Rise in government surveillance regarding vaccination against influenza across the globe and government efforts to monitor the supply, distribution, and administration of flu vaccines are the key factors driving the market growth. The COVID-19 spread is expected to leave a positive impact on the growth of the global influenza vaccine market. The increase in the number of the population affected by the COVID-19 virus leads to the demand for influenza vaccines.
Portland, OR, Sept. 20, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global Influenza Vaccine Market generated $5.02 billion in 2020, and is projected to reach $10.12 billion by 2030, registering a CAGR of 7.2% from 2021 to 2030. In-depth information about restraints, key drivers, opportunities, and their impact analysis on the market is offered in the report.
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High prevalence of influenza, rise in government focus on immunization programs, newly developed vaccines, and technological advancement in vaccine administration are the factors driving the global influenza vaccine market growth. However, factors such as longer timelines, implementation of stringent regulations, and high costs associated with vaccine development create restraints for the market growth. On the other hand, high growth prospects in emerging sectors open many doors of opportunities for the market players.
The COVID-19 is expected to impact the global influenza vaccine market positively.
Influenza vaccines will not prevent COVID-19, but conserve scarce medical resources for the care of people with COVID-19. Thus, the demand for influenza vaccines is expected to increase during the forecast timeframe.
Globally, the COVID-19 death toll has gone beyond four million and the number is still growing. Because of the ongoing COVID-19 pandemic, getting a flu vaccine will be more important than ever.
The report offers detailed segmentation of the global influenza vaccine market based on the vaccine type, technology, age group, route of administration, and region.
Based on the vaccine type, the Quadrivalent segment accounted for the largest market share in 2020, contributing to more than three-fifths of the total share, and is expected to maintain the lead throughout the forecast period. The same segment is estimated to witness the fastest CAGR of 7.5% from 2021 to 2030. The research also analyses the trivalent segment.
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Based on the technology, the egg-based segment contributed to the largest share in 2020, accounting for more than four-fifths of the global influenza vaccine market. The same segment is expected to lead the market throughout the forecast period. However, the cell-based segment is projected to manifest the highest CAGR of 9.2% from 2021 to 2030.
Based on region, North America contributed to the highest share in 2020, holding around half of the total market share, and is expected to maintain the lead throughout the forecast period. On the other hand, Asia-Pacific is projected to manifest the fastest CAGR of 8.5% during the forecast period.
Leading players of the global influenza vaccine market analyzed in the research include Biodiem, Sanofi Pasteur SA, AstraZeneca plc., F. Hoffmann-La Roche Ltd., Emergent BioSolutions, GlaxoSmithKline plc, Gamma Vaccines Pty Ltd., Merck & Co. Inc. (Merck Sharp & Dohme Corp.), Novartis AG, CSL Limited, Pfizer, Inc., and Sinovac Biotech Ltd.
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“We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.”
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