Incessantly rising demand in response to the unbridled spread of COVID-19 has pushed the growth of 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.
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.
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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.
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.
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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.
Government Initiatives to Make Vaccines Better Accessible
Governments around the world are adopting various initiatives to curb incidence of chronic ailments. They are also funding researches on vaccination programs and overall expansion of the healthcare sector, which is expected to enable growth in the market.
For instance, in April 2017, the Government of Canada announced its plans of investing C$ 1.7 Mn in the Immunization Partnership Fund. Through this, it intended to fund various projects on improving vaccination coverage across Canada.
Respiratory Virus Vaccines Market Insights by Indication
Based on indication, the global market can be classified into mumps & rubella, measles, influenza, coronavirus disease (COVID-19), and others. Of these, the influenza segment currently holds prominence. Rising cases of influenza around the world have made effective vaccination programs highly necessary for children.
Over the coming years, the market will witness rising demand from the COVID-19 segment. In the absence of proper vaccination, governments around the world are leaving no stone unturned to discover a potential cure.
None of them are holding back from investing in research & development (R&D) towards finding a vaccine for the disease. Spurred by the impetus from various governments and healthcare organizations, this category has the potential of skyrocketing over the coming years.
More Valuable Insights on Respiratory Virus Vaccines Market
Fact.MR, in its new offering, presents an unbiased analysis of the global respiratory virus vaccines market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study divulges essential insights on the respiratory virus vaccines market on the basis of type (inactivated/killed vaccines, live-attenuated vaccines, and recombinant vaccines), route of administration (intramuscular, intranasal, and subcutaneous), indication (influenza, measles, mumps & rubella, and COVID-19), age group (adults and pediatric), and end user (physician offices, hospitals, clinics, and pharmacies/ stores), across major regions of the world (North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa).
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