Flu Vaccines Market Size To Hit US$ 10.19 Billion By 2033, Owing To Increasing Investments in Healthcare Sector Globally

New York, March 14, 2023 (GLOBE NEWSWIRE) -- The global Flu Vaccines Market is currently valued at around US$ 5.06 Billion in 2022. Sales of the Flu Vaccines Market are set to witness growth at a CAGR of 6.70% and be valued at around US$ 10.19 Billion by 2033. The market is primarily driven by the increasing prevalence of flu worldwide, along with the rising demand for vaccines, especially in developing countries. Additionally, government initiatives promoting flu vaccination, and the development of new and more effective vaccines are also contributing to market growth.

The global flu vaccines market is expected to grow at a steady rate in the coming years. The market is driven by an increasing awareness of the importance of vaccination, advancements in vaccine technology, and the high incidence of seasonal influenza. The COVID-19 pandemic has also increased the demand for flu vaccines as individuals seek to reduce the risk of contracting both diseases simultaneously. The report analyzes the market size, growth, trends, and forecasts from 2023 to 2033.

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Influenza, commonly known as the flu, is a viral infection that affects the respiratory system. It is highly contagious and can spread rapidly, causing significant morbidity and mortality worldwide. Vaccination is the most effective way to prevent the flu and its complications. The global flu vaccines market is divided into four segments: quadrivalent, trivalent, live attenuated, and others.

Market Dynamics:

The global flu vaccines market is primarily driven by the increasing awareness of vaccination as a preventive measure against the flu. The high incidence of seasonal influenza also plays a crucial role in driving the demand for flu vaccines. In addition, the increasing prevalence of chronic respiratory diseases and the geriatric population, who are at a higher risk of developing complications from the flu, are expected to contribute to market growth.

Advancements in vaccine technology have led to the development of new vaccines that offer improved efficacy and safety. The introduction of quadrivalent vaccines, which provide protection against four strains of the flu virus, has also contributed to the growth of the market. Furthermore, the COVID-19 pandemic has increased the demand for flu vaccines as individuals seek to reduce the risk of contracting both diseases simultaneously.

However, the high cost of vaccines, limited availability in some regions, and vaccine hesitancy are significant barriers to market growth.

Key Companies-

Sanofi Pasteur Inc.
Astrazeneca
Csl Ltd.
Abbbott
Glaxosmithkline Plc.
Serum Institute of India Pvt.Ltd

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Competition Landscape

Sanofi reports encouraging Phase 1/2 trial midpoint findings for its initial mRNA-based vaccine candidate. Comparable tolerance to another non-modified mRNA COVID-19 vaccines and high seroconversion all over the three dosages tested. Accelerating the conversion of the acquired technology to modified mRNA with a 2022 clinic launch target for a modified quadrivalent flu vaccine
The first qHPV vaccine produced in India, called "CERVAVA," has been released by the Serum Institute of India. The Bill and Melinda Gates Foundation, Serum Institute of India (SII), Department of Biotechnology (DBT), and Biotechnology Industry Research Assistance Council (BIRAC) collaborated to develop India's first locally produced quadrivalent human papillomavirus vaccine (qHPV), known as "CERVAVAC."

Market Segmentation:

The global flu vaccines market is segmented based on type, technology, age group, end-user, and region.

By type, the market is segmented into quadrivalent, trivalent, live attenuated, and others. The quadrivalent segment is expected to hold the largest market share due to its higher efficacy and broader coverage.
By technology, the market is segmented into egg-based, cell-based, and recombinant. The cell-based segment is expected to grow at the highest CAGR due to its ability to produce a higher yield of vaccine and the reduced risk of contamination.
By age group, the market is segmented into pediatric, adults, and geriatric. The geriatric segment is expected to grow at the highest CAGR due to the higher incidence of flu-related complications in this age group.
By end-user, the market is segmented into hospitals, clinics, and others. The hospitals segment is expected to hold the largest market share due to the high number of flu vaccinations administered in hospitals.
Regional Analysis: The global flu vaccines market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is expected to hold the largest market share due to the high incidence of seasonal influenza and the presence of a well-established healthcare infrastructure. The Asia Pacific region is expected to grow at the highest CAGR due to the increasing awareness of vaccination, a large geriatric population, and rising healthcare expenditure.

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In conclusion, the global flu vaccines market is expected to continue growing in the coming years due to various factors such as increasing awareness of vaccination, advancements in vaccine technology, and the high incidence of seasonal influenza. The COVID-19 pandemic has also played a role in increasing demand for flu vaccines. However, barriers to market growth such as vaccine hesitancy and limited availability in some regions still exist. The market is highly competitive, with major players focusing on research and development, partnerships, and mergers and acquisitions to expand their market share and product portfolio.

North America is expected to hold the largest market share, while the Asia Pacific region is expected to grow at the highest CAGR due to increasing awareness of vaccination, a large geriatric population, and rising healthcare expenditure. Overall, the global flu vaccines market presents significant opportunities for growth and innovation in the coming years.

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