The global influenza vaccines market size is slated to reach USD 7.34 billion by 2026, exhibiting a CAGR of 7.7% during the forecast period. Increasing prevalence of influenza worldwide will be the major driving force behind the growth of this market. According to the World Health Organization (WHO), around 3 to 5 million cases of influenza-based diseases are reported annually across the globe. This has spurred governments to take proactive measures to contain the spread of this deadly disease. Many governments carry out extensive vaccination drives before the flu season begins to immunize people from contracting any such infections, bolstering the seasonal influenza vaccines market demand. At the global level, organizations such as the WHO and the United Nations’ Children Fund (UNICEF) regularly recommend various seasonal and general influenza vaccines to regional public authorities. These factors are expected to give rise to a robust growth period for this market.
An Overview of the Impact of COVID-19 on this Market:
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According to a new Fortune Business Insights™ report, titled “Influenza Vaccines Market Size, Share & Industry Analysis, By Type (Inactivated, and Live Attenuated), By Valency (Quadrivalent and Trivalent), By Age Group (Pediatric and Adults), By Distribution Channel (Hospital & Retail Pharmacies, Government Suppliers and Others) and Geography Forecast, 2019-2026”, the value of this market stood at USD 4.05 billion in 2018.
Initiation of Government-backed Immunization Programs to Foster Greater Demand
Governments all around the world are increasingly focusing on initiating large-scale immunization drives to tackle influenza and related diseases, which is benefiting the flu vaccine market. These initiatives are receiving active support from international organizations such as the WHO. More importantly, these bodies are increasing their surveillance capacities to contain the spread of the disease and taking all measures necessary to prevent the outbreak of an epidemic. Many organizations, such as the Bill and Melinda Gates Foundation, Centers for Disease Control and Prevention (CDC), and WHO Global Influenza Surveillance and Response System (GISRS), are also facilitating research through increased funding for the development of up-to-date vaccines. This is enabling governments to launch broad-based domestic immunization drives, which will play a central role in determining the influenza vaccines market trends during the forecast period.
North America to Occupy a Commanding Position; Asia-Pacific to Register Robust Growth
Having generated a revenue of USD 1.98 billion in 2018, North America is expected to dominate the influenza vaccines market share primarily owing to the utilization of advanced manufacturing systems and processes for vaccines. Besides this, rising incidence of influenza, well-funded vaccine research programs, and presence of big companies will further fuel the market in this region. Asia-Pacific will boast the highest growth rate among regions on account of fast-increasing population along with active government support for healthcare research will raise the demand for effective vaccines in the region. Lastly, increasing immunization rate, coupled with high awareness regarding vaccination, will drive the market in Europe.
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