Influenza Vaccine Market to Reach $6.20 Bn, Globally, by 2026 at 5.9% CAGR: Allied Market Research
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
PORTLAND, Oregon, Nov. 12, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Influenza Vaccine Market by Vaccine Type (Quadrivalent and Trivalent), Type (Seasonal and Pandemic), Technology (Egg-based and Cell-based), Age Group (Pediatric and Adult), and Route of Administration (Injection and Nasal Spray): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global influenza vaccine industry garnered $3.96 billion in 2018, and is expected to generate $6.20 billion by 2026, growing at a CAGR of 5.9% from 2019 to 2026.
Drivers, restraints, and opportunities
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.
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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
- 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
- Sinovac Biotech Ltd.
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