Influenza Vaccine Market to Reach USD 11.4 Billion by 2025
PUNE, India, August 7, 2018 /PRNewswire/ --
The report, "Influenza Vaccine Market by Age Group (Pediatrics and Adults), Vaccine Type (Quadrivalent, Trivalent, and High-Dose), and Virus Type - Global Opportunity Analysis & Forecast to 2025," published by Converged Markets® states, the influenza vaccine market size was estimated to grow from USD 4.9 billion in 2017, to reach USD 11.4 billion by 2025, at a CAGR of 11.0% from 2018 to 2025.
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Browse 164 market data tables and 79 figures spread through 177 pages and in-depth TOC on " Influenza Vaccine Market "
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The global influenza vaccine market witnessed an upward trend due to the rise in awareness about pandemic influenza coupled with seasonal outbreak. The emergent government policies and innovations in infrastructure projects such as, WHO and IFPMA further led to the demand for influenza vaccine across the globe. The market is anticipated to particularly grow in the emerging countries such as China, India, Africa, and others. The unhealthy food habits coupled with seasonal outbreaks has accelerated the growth of pandemic vaccine production with the novel vaccine technology across these countries.
Quadrivalent vaccine segment is expected to dominate the market through 2025
Quadrivalent vaccines accounted for the largest market share of approximately 60% in 2017, which is expected to continue with its position by 2025. As approved by Food Drug and Administration (FDA), this vaccine can be consumed by the age group of two and above 60 years. Hence, the demand for these vaccines is high among the aforementioned. According to the CDC data, in 2017, it was estimated that private clinics and hospitals were considered to be the major places for vaccinations. Although, several new vaccines have recently entered the market, quadrivalent is the most preferable due to its inexpensive nature. Hence, the market for quadrivalent vaccines is expected to obtain the largest share between 2018 and 2025.
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Pediatrics segment is projected to grow at the highest rate during the forecast period
The vaccination for pediatrics accounted for a larger market share and is anticipated to witness a higher CAGR of 11.7% over the forecast period. The influenza rate among children below two years or more is high. Hence, according to the recommendations of Center for Disease Control and Prevention, it is mandatory to get a special influenza vaccination for them. Furthermore, the adults aged 60 years and above are at a risk of getting infected by influenza; CDC stated, 50% to 70% of influenza related hospitalization occurred among this age group.
North America to dominate the Influenza Vaccine Market through 2025
North America accounted for the largest share, followed by Europe in the influenza vaccine market in 2017, in terms of both, value and volume. However, both the regions are projected to grow at low CAGR as they are mature markets. Demand for influenza vaccine experienced continuous growth in countries such as USA, Canada, and Mexico in the recent years. It also provided ample opportunities to the key manufacturers of influenza vaccine.
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The key players include Sanofi, GlaxoSmithKline, CSL, Abbott, and AstraZeneca. The major companies possess a vast portfolio of products with outreach in major global markets and work to consolidate their position through strategic alliances, mergers & acquisitions. The other companies in the market include Biocryst Pharmaceuticals, Novavax, SK Chemicals, F Hoffmann-La Roche Ag, and Mitsubishi Tanabe Pharma.
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Key Questions Answered in the Report:
- What was the market size, in terms of value (USD million), of the influenza vaccine market in 2017, and growth rate during the forecast period, 2018-2025?
- What was the revenue generation of influenza vaccine market in 2017 and what is their growth prospect?
- What is the market size of different segments considered in the study such as vaccine type, virus type, and age group, and their respective growth prospects?
- What is the influenza vaccine market size for different regions such as North America, Europe, Asia-Pacific, and Rest of the World?
- What are the key trends and opportunities in the market, pertaining to countries included in different regions?
- How attractive is the market for different stakeholders present in the industry by analyzing the futuristic scenario of influenza vaccine?
- What are the major driving forces that tend to increase the demand for influenza vaccine during the forecast period?
- What are the major challenges inhibiting the growth of the global influenza vaccine market?
- What kind of new strategies are being adopted by the existing market players to make a mark in the industry?
- What is the competitive strength of the key players in the influenza vaccine market by analyzing through shares?
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