Incessantly rising demand in response to the unbridled spread of COVID-19 has pushed the respiratory virus vaccines market to the fore. Fact MR’s recent study on the market is intended to offer insights into the future and discover hidden opportunities for market players. Increasing R&D investments and initiatives are aiding exponential growth in the market.
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Considering that the aforementioned trend will show no signs of slowing down, Fact.MR projects the market to rise at an 8% CAGR from 2020 and 2030. With some prominent international organizations increasing their funding towards research & development, the market is expected to gain significant impetus over the coming years. For instance, the National Institute of Allergy and Infectious Diseases (NIAID) has recently announced a funding of US$ 51 Mn towards the Collaborative Influenza Vaccine Innovation Centers (CIVICs) program, with the intention of developing influenza vaccines.
Key Takeaways from Respiratory Virus Vaccines Market Study
- The global respiratory virus vaccines market is expected to surpass a valuation of US$ 14 Bn by 2030.
- North America currently dominates the global market for respiratory virus vaccines.
- Based on type, inactivated/ killed vaccines’ hegemony will continue through 2030.
- Based on indication, demand from the influenza segment will remain comparatively higher.
- Among all the age groups, demand from the pediatric segment is likely to be higher.
- Physician offices are currently dominating among the end users.
“Demand witnessed in the respiratory virus vaccines market is forecast to surge especially on account of the unprecedented outbreak of COVID-19. An increasing number of market players are expected to focus on research initiatives, to gain a competitive advantage in this space,” says a Fact.MR analyst.
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Respiratory Virus Vaccines Market: Segmentation
Fact.MR has studied the respiratory virus vaccines market with detailed segmentation on the basis of type, route of administration, indication, age group, end user, and key regions.
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Rising Burden of Respiratory Illnesses Fuelling Demand
According to the World Health Organization, nearly 290,000 to 650,000 people die every year around the world due to flu-related illnesses. Rising incidence of respiratory illnesses and subsequently increasing demand for vaccines to prevent respiratory infections are the chief drivers of the global market.
With leading pharmaceutical companies racing to be the first to develop and launch a vaccine for the novel coronavirus, the respiratory virus vaccines market is expected to surge exponentially through the course of the forecast period.
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