Market Trends of Influenza Vaccine Industry
This section covers the major market trends shaping the Influenza Vaccine Market according to our research experts:
The Quadrivalent Segment is Expected to Hold a Major Share in the Market over the Forecast Period
Quadrivalent influenza vaccine is designed to protect against four different flu viruses, including two influenza A verses and two influenza B viruses. The quadrivalent segment is expected to hold a significant share of the influenza vaccine market due to its cost-effectiveness, efficacy against viral infections, and easy availability in hospitals and clinics. The product approvals for the quadrivalent type of vaccine are also expected to drive the market's growth. For instance, in July 2022, the United States FDA approved the request of GlaxoSmithKline for the influenza vaccine, Fluarix, a quadrivalent vaccine. The Fluarix quadrivalent is a vaccine indicated for active immunization to prevent disease caused by the influenza A subtype virus and type B virus contained in the vaccine.
The increasing preference for quadrivalent vaccines by healthcare professionals to treat influenza is expected to drive the market's growth. For instance, in June 2022, a healthcare survey conducted by Sanofi reported that physicians and pharmacists would recommend CDC to provide vaccines like Fluzone high-dose quadrivalent (influenza vaccine) for people 65 and older for the treatment of influenza.
Also, the increasing product launches are expected to drive the growth of the studied segment during the forecast period. In April 2021, Sanofi invested over EUR 600 million to build a new vaccine facility in Toronto to increase its supply of influenza vaccines in Canada, the United States, and Europe. The new facility is expected to develop quadrivalent influenza vaccines and serve its customers with effective vaccinations.
North America is Expected to Hold Notable Share in the Market Over the Forecast Period
North America is expected to hold a significant market share in the forecast period. This is due to the rising awareness regarding influenza infections and their available therapies, the government spending on spreading awareness, and the technological advancements in developing new vaccines. The market's growth is also attributed to the presence of major market players in the region, and their high expenditure on R&D. In North America; there is an increased prevalence of influenza, which has led to market growth. According to the CDC data in December 2022, nearly 150,865 influenza-positive cases, among which 149,704 cases were influenza A and 1,61 influenza B virus types. Additionally, the Public Health Agency of Canada in December 2022 mentioned that nearly 34,413 influenza cases were reported in Canada from August 2022 to December 2022. Such a high burden of influenza cases among the North American population is expected to drive the demand for influenza vaccines, thereby fueling the market growth in this region.
The growing number of government initiatives to increase awareness about the medications and prevention of influenza has been the key market driver for influenza vaccines. For instance, in September 2021, the CDC participated in a broad inter-agency partnership coordinated by the Biomedical Advanced Research and Development Authority (BARDA) that supports the advanced development of new and better influenza vaccines.
Additionally, the increasing product developments by various organizations in this region are also expected to contribute to the growth of the market. For instance, in June 2021, NIH launched the clinical trials of FluMos-v1, a vaccine candidate in the United States. This vaccine is expected to stimulate antibodies against multiple influenza virus strains by displaying part of the influenza virus proteins.
Thus the above-mentioned factors are expected to drive the market's growth in this region during the forecast period.
