Influenza Vaccine Market Size 2021 Expected to Reach $6.20 billion at 5.9% CAGR of by the Forecast Period 2021 to 2026
Pune, Maharashtra, India, February 11 2021 (Wiredrelease) Allied Analytics –:Surge in prevalence of influenza, technological advancements in administration of vaccines, and focus of governments on immunization programs drive the growth of the global influenza vaccine market. However, high costs related to vaccine development and stringent regulations hinder the market growth. On the other hand, untapped potential in emerging countries and advent of vaccines create new opportunities in the industry.
Influenza Vaccine Market by Vaccine Type, Technology, Age Group, and Route of Administration: Global Opportunity Analysis and Industry Forecast, 2019-2026,” the global influenza vaccine market size was $3.96 billion in 2018, and is projected to reach $6.20 billion by 2026, registering a CAGR of 5.9% from 2019 to 2026. The quadrivalent segment accounted more than three-fifth of the total influenza vaccine market share in 2019.
Increase in prevalence of seasonal influenza and R&D of new influenza vaccines play a major role in the growth of the influenza vaccine market. Furthermore, increase in government focus on immunization programs is expected to boost the market growth in the coming years.
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The quadrivalent segment to maintain its lead status by 2026:-
Based on vaccine type, the quadrivalent segment held nearly two-thirds of the total share of the global influenza vaccine market in 2018, and is estimated to maintain its lead status during the forecast period. Moreover, this segment is projected to portray the largest CAGR of 6.1% from 2019 to 2026. This is due to its cost-effectiveness and its efficacy in offering enhanced protection against four viral strains. The research also analyzes the trivalent segment.
The egg-based segment to dominate in terms of revenue during the forecast period:-
Based on technology, the egg-based segment accounted for the largest market share in the global influenza vaccine market, accounting nearly 88% of the total share in 2018, and will continue to dominate in terms of revenue during the forecast period. This is due to readily availability of chicken eggs for production of vaccine and its widespread usage in producing inactivated and live attenuated vaccines. Moreover, the cell-based segment is estimated to register the fastest CAGR of 6.5% from 2019 to 2026, owing to availability of cell banking facilities, enhanced protection in comparison to traditional vaccines, and improvement in the effectiveness by eliminating contamination.
North America to maintain its highest contribution during the forecast period:-
Based on region, North America held the largest market share in 2018, accounting for nearly half of the global influenza vaccine market, and will maintain its highest contribution during the forecast period. This is attributed to rise in prevalence of influenza, increase in focus of governments on immunization programs, and advent of new vaccines. However, LAMEA is expected to portray the highest CAGR of 7.5% from 2019 to 2026. This is due to improvement in healthcare facilities and rapid economic developments in the region.
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Market players grabbing the largest pie:
The report provides a comprehensive market analysis of the key players operating in the global influenza vaccine market, namely, AstraZeneca Plc., Biodiem, CSL Limited, Emergent BioSolutions, F. Hoffmann-La Roche Ltd, Gamma Vaccines Pty Ltd., GlaxoSmithKline Plc., Merck & Co., Inc. (Merck Sharp & Dohme Corp.), Novartis AG, Pfizer, Inc., Sanofi Pasteur SA, and Sinovac Biotech Ltd.
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