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The global influenza vaccine market size is expected to showcase a significant growth by reaching USD 7.60 billion by 2027. The growth is attributable to the increasing focus on immunization by the government owing to the rising prevalence of chronic disease across the globe. Fortune Business Insights, in its latest report, titled, “Influenza Vaccine Market Size, Share & COVID-19 Impact Analysis, By Type (Inactivated and Live Attenuated), By Valency (Quadrivalent and Trivalent), By Age Group (Pediatric and Adults), By Distribution Channel (Hospital & Retail Pharmacies, Government Suppliers and Others) and Geography Forecast, 2020-2027,” observes that the market stood at USD 4.45 billion in 2019 and is projected to exhibit a CAGR of 6.9% between 2020 and 2027.
Seqirus Receives EU Approval for its Quadrivalent Influenza Vaccine
In June 2020, Seqirus announced the EU regulatory approval for its first-ever adjuvanted quadrivalent influenza vaccine for commercial sale across Europe. According to the company, the new vaccine adopts an advanced technology that has a higher-effectiveness in people aged 65 and above. Additionally, it is specially designed to provide protection against four strains of seasonal influenza such as two A strains and two B strains.
Dr. Raja Rajaram, Head of Medical Affairs, Europe, said, “People who get vaccinated are less prone to suffer from influenza. The approval of the novel influenza vaccine is expected to take some pressure off the healthcare systems that are battling the novel coronavirus. As a company, we are focusing on developing vaccines that offer superior quality protection against seasonal influenza.” The development of novel products by major companies such as Seqirus is expected to contribute to the growth of the global flu vaccine market during the forecast period.
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Increasing Focus on Immunization by Government to Bolster Growth
The increasing prevalence of chronic diseases and the growing death rate owing to influenza is propelling the government to promote immunization across the globe. Additionally, the government agencies in collaboration with international healthcare organizations such as UNICEF, PAHO, and others are aiding in delivering effective influenza vaccine doses to prevent the spread of the disease. Such initiatives by the government are leading to the declining prevalence rate of several diseases. This is expected to bode well for the global flu vaccine market in the forthcoming years.
Strong Product Portfolio of Sanofi to Lead to Market Dominance
The market is dominated by major companies such as Sanofi that have a full-fledged influenza vaccine portfolio and are further expanding their horizon by investing in the development of novel vaccines to gain a stronghold in the forthcoming years. Furthermore, the adoption of strategies such as merger and acquisition, partnerships, and collaboration by key players is expected to bode well for the growth of the market during the forecast period.
List of the Companies Profiled in the Market:
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Value (USD Billion)
By Age Group
By Distribution Channel