Feb 14, 2020 (Heraldkeepers) — Global Influenza Vaccines Market
Influenza is a contagious respiratory infection caused due to influenza virus. Influenza is marked by fever, cough, muscles and joint pain, headache, and severe weakness. Illness due to influenza ranges from mild to severe, occasionally leading to death. According to the World Health Organization (WHO), in 2018, influenza-related hospitalization case were reported to be 3-5 million, whereas deaths caused by the same were valued at 290,000 to 650,000. Vaccines are recommended for the prevention of influenza infections. Influenza vaccine can be inactivated influenza vaccine, adjuvant inactivated influenza vaccine, live attenuated influenza vaccine or recombinant influenza vaccine. The rapid spread of influenza virus epidemics worldwide is propelling demands for development of efficient influenza vaccine. Strong product pipeline is the key factor driving growth of the global influenza vaccines market during the forecast period.
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The global influenza vaccines market garnered up to US$ 3,991.4 million in 2017 and is expected to witness a CAGR of 4.4% over the forecast period (2018-2026).
Increasing Product Approvals for Influenza Vaccines is Propelling Market Growth
Increasing seasonal outbreak of influenza virus is propelling demand for better vaccines. Increasing number of approved product is expected to augment growth of the influenza vaccines market. For instance, Seqirus Vaccine Limited, received FDA approval for Afluria Quadrivalent in August 2016, Afluria Trivalent, Flucelvax Quadrivalent in May 2016, and Fluad in November, 2015. Moreover, increasing strong pipeline candidates for influenza vaccine is also expected to boost the market growth. Furthermore, in May 2018, FluGen, Inc., a clinical stage vaccine developing company, started clinical trial for investigation of influenza vaccine, M2SR.
Increasing governmental initiatives have led to a new path for vaccine development, which is therefore expected to propel the global market growth. For instance, in April 2018, the Bill and Malinda Gates Foundation and Lucy and Larry Page announced US$ 12 million for researchers to come up with innovative ideas for safe, effective and affordable flu vaccines. Moreover, in May 2018, National Institute of Allergy and Infectious Disease (NIAID), sponsored trial of universal influenza vaccine. Furthermore, governmental initiative for increasing the vaccine supply is propelling growth of the global influenza vaccines market.
The constant mutation in genetic structure of influenza virus results in emergence of new virus, unaffected by currently available influenza vaccines. These continuously evolving virus is expected to be the major restrain for growth of the influenza vaccine market. Moreover, high cost of vaccine development is also expected to hinder market growth during the forecast timeline.
Global Influenza Vaccines Market – Regional Segmentation
North America holds a dominant position in the global influenza vaccines market, on account of the escalating number of R&D activities by market players, with governmental support, to add novel products to their product portfolios. For instance, the U.S. National Institute of Allergy and Infectious Diseases (NIAID), a part of the National Institutes of Health (NIH), conducted clinical trials of the universal influenza vaccine under FDA observation. Furthermore, Asia Pacific is expected to witness fast-paced growth during the forecast period.
Inorganic strategies adopted by key market players to fuel market development
The key players involved in the global influenza vaccines market include Seqirus Vaccines Limited, GlaxoSmithKline Plc, Sanofi, and MedImmmune LLC.
Strategic mergers and collaborations are boosting the growth of the
global influenza vaccines market. For instance, in 2015, BioCryst Pharmaceuticals, entered into license agreement with Seqirus Vaccine Limited, under which Seqirus grants worldwide rights to BioCrysts flu Treatment. Moreover, in August 2017, Sanofi acquired Protein Science Corporation. The acquisition added Flubok, the only FDA approved recombinant protein-based influenza vaccine, to Sanofi’s product portfolio.
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