The influenza season is one of the key drivers that is triggering the demand for flu vaccines. Moreover, the surging number of COVID-19 patients has created an unprecedented demand for flu vaccines that prevent exposure to the novel virus. Sustained investments will play an instrumental role in the development of tailor-made flu vaccines, according to a new Persistence Market Research (PMR) study. The market value crossed its US$ 4 Bn mark in 2018, says the report.
Modernization of manufacturing processes is vital to scale up the production of vaccines and meet growing demands of individuals, owing to the onset of the nearly approaching influenza pandemic. Manufacturers tap opportunities in oral approach to meet convenience of individuals. Universal vaccines emerge as cost efficient solutions for pharmaceutical companies.
Key Takeaways of Flu Vaccines Market Study
- The flu vaccines market is slated to progress at a robust CAGR throughout the forecast period of 2020 – 2030, as companies focus on augmenting their investments in R&D activities in new manufacturing technologies.
- Companies tap incremental opportunities in U.S., owing to high mortality rates caused by influenza.
- Emergence of new strains has forced companies to introduce new updates in flu vaccines every year.
- Strategic collaborations spark innovations in oral flu vaccines.
- Antigens in universal flu vaccines hold promising potentials for fighting off new virus strains.
- Oral flu vaccines in the form of pills to create high lucrative opportunities for companies.
“Emergence of new virus strains and opportunities in manufacturing technologies woul fuel growth for the flu vaccines market. Partnerships play a key role in developing easy-to-consume vaccines,” says a PMR analyst.
Impact of COVID-19 on Flu Vaccines Market
With recent developments in COVID-19, there is an unprecedented demand for flu vaccines that limit the exposure of individuals toward the virus. Various companies are teaming up to introduce new vaccine candidates. This trend is witnessing the emergence of nasal drop vaccines as companies gear up for human trials. Thankfully an increased availability of influenza vaccine has reduced the stress on healthcare facilities, especially in the U.S. since hospitals are already compromised due to the surging number of COVID-19 patients.
There is a sustained demand for influenza vaccine as individuals living in countries of the southern hemisphere are on a high risk of acquiring influenza. Companies are collaborating with top virologists from well-known universities to innovate in nasal drop vaccines to fight off Coronavirus. Analysts of PMR (Persistence Market Research) opine that leading pharmaceutical companies are transferring their state-of-the-art manufacturing processes to research labs in countries of Asia Pacific.
Flu Vaccines Market: Competition Landscape
Though there is an increased demand for vaccines owing to the Coronavirus pandemic, it is being argued whether vaccines are effective to prevent individuals from acquiring the infection. Hence, companies in the flu vaccines market are improving their R&D capabilities to develop new vaccines that not only combat Coronavirus, but also prevent the spread of new virus strains. Companies are increasing their production capabilities for developing influenza vaccines in order to prevent individuals from visiting doctors in the COVID-19 era.
Analysts of PMR anticipate that COVID-19 has emerged as one of the key drivers that has increased pressure over companies to introduce new flu vaccines. Companies are increasing efforts to keep influenza virus in control by investing in capacity additions. A large number of awareness campaigns regarding infectious diseases have helped to bolster the rate of vaccination practices amongst individuals worldwide.
FDA-approved quadrivalent flu vaccines are being increasingly adopted to combat new virus strains. Introduction of universal vaccines has reduced the stress on biotech companies to update flu vaccines, resulting in increased cost savings. Robust investments in healthcare infrastructures of developing economies are generating incremental opportunities for companies in the flu vaccines market.
Learn More About the Report
The market has been classified on the basis of product (trivalent and quadrivalent), dosage form (nasal spray, intramuscular injection, and intradermal shot), and distribution channel (institutional – hospitals, community clinics, public health agencies, and workplaces, and retail – retail pharmacy and mail order pharmacy) across seven key regions (North America, Latin America, Europe, South Asia, East Asia, Oceania, and Middle East & Africa).
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