EMERGING ECONOMIES’ INCREASED HEALTHCARE EXPENDITURE LEADS TO GROWTH OF INFLUENZA VACCINE MARKET
The global influenza vaccine market is expected to surpass USD 11.4 billion by 2025, which presents ample opportunities to the industry players. These players shift their focus to differentiate their technology and demonstrate their technical skills through new products and production techniques. Established market players have a hard time in terms of flexibility to shift to newer technology as a result of economies of scale. Companies such as Sanofi have a high focus on acquisition, and the product portfolio clearly defines their growth strategy.
Influenza vaccines are important with regard to the augmented public awareness coupled with technological advancements in the pharmaceutical industry. Rise in population with extensively low vaccination coverage in some emerging economies such as India and South Africa, introduction of novel influenza vaccines, and government support for awareness influenza vaccines are the major factors expected to impel the demand.
North America to remain a dominant over the forecast period
Geographically, North America is considered as the largest market for influenza vaccine having accounted for the largest market share in 2017. This attributed to the increase in investments for development of new influenza vaccine by government organizations and manufacturers. Europe is the second largest market for influenza vaccines, followed by Asia-Pacific. Influenza vaccine is the fastest-growing market in this region, due to an increase in affordability, coupled with a boost in the economic growth. Here, emerging countries such as China is expected to witness the highest growth rate over the forecast period, due to an expansion of vaccine manufacturing sector.
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Pediatrics segment is expected leads influenza vaccine market during the study period
The pediatrics segment accounted for a larger market share compared to adults, and is anticipated to witness a higher CAGR over the forecast period. The influenza rate among children below 2 years or more is high. Hence, according to the recommendations of Center for Disease Control and Prevention, it is mandatory to get a special influenza vaccination for them.
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In line with WHO, in 2017, around 12,000 cases of influenza detections among children under five years of age were registered. Further, according to the report of Children’s’ Hospital Westmead, in 2017, more than 250 children below 16 years were hospitalized with influenza disease in Australia. It is considered to be a dangerous disease as each year millions of children and adolescents get infected with seasonal influenza that results in hospitalization as well as deaths.
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