The recent study on the global influenza vaccine market covers an in-depth analysis of the market on the basis of vaccine technology, end-user, and geography. The report also covers the country level analysis within the regions as well. Additionally, the report covers the key trends in the market along with drivers and restraints during the forecast period 2019-2024. According to the report titled “Global Influenza Vaccine Market - Forecasts from 2019 to 2024”, the market is expected to increase from US$5.209 billion in 2018 to US$7.547 billion by 2024, at a CAGR of 6.37 percent during the projected period. The report is segmented by vaccine technology as Trivalent and Quadrivalent; by end-user as Children, Adolescents, Adults, and Elderly; and by geography as North America (USA, Canada, Mexico, and Others), South America (Brazil, Argentina, and Others), Europe (Germany, France, United Kingdom, Spain, and Others), Middle East and Africa (Saudi Arabia, Israel, and Others), and Asia Pacific (China, Japan, South Korea, India, and Others).
The global influenza vaccine market is poised to propel during the forecast period owing to the importance of vaccination in order to prevent infection and serious outcomes caused by influenza viruses. Prevalence of people who are at high risk of serious influenza complications is driving the market growth in the forecast period. Furthermore, advancements in vaccine technology in addition to rising R&D expenditure will provide an opportunity for the growth of the global influenza vaccine market during the forecast period and beyond.
Prevalence of people at high risk of serious influenza complications is boosting the market demand for influenza vaccines during the forecast period.
There is a prevalence of people worldwide who are at high risk of experiencing serious flu complications. These include elderly people (people of age 65 years or older), babies or young children (6-59 months), pregnant ladies, people suffering from cardiovascular diseases, individuals suffering with chest problems like asthma or bronchitis, people with kidney disease, diabetes patients, individuals taking steroids, people undergoing cancer treatment, people suffering from long-term illnesses reducing the functioning of body’s immune system, and healthcare workers. Thus, this calls for a high demand for influenza or flu vaccines which help in reducing the infections caused by seasonal flu viruses, emanating the market growth during the forecast period.
North America holds a dominant share in the market
The North America influenza vaccine market is expected to hold the largest market share with the highest health spending of the United States among the industrialized nations and the early adoption of technology. Also, the growing geriatric population, high prevalence of cardiovascular diseases due to the adoption of unhealthy living conditions are fueling the market growth in this region. Furthermore, the stakeholders in the United States are moving from volume-based to value-based care by reforming policies, programs promoting operational efficiency, technology use, population health management, wellness, and addressing the social determinants of health. There is a shift in the healthcare market dynamics owing to the better patient outcome at lower costs. In addition, the growing trend of preventive care is also driving the market growth during the forecast period.