by Influenza vaccines provide protection against influenza viruses that continually mutate and circulate globally. They help prevent illness, medical visits, hospitalizations, and death associated with seasonal influenza. The global influenza vaccines market growth accelerated due to increasing immunization programs by governments and better disease awareness.
The global Influenza Vaccines Market is estimated to be valued at US$ 6216.47 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The immunization rates for influenza vaccines have been steadily increasing over the years due to various public health initiatives undertaken by governments as well as private organizations. As per data by the Centers for Disease Control and Prevention (CDC), immunization rates for seasonal influenza vaccines among children aged 6 months to 17 years have increased from 46.0% during the 2001-2002 influenza season to 68.5% during the 2020-2021 season in the U.S. Similarly, immunization rates among U.S. adults aged 18 years and above increased from 31.1% during the 2001-2002 influenza season to 49.2% during the 2020-2021 season. This rise in immunization rates is a key factor fueling the growth of the global influenza vaccines market.
Segment Analysis
The type segment is further divided into quadrivalent and trivalent. The trivalent segment dominates the market as most manufacturers still offer only trivalent vaccines. However, the quadrivalent segment is expected to grow at a higher CAGR over the forecast period owing to its ability to protect against two strains of influenza A and two strains of influenza B.
The valency segment includes single dose and multi-dose vaccines. The multi-dose segment holds the largest share as multi-dose vials allow vaccinating more people using a single vial, thereby reducing production costs for manufacturers.
Key Takeaways
The Global Influenza Vaccines Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The global influenza vaccines market is estimated to be valued at US$ 6216.47 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030.
Regional analysis shows North America currently dominates the market and is expected to maintain its position over the forecast period due to high awareness regarding influenza vaccines and annual vaccination programs in the region. The Asia Pacific region is expected to grow at the fastest rate owing to improving healthcare infrastructure and rising healthcare expenditure in major APAC countries such as China and India.
Key players operating in the influenza vaccines market are DuPont de Nemours, Inc., Lenzing AG, Kelheim Fibres GmbH, Asahi Kasei Corporation, Grasim Industries Limited (Aditya Birla Group), Sateri Holdings Limited, Tangshan Sanyou Group Co., Ltd., Birla Cellulose (Aditya Birla Group), Indo Bharat Rayon (Aditya Birla Group), China Bambro Textile Co., Ltd. These key players are focused on new product launches and geographic expansions to strengthen their market presence.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
