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Influenza Vaccines Market is Estimated to Witness High Growth Owing to Opportunity to Reduce Morbidity and Mortality Associated With Seasonal Influenza

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naufan
Influenza Vaccines Market is Estimated to Witness High Growth Owing to Opportunity to Reduce Morbidity and Mortality Associated With Seasonal Influenza

Influenza vaccines are biological products designed to prevent influenza or flu infection and illness by providing immunity against the most recent versions of the viruses causing seasonal flu. Flu vaccines target multiple influenza virus strains that are most likely to cause disease during the upcoming flu season. The global influenza vaccines market is estimated to be valued at US$ 7161.38 Bn in 2023 and is expected to exhibit a CAGR of 33.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

The global influenza vaccines market is estimated to be valued at US$ 7161.38 Bn or Mn in 2023 and is expected to exhibit a CAGR of 33.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The influenza vaccines market is witnessing high growth owing to the rising prevalence of pneumococcal diseases. According to the WHO, annual influenza epidemics are estimated to result in about 3 to 5 million cases of severe illness and about 290,000 to 650,000 deaths. Furthermore, changing demographics such as aging populations, increasing prevalence of chronic diseases, and lack of pre-existing immunity towards the circulating strains of flu virus are further driving the growth of the influenza vaccines market. Additionally, increasing awareness regarding pneumococcal infections and vaccines and funding for vaccine programs by various government and non-government organizations is also boosting the market growth.

SWOT Analysis

Strength: The influenza vaccines market has seen consistent innovations which have improved efficacy and safety. Vaccines now provide protection against multiple strains of influenza viruses. Regular technological advancements are expected to make vaccines even more effective in the forecast period. Vaccination programs by governments worldwide are also creating high awareness and demand.

Weakness: Unpredictability of influenza virus mutations poses challenges in developing highly effective vaccines every year. Some people also experience side effects after vaccination which leads to low compliance rates. Rise of anti-vaccination campaigns in certain regions is a concern as it hampers immunization targets.

Opportunity: Untapped developing markets in Asia and Latin America present lucrative growth prospects for manufacturers. New formulations such as quadrivalent vaccines provide broader protection against influenza strains which can drive their usage. Investment in research of universal influenza vaccines can potentially disrupt the market with long-lasting protection solutions.

Threats: Pricing pressures and cost-containment measures adopted by various countries can negatively impact revenue streams of players. Dependence on seasonal vaccination cycles makes revenues seasonal in nature as well. Emergence of alternative treatment options may also affect market attractiveness over the long run.

Key Takeaways

The Global Influenza Vaccines Market Size is expected to witness high growth during the forecast period.

Regional analysis: Asia Pacific region is expected to grow at a rapid pace due to fast economic development and expanding patient pool in India and China. Rising healthcare spending and increasing government focus on immunization are augmenting the regional market. Favorable regulatory guidelines and low-cost manufacturing environment are also encouraging vaccine production in Asia Pacific.

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.


Get more insights on this topic:

https://www.newsstatix.com/influenza-vaccines-market-demand/

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