Seasonal Influenza Vaccines Market - Global Industry Insights, Trends, Outlook a
Posted by priya saraf on June 25th, 2019
Influenza is contagious respiratory disease that is caused by influenza viruses and can lead to hospitalization and even death in certain severe cases. Influenza virus infect the respiratory tract (nose, throat, and lungs) in humans. Seasonal influenza detected year-round and the virus is most common during the influenza season especially in fall and winter months. Moreover, the exact timing and duration of influenza season varies, however influenza activity often begins in winter months.
The 2017–2018 recommendations by the Advisory Committee on Immunization Practices (ACIP) mentions routine annual influenza vaccination for everyone aged 6 months and older with either inactivated influenza vaccine (IIV) or recombinant influenza vaccine (RIV). A high variability and broad host specificity of influenza viruses are the major causes of repeated influenza infections.
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Seasonal Influenza Vaccines Market – Drivers
Increasing incidence of seasonal influenza infection in various geographies is expected to be a major driving factor for growth of global seasonal influenza vaccines market. Rising pandemic events of influenza virus and their severity attributed to the genetic diversity of influenza virus is also another factor aiding in growth of the market.
According to the World Health Organization (WHO), 2015, around 233 million outpatient visits, 5.2 million hospital admissions, and 7.4 million deaths are expected if a pandemic case were to occur, globally. Also, the Centers for Medicare & Medicaid Services (CMS) provides reimbursement covering 100% of the costs of one seasonal influenza virus vaccinations per influenza season, and it also covers the seasonal influenza virus vaccinations. Thus, favorable reimbursement is also expected to positively affect adoption rates of seasonal influenza vaccines, thus propelling the market growth.
Various government agencies in the U.S. are focusing on collaborations, in order to increase the supply of influenza vaccines. For instance, in September 2016, Centers for Disease Control and Prevention (CDC), the Food and Drug Administration (FDA), and the National Institutes of Health (NIH) partnered with the U.S. Department of Health and Human Services Biomedical Advanced Research and Development Authority (BARDA), to support development of new and better influenza vaccines, as a part of inter-agency government effort in the U.S. Furthermore, in April 2018, Bill & Melinda Gates Foundation released US$ 12 million grant for Universal Influenza Vaccines Development. The grant is intended to bring innovative ideas to treat influenza pandemic infection. Growing initiatives by government and private organizations in the U.S. is expected to drive growth of the seasonal influenza vaccines market.
Seasonal Influenza Vaccines Market Regional Analysis
Geographically, global seasonal influenza vaccines market is segmented into North America, Latin America, Europe, Middle East, Asia Pacific, and Africa. North America holds the dominant position in seasonal influenza vaccines market, owing to increasing research and development studies by key market players, to develop novel influenza vaccines and increasing burden of seasonal influenza infection in the region. For instance, according to the data published in Centers for Disease Control and Prevention (CDC), in October 2016, there were around 140,000 to 710,000 influenza related hospitalizations and 12,000 to 56,000 influenza related deaths registered, since 2010. Asia Pacific is expected to witness fastest growth over the forecast period.
Seasonal Influenza Vaccines Market– Competitor
Some of the key players in the seasonal influenza vaccines market includes Sanofi S.A., CSL Limited, GlaxoSmithKline Plc., and Medimmune, LLC. Key players in the market are involved in strategic mergers and acquisitions, to cater to increasing demand for these vaccines. For instance, in August 2017, Sanofi Pasteur acquired Protein Sciences Corporation, thus adding Flublok products to its portfolio — the only FDA approved recombinant protein-based influenza vaccine. With the acquisition, Sanofi expanded its influenza vaccine portfolio and its presence in the global vaccines market.
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About the Authorpriya saraf
Joined: May 23rd, 2019
Articles Posted: 166
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