Influenza Vaccines Market Growth Accelerated by Vaccine Developments
Influenza vaccines provide protection against influenza illness by activating the body's immune system to produce antibodies against the flu virus. Every year, influenza vaccines are updated to protect against the strains predicted to circulate in the upcoming flu season.
The global Influenza Vaccines Market is estimated to be valued at US$ 7,161.38 Bn in 2024 and is expected to exhibit a CAGR of 33% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Development of quadrivalent vaccines has been a key trend driving growth of the influenza vaccines market. Quadrivalent vaccines protect against four influenza virus strains instead of the three strains included in the trivalent vaccines. Quadrivalent vaccines help improve vaccine effectiveness by providing broader protection against additional influenza B viruses known to cause illness. Major companies such as Sanofi Pasteur, GlaxoSmithKline, and Seqirus have developed quadrivalent influenza vaccines which are now preferred over trivalent vaccines. Increased recommendations for annual influenza immunization by public health organizations is also fueling adoption of quadrivalent influenza vaccines worldwide.
Segment Analysis
The global Influenza Vaccines market is dominated by the quadrivalent influenza vaccines segment. This segment accounts for over 60% of the total market share owing to its ability to provide immunity against four influenza virus strains including two A strains and two B strains. This provides broader protection against influenza as quadrivalent vaccines can potentially prevent additional B strain illnesses not covered by trivalent vaccines.
Key Takeaways
The Global Influenza Vaccines Market Size is expected to witness high growth over the forecast period of 2024 to 2031. The market size for 2024 is pegged at US$ 7161.38 Bn and is expected to grow at a CAGR of 33%.
Regional analysis: North America is currently the dominant region in the global Influenza Vaccines market. The region accounts for over 40% value share owing to well-established healthcare infrastructure and growing demand for preventive care and immunization programs. Asia Pacific is projected to be the fastest growing market during the forecast period supported by rising awareness, improving healthcare infrastructure and increasing focus of key players.
Key players operating in the Influenza Vaccines market are Integra LifeSciences Corporation, AbbVie Inc., Johnson & Johnson, HansBioMed, Becton, Dickinson and Company, Cook Group, Smith & Nephew Plc., Reprise Biomedical, Organogenesis Holdings Inc., Tissue Regenix, LifeNet Health, Zimmer Biomet Holdings, Inc., Stryker Corporation, MiMedx Group, PolyNovo Limited, Fidia Pharma USA Inc., Baxter International Inc., In2Bones Global, BioHorizons, Inc., Harbor MedTech, Inc., MLM Biologics Inc., Geistlich Pharma AG, Olaregen Therapeutix, Inc., EnColl Corporation, Kerecis limited, DSM, ACell Inc., 3M, Cell Constructs I, LLC, CG bio Inc., and Marine Polymer Technologies, Inc..
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