the highest CAGR within the global seasonal influenza vaccines market. The Asia Pacific region will significantly expand. With rapid economic growth, urbanization, and shifting lifestyles across the Asia Pacific region, there has been a surge in demand for preventative healthcare services - specifically vaccination. A heightened awareness of immunization benefits alongside government-driven efforts to increase vaccine usage rates has noticeably impacted countries such as India, Indonesia, and Thailand, contributing to market expansion. Yet despite this positive aspect, gaps in existing medical infrastructure, logistical obstacles, and some resistance towards vaccines hamper progress, thus delaying optimal coverage or accessibility within certain regions. In addition, the Asia Pacific area has a complex regulatory environment where vaccine approval, licensure, and distribution requirements vary among countries. Creating consistent regulations and simplifying approval procedures are vital to advancing entry into the influenza vaccine market in this region. Furthermore, previous neglect of providing affordable vaccines perpetuates challenges associated with arriving at underserved communities; actions prioritized towards improving accessibility and expanding coverage for these areas could be crucial measures in the future.
The quadrivalent segment is expected to grow at the highest CAGR during the forecast period.
The vaccine type segment includes quadrivalent and trivalent. The quadrivalent segment is expected to grow at the highest CAGR during the forecast period. Over the years, quadrivalent vaccines have gained a greater market share worldwide in the seasonal influenza vaccine industry. This growth can be attributed to their superior efficacy and broader protection against influenza B viruses. Additionally, healthcare providers and vaccine makers alike are increasingly embracing them. Compared with trivalent alternatives, quadrivalent vaccines offer several benefits, such as better coverage of strains, reduced risk of lineage mismatch for Influenza B, and improved overall immunity levels among vulnerable groups like children or older adults with chronic health issues. Moreover, the increasing acknowledgement of influenza B viruses' significance in seasonal flu epidemics has propelled a surge in demand for quadrivalent vaccines. Healthcare providers are striving to enhance vaccine efficiency and augment its public health influence.
The nasal spray segment is expected to grow at the highest CAGR during the forecast period.
The route of administration segment includes injections and nasal spray. The nasal spray segment is expected to grow at the highest CAGR during the forecast period. Over time, the market share of nasal spray vaccines in the global seasonal influenza vaccine market has been subject to change due to various factors, including efficacy and safety concerns, regulatory approvals, and overall market trends. The availability of intranasal inoculation also differs depending on location, with certain regions offering it alongside injectable options, while others favor injected formulations based on regulatory preference or healthcare policy. Generally speaking, though, healthy individuals between 2-49 years old and not currently pregnant may opt for needle-free vaccination when selecting from available alternatives. In addition, factors like vaccine effectiveness, safety apprehension and the public perception of intranasal vaccination play a key role in the acceptance of nasal spray vaccines. The latest advancements in this technology have made it more appealing for those who prefer not to receive injectable treatments; these include quadrivalent formulations and enhanced delivery systems that improve stability.
Recent Developments:
• In January 2023: In a key phase 3 clinical research to evaluate the vaccine's immunogenicity, safety, tolerability, and efficacy, Pfizer Inc. announced that participants had received their first dose of the company's quadrivalent modified RNA influenza vaccine candidate.
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Market Dynamics
Driver: Increasing cases of chronic diseases
The surging occurrence of chronic ailments like diabetes, cardiovascular disorders, and respiratory problems is responsible for the heightened requirement for seasonal flu shots. People with pre-existing health conditions are more likely to develop critical influenza complications; hence, vaccination remains crucial to curbing sickness while lessening the burden on the healthcare system. This factor is boosting the market growth and development.
Restraint: Regulatory Hurdles
The global seasonal influenza vaccine market poses challenges to vaccine developers who wish to enter or increase their presence due to regulatory obstacles and barriers that limit market access. Vaccine approval, licensure, and post-market surveillance are subject to strict regulations that vary across regions, impacting commercialization timelines significantly. This factor is anticipated to hamper the market growth and development.
Opportunity: Expanding Geriatric Population Globally
The market growth is largely fuelled by the increasing number of older individuals worldwide. Ageing leads to a weakened immune system, making influenza and its accompanying issues more likely for this group. Therefore, vaccination becomes an essential prevention method that should be implemented regularly in elderly populations. As developed countries' geriatric population increases steadily, particularly with seasonal flu vaccines on demand at all times, it will facilitate corresponding market expansion further into the future.
Some of the major players operating in the Seasonal influenza vaccines Market are:
• CSL Seqirus
• F. Hoffman-La Roche Ltd.
• AstraZeneca
• Pfizer
• Novartis
• Sanofi
• Abbott
• SINOVAC
• GlaxoSmithKline
• Merck
Key Segments Cover in the Market:
By Vaccine Type:
• Quadrivalent
• Trivalent
By Route of Administration:
• Injections
• Nasal Spray
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channel analysis.
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