It is expected to grow with a CAGR of 7. 4% from 2022 to 2028. Increasing government support to promote influenza vaccination and rising investment by top market players and governments are the major factors boosting the market.
New York, Nov. 16, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Influenza Vaccines Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Vaccine Type, Virus Type, Technology, Route of Administration, and Target Group" - https://www.reportlinker.com/p06362981/?utm_source=GNW
The governments of various states are supporting the promotional activities of vaccination program.For instance, the Australian government gives a free seasonal influenza vaccine to those at risk of influenza-related complications through the National Immunization Program (NIP).
By 2022, enough vaccines have been given to cover all risk groups eligible for a government-funded flu vaccine through the NIP.
Below are a few more instances supporting the government support for influenza vaccination:
• In July 2022, Public Services and Procurement Minister Filomena Tassi and Health Minister Jean-Yves Duclos announced that the Government of Canada had signed a new contract with GlaxoSmithKline (GSK) to support a sustainable influenza pandemic readiness. The Government of Canada maintains pandemic influenza vaccine preparedness in the event of an influenza pandemic.
• In July 2022, Health Minister Audrey Gordon and Long-term Care Minister Scott Johnston announced that the Manitoba government would expand the high-dose flu vaccine eligibility to include all adults aged 65 and over to ensure more Manitoba people are protected against influenza.
• The Victorian government received a grant and reimbursement program to help GPs and pharmacies improve access and uptake of the influenza vaccines by June and July 2022.
• In June 2022, The New Zealand government expanded the access to free flu vaccines, with an additional 800,000 New Zealanders eligible from July 1, 2022. Children aged 3 to 12 years and people with severe mental health or addiction problems can now get a free dose of the flu vaccines.
• Taiwan’s Centers for Disease Control (Taiwan CDC), and the Ministry of Health and Welfare, organized a media event, titled "Let’s Stay Healthy Together" to kick off the 2021 government-funded influenza vaccination program. At the event, Director General Chou, Ambassador Tan, and Hsin Chiang were the first to be vaccinated to encourage eligible people to receive government-funded flu vaccines to get their flu vaccinations as soon as possible following the program.
• In September 2019, US President Donald Trump signed an executive order to promote the development of better vaccines to protect against seasonal flu and the potential for pandemic flu outbreaks.
• In Oct 2021, with flu season approaching, the Provincial Government was encouraging all Newfoundlanders and Labradorians to get a flu shot in the year 2021. Starting October 25, 2021, the Regional Health Authorities (RHAs) have begun hosting free flu vaccination clinics. People can also get the vaccine through their family doctor or local pharmacy. Thus, increasing government support to promote influenza vaccination worldwide is driving the influenza vaccines market.
Vaccine Type Insights
Based on the vaccine type, the influenza vaccines market is segmented into quadrivalent vaccines and trivalent vaccines.The quadrivalent vaccines segment is likely to hold a larger market share in 2022.
The same segment is anticipated to register a higher CAGR during the forecast period.The quadrivalent influenza (flu) vaccine protects against 4 influenza viruses, including 2 influenza A viruses and 2 influenza B viruses.
All flu vaccines in the US during the 2021-2022 season are quadrivalent vaccines. Different vaccines are approved for different age groups.
Virus Type Insights
Based on virus type, the influenza vaccines market is segmented into influenza virus type A and influenza virus type B.The influenza virus type A segment is likely to hold a larger market share in 2022.
The same segment is expected to record a faster CAGR during the forecast period. The market growth of the influenza virus type A segment is because it is the most common form of influenza and can infect animals, although illnesses associated with this type of flu are more common.
Based on technology, the influenza vaccines market is segmented into egg-based and cell-based.The egg-based segment is likely to hold a larger market share in 2022.
The same segment is expected to record a faster CAGR during the forecast period. The market growth of the egg-based segment is due to its most common method of producing flu vaccines through an egg-based manufacturing process that has been used for more than 70 years.
Route of Administration Insights
Based on route of administration, the influenza vaccines market is segmented into injection and nasal spray.The injection segment is likely to hold a larger market share in 2022.
The same segment is expected to register a higher CAGR during the forecast period. The market growth of the injection segment is attributed to the fact that it is the most common method for flu vaccine administration.
Target Group Insights
Based on target group, the global influenza vaccines market is divided into infants, children, adults, and elderly people.The infants segment held larger share of the market in 2021.
However, the elderly (geriatric population) segment is expected to grow at the highest growth rate during the forecast period.
International Trade Administration (ITA), Farmindustria-Bain & Company, EFPIA member associations, World Health Organization (WHO), Business Monitor International (BMI), Department of Emergency Medicine, and Indian Journal of Medical Sciences are among the primary and secondary sources referred to while preparing the report on the influenza vaccines market.
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