Influenza Vaccine Market Demand and Growth Analysis with Forecast up to 2024
Influenza Vaccine Market: Introduction
- Influenza, also known as a flu, is a common viral infection that affects the respiratory system. The major three types of influenza viruses impacting humans are Type A, Type B, and Type C. The fourth form of influenza virus, known as Type D, does not affect the humans, but is considered to have the potential to do so.
- The common symptoms of influenza include sneezing, high fever, running nose, headache, coughing, sore throat, joint pains, and feeling tired. Furthermore, diarrhea and vomiting are the additional symptoms observed in children.
- Influenza vaccine, also known as flu shot or flu jabs, is used as a protection against influenza virus. Newer versions of influenza vaccines are developed twice a year owing to the rapid changes in the influenza virus. The effectiveness of these vaccines varies year to year, but are known to offer moderate to high protection against influenza.
Key Drivers and Restraints of Global Influenza Vaccine Market
- Influenza is one of the rapidly transmitted infections among the population. According to Centre for Disease Control (CDC), over 15% of the population in the U.S., is affected from the seasonal influenza virus annually. This high prevalence of the disease, necessitates the demand for vaccination, contributing to the growth of the influenza vaccine market.
- Significant increase in the government initiatives promoting the administration of influenza vaccine, minimal side effects associated with the vaccine contribute to the growth of the influenza vaccine market. Furthermore, rise in the routine vaccination programs and inclusion of influenza vaccine in the regular programs in developed as well as in developing countries contribute to the growth of the influenza vaccine market.
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- However, high cost of development and the longer timelines required for the development of influenza vaccine might hinder the growth of the influenza vaccine market
North America to Lead Global Influenza Vaccine Market
- In terms of region, the global influenza vaccine market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global influenza vaccine market in 2018, owing to strong presence of leading market players, high prevalence of seasonal influenza, development of newer vaccines, increasing government focus on immunization programs, and advancements in administration of vaccines
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- Europe was the second largest market for influenza vaccine in 2018, followed by Asia Pacific. Asia Pacific is projected to be the fastest growing market for influenza vaccine, followed by Latin America and Middle East & Africa. Growing focus of the governments in countries in Asia on enhancing healthcare facilities, growing incidence of seasonal influenza, government initiatives, rising disposable income, and rapid economic development, contribute to the growth of the influenza vaccine market in the region.
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