Influenza vaccines provide protection against influenza viruses by stimulating the body's immune response. Various influenza vaccine types like trivalent vaccines, quadrivalent vaccines and cell-based vaccines are available globally. Influenza viruses undergo antigenic drift which leads to evolving influenza strains necessitating the development of updated vaccines annually. Influenza causes significant disease burden worldwide with young children and elderly being at highest risk. Vaccination remains the most effective public health measure to prevent influenza and reduce severe outcomes.
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:
One of the key trends in the influenza vaccines market is the focus on development of new and improved vaccine technologies. Companies are investing in cell-based and recombinant vaccine production methods to develop more effective and safer vaccines. Cell-based vaccines use cultured animal or insect cells instead of eggs for vaccine production which allows faster response in case of a pandemic. Furthermore, recombinant vaccine production methods are being explored that could speed up the strain selection and vaccine production process. Regulatory agencies are also supporting such novel vaccine technologies through expedited review pathways. Recent advances offer hope that future influenza vaccines could provide cross-protection against multiple influenza strains and last longer, reducing the need for annual vaccination.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low in influenza vaccines market because of high capital requirements and established brand loyalty of existing players.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of vaccines from multiple manufacturers. However, buyers have less influence due to inelastic demand of vaccines.
Bargaining power of suppliers: A few major suppliers control the raw materials used for vaccines development which gives them moderate bargaining power.
Threat of new substitutes: There are no close substitutes for influenza vaccines available.
Competitive rivalry: The competition is high among the key players to gain more market share and to develop innovative influenza vaccines.
Key Takeaways
The Global Influenza Vaccines Market Size is expected to witness high growth over the forecast period. 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.
North America region currently dominates the market and is expected to maintain its dominant position throughout the forecast period due to increasing demand for seasonal influenza vaccines in this region. The Asia Pacific region is expected to be the fastest growing region in influenza vaccines market owing to large population susceptible to influenza infection and high focus of key players to expand its presence in countries like China, India, and Japan.
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 players are majorly investing in developing advanced strategies to expand the production capacities for seasonal and pandemic vaccines. They are also focusing on strategic collaborations with regional partners to strengthen their distribution network globally.
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