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What Growth Rate is the Influenza Vaccines Market Anticipated to Experience from 2024-2033?

The market size for influenza vaccines has expanded robustly over the recent past. It is projected to surge from $6.91 billion in 2023 to $7.44 billion in 2024, maintaining a compound annual growth rate (CAGR) of 7.6%. The surge during the historical period is mainly due to pandemic readiness, initiatives in public health, studies on vaccine efficiency, recommendations from healthcare professionals, and worldwide influenza monitoring.

The market size of influenza vaccines is projected to witness robust expansion in the impending years. They will escalate to $10.1 billion in 2028, with a compound annual growth rate (CAGR) of 8.0%. The expected growth during the projected timespan is a result of climate and environmental dimensions, amelioration in healthcare accessibility, the rise of new flu strains, progress in adjuvants and delivery systems and an increase in healthcare spending. The key trends forecasted include an expanded application of mRNA vaccine technology, emphasized focus on pediatric vaccinations, mechanisms for seasonal influenza control, improved vaccination coverage in underdeveloped countries, and customized vaccination strategies.

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What Are the Significant Influencers of Growth in the influenza vaccines Market?

The increase in seasonal flu cases is predicted to fuel the expansion of the influenza vaccine market. Seasonal flu is defined as a respiratory sickness caused by influenza viruses that often circulate and create infections during specific periods of the year, typically during colder months. This change is attributed to antigenic drift, susceptibility of the population, environmental influences, incomplete vaccine coverage, and absence of universal vaccination. Influenza vaccines assist in decreasing the instances of seasonal flu by offering immunity against the prevailing strains of the virus. For example, Central Drugs Standard Control Organization, an Indian national regulatory body for cosmetics and pharmaceuticals, projected in October 2022 that the total burden of influenza for 2021-2022 would amount to nine million flu illnesses, 100,000 flu-related hospitalizations, 4 million medical visits related to flu, and 5,000 flu deaths. Consequently, the increasing occurrences of flu seasons are contributing to the growth of the influenza vaccines market.

What Key Segments Define the Influenza Vaccines Market?

1) By Vaccine Type: Inactivated, Live Attenuated

2) By Valency: Quadrivalent, Trivalent

3) By Route Of Administration: Injection, Nasal Spray

4) By Age Group: Pediatric, Adult

5) By Distribution Channel: Hospitals And Pharmacies, Government And Institutional Supply, Other Distribution Channels

What Are the Key Developments Shaping the Influenza Vaccines Market?

Influenza vaccine manufacturers are increasingly adopting cutting edge production technologies, which is a rising trend in the vaccine market. To maintain their market foothold, these companies are leveraging advanced technologies in their vaccine production processes. For instance, GlaxoSmithKline PLC, a pharmaceutical and biotechnology company based in the UK, employed a Multiple Antigen Presenting System (MAPS) for vaccine development in January 2023. This groundbreaking technology offers an improved approach to creating effective vaccines to combat bacteria and viruses and is crucial for swift vaccine production in the event of epidemic or pandemic outbreaks.

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What Regions Are Driving Expansion in the Influenza Vaccines Market?

North America was the largest region in the influenza vaccines market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the influenza vaccines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Influenza Vaccines Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the influenza vaccines market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Influenza Vaccines Market Include

1. Influenza Vaccines Market Executive Summary

2. Influenza Vaccines Market Segments

3. Influenza Vaccines Market Size And Template Market Growth Rate

4. Key Influenza Vaccines Market Trends

5. Major Influenza Vaccines Market Drivers

……

25. Key Mergers And Acquisitions In The Influenza Vaccines Market

26. Top Influenza Vaccines Companies

27. Influenza Vaccines Market Opportunities And Strategies

28. Influenza Vaccines Market, Conclusions And Recommendations

29. Appendix

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