China & India to Witness Fastest Growth in Global Influenza Vaccine Market
The influenza vaccine market has witnessed significant growth over the years and has transformed into a multi-billion dollar industry. The well-established players include Sanofi Pasteur, GlaxoSmithKline, CSL, Abbott, and AstraZeneca. These companies hail from developed countries in North America and Europe, and have an extensive global outreach and presence.
North America occupied the largest share in the influenza vaccine market in 2017, a position that it has held consistently. The strong presence of vaccine manufacturers in the region and the high number of customers has contributed to the market growth. In the region, USA had the largest market share whereas; Mexico is expected to witness the fastest growth between 2018 and 2025. Furthermore, North America is technologically developed with advanced healthcare infrastructure facilities about vaccine use, which has also significantly contributed to the growth of the influenza vaccine market. According to WHO, the surveillance system in the influenza vaccine market further expanded its strategies to track rise in the rate of influenza disease. This extensive development and enforcement by agencies has helped the region dominate the global market. Unhealthy lifestyle and population growth in last decade has also driven this influenza vaccine market in the region.
The influenza vaccine market in Asia-Pacific is expected to witness fastest growth during the forecast period. Factors such as rise in seasonal outbreaks, growth in the healthcare sector in the developing countries such as China and India, unhealthy eating habits among young population have led to the need and demand for influenza vaccines. Moreover, the growth in economic conditions in these countries is expected to further facilitate the market. China is expected to witness the fastest growth during the forecast period, followed by India.
Europe is the second largest region in the influenza vaccine market exhibiting a considerable share. The growth is driven by countries such as U.K., France, Germany, and Italy. Prominent influenza vaccine manufacturing companies such as Sanofi and GSK are present in these countries. Moreover, technological developments in the mentioned countries are anticipated to augment the growth of the influenza vaccine market in Europe.
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Rest of the world regions such as South America and the Middle East & Africa are expected to witness considerable growth in the influenza vaccine market during forecast period. In 2017, South America accounted for 55% of the market share, followed by the Middle East & Africa. Rise in per capita income coupled with urbanization has led to the demand for pharmaceutical products such as prefilled syringes and vials & ampoules, thereby contributing to the growth of the influenza vaccine market.