North America Is Dominating Influenza Vaccine Market
The influenza vaccine market is estimated to touch USD 7,542 million in 2023, and it will touch USD 11,919 million, growing at a 6.8%, compound annual growth rate, by 2030.
This growth of the market can be ascribed to the surge in the incidence of seasonal influenza and the development in the number of doctors recommending vaccination. Among live attenuated and inactivated, the inactivated category leads the type section of the industry. such vaccines are made to combat a specific virus variant, which is why they are effective and favored by medicinal businesses and doctors.
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For instance, in a recent study issued by Elsevier, a particular high-dose quadrivalent flu vaccine, which was administered in kids between 7 and 35 months of age, provoked a robust immune response up to a year after main administration.
On the basis of distribution channel, infirmaries and drugstores lead the market in 2023 because of a huge number of hospitals and drugstores offering flu vaccinations. Moreover, huge vaccination drives are generally done at smaller establishments. Moreover, the high count of influenza cases, resulting in a growing count of hospital admissions, will drive the category development.
Injections dominates the influenza vaccine industry in 2023, on the basis of administration, and the category is also projected to dominate in future as well. This is due to the huge number of intramuscular vaccine applicants existing. Moreover, injections have been the eldest vaccination management technique in use and are popular for their straight delivery of the medication into the bloodstream.
The adult’s category holds a significant revenue share, credited to the efforts to enhance vaccination rates and obtain huge counts of doses by the GAVI, UNICEF, and PAHO. Additionally, the availability of inexpensive immunization has led to an uptick in the ageing populace getting vaccines.
Moreover, it is vital to stress adult vaccination to decrease flu-linked hospitalizations and mortalities. As per the CDC, in 2021, around 85% of influenza-linked deaths happened in individuals aged 65 and older.
In the influenza vaccine industry, North America is projected to maintain its dominance until 2030, thanks to the strong collaborative efforts of U.S. government agencies aimed at boosting vaccine supply. The CDC, FDA, NIH, and BARDA are working in concert to develop innovative and improved influenza vaccines as part of their inter-agency initiatives.
Additionally, vaccination is recommended by the ACIP as a means to lessen the disease's impact. According to the WHO, there were approximately 37.2 million reported cases of influenza in the United States in 2021.
Hence, the surge in the incidence of seasonal influenza and the development in the number of doctors recommending vaccination, these are the major factors propelling the industry.
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