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Microneedle Flu Vaccine Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)
Micro-needle Flu Vaccine Market is expected to grow at a registered CAGR of 6.5% during the forecast period (2022-2027). The coronavirus (COVID-19) pandemic and subsequent lockdown in various countries around the world have impacted the financial health of major microneedle flu vaccine companies.
New York, Jan. 19, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Microneedle Flu Vaccine Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)" - https://www.reportlinker.com/p06382181/?utm_source=GNW
Micro-needle Flu Vaccine Market is expected to grow at a registered CAGR of 6.5% during the forecast period (2022-2027).
The coronavirus (COVID-19) pandemic and subsequent lockdown in various countries around the world have impacted the financial health of major microneedle flu vaccine companies. The pandemic has had a negative impact on the global micro-needle flu vaccine market in various aspects, such as the development, production, and supply of medicines due to government-imposed lockdowns. It has also had a negative impact on the growth of various pharmaceutical businesses around the world. However, the use of microneedle in COVID-19 vaccines increased during the pandemic. According to the "Dissolvable Microneedle Patches to Enable Increased Access to Vaccines against SARS-CoV-2 and Future Pandemic Outbreaks,"published in the National Library of Medicine in April 2021, COVID-19 patients may benefit from the potential benefits of dissolvable microneedle dots. Thus, the microneedle flu market was significantly impacted by COVID-19.
Over the forecast period, the micro-needle flu vaccine market is expected to grow due to the rising global prevalence of influenza and key players focusing on research and development of micro-needle flu vaccines. According to the Centers for Disease Control and Prevention updates in January 2022, flu caused 9 million 41 million illnesses, 140,000–710,000 hospitalizations, and 12,000–52,000 deaths annually in the United States between 2010 and 2020. Furthermore, according to the World Health Organization 2021, during the years 2021-2022, Global Influenza Surveillance and Response System (GISRS) laboratories tested over 490 516 specimens. 12,368 people tested positive for influenza viruses, with 8,423 (68.1%) being influenza A and 3,945 (31.9%) being influenza B.
Key companies focus on inorganic strategies such as mergers and acquisitions to strengthen their position in the global micro-needle flu vaccine market. For instance, in June 2021, Microdermics, Inc. merged with Novateur Ventures, a well-known global life sciences advisory firm, to provide strategic advice and lead the transaction process for the commercialization of a novel micro-needle flu vaccine and biosensing platform.
Government agencies are investing more in the research and development of microneedle vaccine patches, so the global micro-needle flu vaccine market is expected to grow significantly during the forecast period. For instance, in August 2021, the United States Government Agency Biomedical Advanced Research and Development Authority (BARDA) awarded Verndari, Inc USD 1 million to accelerate the research and development of VaxiPatch. This dermal patch vaccine technology can treat various infectious diseases such as influenza and flu.
Thus, the aforementioned factors are likely to drive the growth of the market during the forecast period. However, external environments such as skin hydration could affect drug delivery, restraining the market over the forecast period.
Key Market Trends
Quadrivalent Flu Vaccine Segment is Expected to Projected Significant Growth Over the Forecast Period
The quadrivalent influenza (flu) vaccine protects against four flu viruses, including two influenza A viruses and two influenza B viruses.
The quadrivalent flu vaccine segment accounts for the maximum revenue in the microneedle flu vaccine market due to its cost-effectiveness, efficacy against viral infections, and easy availability in hospitals and clinics. Hence, the factors mentioned above are likely to boost the market during the forecast period.
According to the Center for Diseases Control and Prevention, in December 2021, AFLURIA Quadrivalent, Fluarix Quadrivalent, FluLaval Quadrivalent, Flucelvax Quadrivalent, Fluzone Quadrivalent, FluMist Quadrivalent are quadrivalent influenza vaccines available in the market. Moreover, per the same source, quadrivalent vaccines protect against three flu viruses: an influenza A(H1N1) virus, an influenza A(H3N2) virus, and one influenza B virus.
Moreover, increasing clinical development of microneedle flu vaccines to check their efficiency and safety is anticipated to boost the segment. For instance, according to ClinicalTrials. Gov updates in February 2022, a study titled "A Clinical Trial of Quadrivalent Influenza Vaccine in Healthy Subjects Aged 6 to 35 Months"under the evaluation of Sinovac Biotech Co., Ltd to evaluate the safety and immunogenicity of quadrivalent influenza vaccine in healthy infants aged from 6 to 35 months. Such development creates a huge opportunity for market players to develop a therapeutic approach anticipated to boost the segment.
However, product launches and approval from the regulatory bodies are anticipated to boost the segment. For instance, in November 2020, the European Commission granted marketing authorization for Supemtek, a quadrivalent (four-strain) recombinant influenza vaccine, to prevent influenza in adults 18 years and older.
Thus, the aforementioned factors are likely to drive the growth of the segment during the forecast period.
North America Holds a Significant Share in the Market and Expected to do Same during the Forecast Period
North America currently dominates the market of microneedle flu vaccines and is expected to continue its stronghold for a few more years.
The high prevalence of influenza is expected to drive the regional market over the forecast period. For instance, according to statistics published by MedAlertHelp, in 2022, about 5% to 20% of Americans will be diagnosed with influenza yearly. Further, according to the data published by the Centers for Disease Control and Prevention, in October 2021, 35 million flu-related illnesses, 380,000 flu-related hospitalizations, 20,000 flu-related deaths, and 16 million flu-related medical visits were reported in the 2019-2020 season. This growing disease burden is anticipated to positively impact market growth over the coming years.
In North America, the launch of new flu prevention campaigns and initiatives by healthcare organizations is expected to drive demand for influenza vaccines and develop effective vaccination delivery systems. For instance, in October 2021, The Centers for Disease Control and Prevention (CDC) and the National Foundation for Infectious Diseases (NFID), along with other public health and medical organizations, jointly announced the opening of the 2020-2021 flu vaccination season, highlighting the importance of vaccination and recommending that everyone six months and older get vaccinated against flu once a year.
Thus, the aforementioned factors are likely to drive the growth of the marker during the forecast period.
Competitive Landscape
The influenza diagnostics market is highly competitive and consists of several major players. In terms of market share, few major players currently dominate the market. The companies like Sanofi S.A., GC Pharma, Debiotech S.A, 3M Company, NanoPass Technologies Limited, Becton, Dickinson and Company, FluGen, Inc, and Others
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