Global Influenza Vaccines Research Analysis Report 2023: A Potential $10.9 Billion market by 2030 - Expanding Manufacturing Capabilities and Focus on Launching New Vaccines will Propel Expansion

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Aug 28, 2023, 22:00 ET

DUBLIN, Aug. 28, 2023 /PRNewswire/ -- The "Global Influenza Vaccines Market, Persons Vaccinated, Key Company Analysis, Emerging Players Profile, Promising Influenza Vaccines in Clinical Development, Size, Share, Trends, Major Deals and Recent Developments - Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

The global influenza vaccines market is projected to reach US$ 10.9 Billion by 2030

The Centers for Disease Control and Prevention (CDC) recommends routine seasonal influenza vaccination for all individuals 6 months of age and older. According to the World Health Organization (WHO), globally, about 3 to 5 million cases of severe influenza illness, and about 290,000 to 650,000 flu-related deaths are reported annually.

The vast population base together with significantly low vaccination coverage in emerging markets, the introduction of new vaccines, rising government support for immunization and growing awareness of the value of influenza vaccine in preventing disease are the prominent factors that will drive the influenza vaccines market.

The increasing R&D investments by leading market players, such as Sanofi, CSL Limited, and GlaxoSmithKline, for expanding manufacturing capabilities and focus on launching new vaccines will propel the market for influenza vaccines over the forecast period.

However, shortage of vaccine supply due to the genetic assortment of the viral strains is surging the need for updating vaccines each year by the manufacturers. This is a major factor restraining market growth.

Recent Developments

In July 2023, Sinovac Biotech Ltd. announced an alliance with Indonesian state-owned biopharmaceutical company PT Bio Farma, to serve Indonesia's domestic vaccine market as well as international market.
In November 2022, Penn scientists developed a 20-subtype mRNA flu vaccine for protection against future flu pandemics.
In October 2022, Novavax announced positive results from the Phase 1/2 clinical trial of its COVID-19-Influenza Combination (CIC) vaccine candidate.
In March 2022, the Australian government invested more than US$ 100 million in the seasonal influenza vaccine to protect people at risk.

By Region: Influenza Vaccines Market and Forecast - Key Takeaways

Geographically, North America is the largest market for influenza vaccines capturing over 50% market share in 2022.
In the European region, almost all countries have national and/or regional vaccination policies or strategies for seasonal influenza in place.
Asia is expected to be the fastest growing market for influenza vaccines, driven by the increasing population in the Asian countries, growing focus of the governments on enhancing healthcare facilities, rising incidence of seasonal influenza, and rising disposable income.
Australasia accounted for least share of the influenza vaccines market in 2022.

By Country: Influenza Vaccines Market and Forecast - Key Takeaways

On country basis, United States captured highest share of the influenza vaccines market.
Japan is the second largest market for influenza vaccines.
China, Brazil, Canada, Australia, Germany, UK, and India are the other leading markets for influenza vaccines.
Poland is a country with one of the lowest influenza vaccination coverage rates among the EU member states.

By Company: Influenza Vaccines Market and Forecast - Key Takeaways

In 2022, GlaxoSmithKline plc influenza vaccines sales were up 5% over the prior year.
AstraZeneca influenza vaccines sales declined by 31% in 2022, owing to late start to the influenza season in Europe.
In September 2022, Pfizer Inc. initiated the phase 3 clinical study for mRNA-based influenza vaccine. The study enrolled 25,000 U.S. adults aged 18 years and older.
In 2021, Seqirus influenza vaccines sales increased by 37% over the prior year, driven by strong growth in seasonal influenza vaccines.
In October 2022, Novavax announced positive results from the Phase 1/2 clinical trial of its COVID-19-Influenza Combination (CIC) vaccine candidate.

Global Influenza Vaccines Market - Driving Factors

Transformation of Vaccine Technologies
Vaccines most Cost-Effective Means of Disease Prevention
Scientific & Technological Breakthroughs
Growing Awareness and Adoption of Influenza Vaccines Due to Increasing Government Support for Immunization
Robust R&D Investments with Strong Pipeline Candidates to Drive Market Growth

Global Influenza Vaccines Market - Challenges

Complexity of Vaccine Development and Approval System Thwarts Product Development
Legal Obstacles
General Technical Barriers
Economic Barriers
Regulatory Barriers
Hurdles to Optimal use of Licensed Vaccines
Technical Obstacles
Economic Obstacles
Cultural Obstacles
Barriers to New Entrants in the Vaccines Market
Reducing the Timeline for Vaccine Development
Challenges Faced by Healthcare Workers in Immunization

Influenza Vaccines Market - Key Company Analysis

GlaxoSmithKline (GSK)
Sanofi
Seqirus (CSL Limited)
Abbott
AstraZeneca
Gamma Vaccines Pty Ltd.
Hualan Bioengineering Co., Ltd
Mylan (Now Part of Viatris)
BioDiem
Shanghai Institute of Biological Products Co., Ltd.

Influenza Vaccines Market - Emerging Players Profile

Novavax
Medicago
Moderna Inc.
Pneumagen
Daiichi-Sankyo
FluGen
Imutex
EpiVax
Versatope Therapeutics, Inc.
BiondVax Pharmaceuticals Ltd.
BIKEN Co., Ltd.
Sinovac Biotech
Emergent BioSolutions
Osivax
Emergex Vaccines

Country Wise Distribution - Influenza Vaccines Market, Persons Vaccinated and Forecast

United States
Canada
Brazil
Mexico
Germany
France
Italy
Spain
United Kingdom
Netherlands
Ireland
Denmark
Luxembourg
Sweden
Finland
Belgium
Poland
Norway
Australia
New Zealand
Japan
China
India
South Korea
Singapore
Hong Kong
Malaysia
Thailand
Indonesia

For more information about this report visit https://www.researchandmarkets.com/r/luwplq

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