Influenza (flu) is a contagious respiratory disease caused by influenza viruses that infect the respiratory tract (nose, throat, and lungs) in humans. The symptoms and complications of flu are more severe than common cold. The symptoms associated with influenza may include fever, headache, malaise, cough, sore throat, nasal congestion, and body aches. Influenza vaccine can prevent illness and death caused by the influenza virus. Influenza vaccine can be administrated to both young and old patients. According to the Centers for Disease Control and Prevention in 2017, 67.2% of all the geriatric population within the U.S. suffered from influenza in 2016.
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Moreover, it was estimated that the disease caused 4,605 deaths in 2014. Such trends in the prevalence of influenza are the major driver for the market growth during the forecast period. Moreover, the immune-compromised growing geriatric population, increasing per capita healthcare expenditure and rising awareness of the disease will fuel the market growth. According to the National Institutes of Health, the people who age 80 or more are expected to grow from 126.5 million in 2015 to 446.6 million by 2050. However, stringent regulatory framework along with the low accessibility of the product in the developing countries may restrain the market growth.
The Global Influenza Vaccination Market is expected to grow at an approximate CAGR of 8.2% during the forecast period.
Key Players for Global Influenza Vaccination Market
Some of the key players for the global influenza vaccination market are Abbott (U.S.), AstraZeneca (Europe), BioCryst Pharmaceuticals, Inc. (U.S.), Novartis AG (Europe), DAIICHI SANKYO COMPANY, LIMITED. (Asia Pacific), GlaxoSmithKline plc. (Europe). Hualan Biological Engineering Inc (Asia Pacific), Mitsubishi Tanabe Pharma Corporation (Asia Pacific), F. Hoffmann-La Roche Ltd (Europe), Sanofi (Europe), and others.
Segments for Global Influenza Vaccination Market
The global influenza vaccination market is segmented on the basis of type of influenza, manufacturing technology, vaccines, and others.
On the basis of the type of influenza, the market is segmented into seasonal, pandemic, zoonotic, and others., on the basis of the manufacturing technology, the market is segmented into egg based, cell culture based, recombination based technology, and others, on the basis of the vaccines, the market is segmented into fluzone, flumist, fluvax, fluvirin, and others and On the basis of the end users, the market is segmented into hospital & clinics, research organization, academic institutes, and others.
Regional Analysis for Global Influenza Vaccination Market
The Americas dominate the global influenza vaccination market owing to the increasing prevalence of influenza and the high per capita healthcare expenditure. Moreover, the presence of the developed economies like the U.S. and Canada within the region boosts the growth of the market. Additionally, growing geriatric population within the regional boundaries of the Americas fuels the market growth. According to the National Institutes of Health, the America’s geriatric population is expected to reach 88 million by 2050.
Europe is the second largest market for influenza vaccination, which is followed by Asia Pacific. Availability of funds for research, a well-developed healthcare infrastructure, and a huge patient population drives the market growth within the region. Moreover, rising healthcare expenditure along with the government support for research & development boosts the market in Europe. Additionally, the presence of the global players like F. Hoffmann-La Roche Ltd and Novartis AG within the region fuels the regional market.
Asia Pacific is the fastest growing region for the market due to the presence of developing economies like India and China. Moreover, favorable government policies and growing geriatric population will boost the market growth within the region.
The Middle East & Africa has the least share in the global influenza vaccination market due to the presence of poor economies, especially in the African region. Majority of the market of the Middle & Africa region is held by the Middle East owing to the presence of developed economies like Saudi Arabia, Kuwait, and Qatar within the region.
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