Influenza Vaccines Market is Expected to Driven by Growing Urgency to Control Influenza
 |
| Influenza Vaccines Market |
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.
Get
more insights on this topic:
Comments
Post a Comment