Study: Flu Vaccine Market to Reach Approximately $8 Billion by 2029
According to a study by PMR, the global flu vaccine market is projected to account for a market value of approximately $8 billion by the end of 2029. Increasing vaccination rates and a focus on preventive rather than reactive methods are expected to drive the growth of the market.
According to a research study by PMR, the global flu vaccine market is projected to account for a market value of approximately $8 billion by the end of 2029. Increasing vaccination rates and a focus on preventive instead of reactive methods are expected to drive the growth of the market, according to the study.
To successfully increase vaccination rates across lower- and middle-income countries, lowering the cost of the flu vaccine is crucial, according to the study authors.
The current affordability of the flu vaccine is due to the World Health Organization’s (WHO) connection with various regional flu vaccine manufacturers, the study noted. Efforts by WHO, GAVI, and other organizations to supply flu vaccines for pandemics has helped improve the vaccination rate. Other factors, including the availability of insurance coverage during a possible pandemic and adequate supply and demand also play a major role in the stockpiling of flu vaccines in these different regions, according to PMR.
The average time for manufacturing vaccines and ensuring their availability in the market is approximately 2 years, although flu vaccines are launched in the market in a period of around 6 months. Researchers concluded that various pharmaceutical and biopharmaceutical companies are able to manufacture flu vaccines in a shorter duration of time to become major drivers of the market.
Manufacturers in the flu vaccine market are focusing on expanding their product offerings in various countries. Undergoing various activities such as partnerships, mergers and acquisitions, launch of new products, and agreements with various regional manufacturers are just some of the ways that the flu vaccine market will continue to grow at a higher rate, according to the study.
The global flu vaccine market was segmented based on the product type, dosage form, distribution channel, and region in the PMR study. Intramuscular remains the preferred dosage form due to its higher patient compliance, according to the researchers. In addition, sales of flu vaccines are likely to remain higher through institutional sales.
Flu vaccine market to reach approx. US$ 8 BN by 2029, as affordability boosts adoption: PMR study [news release]. November 6, 2019 [email]. Accessed November 6, 2019.