According to FutureWise analysis the market for flu vaccines in 2023 is US$ 5.41 billion, and is expected to reach US$ 9.24 billion by 2031 at a CAGR of 6.92%.
Influenza is a contagious respiratory infection that causes cough, runny nose, severe illness. As per the World Health Organization, 2018, over 4 million people were diagnosed with severe illness whereas over 0.1 million influenza-related deaths were registered. Additionally, as per the report published by Center for Disease Control and Prevention in 2019, over 90 pediatric deaths were registered owing to flu. Furthermore, growing research and development activities along with current clinical trials for developing novel flu vaccines shall bolster the flu vaccines market growth.
Moreover, rise in the number of healthcare centers in both developed and developing nations has boosted the proliferation of the market. Additionally, many key players are heavily investing in research and development activities for increasing their manufacturing capabilities and the product spectrum. These vendors are establishing new facilities for enhancing their production capabilities. The demand for flu vaccines has skyrocketed due to the current COVID-19 pandemic and many companies are initiating in producing vaccines for this virus. For example, Bharat Biotech has declared to collaborate with FluGen, a US-based biotech company and the University of Wisconsin Madison for experimenting with flu vaccines that have the potential of fighting off the SARS COV-2 virus. Many players have also reached the levels of advance clinical trials and government bodies are providing financial as well as infrastructural support to these companies.