Respiratory Virus Vaccines Market: Research Funding Helps in Development of Long-lasting Influenza Vaccines
Respiratory Virus Vaccines Market: Introduction
The global respiratory virus vaccines market was valued at US$ 2.6 Bn in 2019. It is projected to expand at a CAGR of ~8% from 2020 to 2030. A vaccine is a biological preparation that is used to provide acquired immunity against numerous harmful pathogens. It is administered in order to prevent the vulnerable population against specific disease. It contains an agent, i.e. bacteria or virus strain, which causes a particular disease in a weakened or killed form. In terms of type, the global respiratory virus vaccines market has been classified into inactivated/killed vaccines, live-attenuated vaccines, and recombinant vaccines. The inactivated/killed vaccines segment accounted for a prominent share of the global market in 2019. The segment is estimated to be driven by the launch of new vaccines and robust research programs for the development of inactivated vaccine for COVID-19. Based on route of administration, the global respiratory virus vaccines market has been categorized into intramuscular, intranasal, and subcutaneous. The intramuscular segment held a major share of the global market in 2019.
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In terms of indication, the global respiratory virus vaccines market has been classified into influenza, measles, mumps & rubella, coronavirus disease (COVID-19), and others. The influenza segment held a notable share of the global market in 2019. The segment is likely to be driven an increase in number of influenza patients and a rise in focus on vaccination programs for children. Based on age group, the global respiratory virus vaccines market has been divided into pediatric and adults. The pediatric segment accounted for a leading share of the global market in 2019. In terms of end user, the global respiratory virus vaccines market has been classified into physician’s office, hospitals, clinics, pharmacies/stores, and others. The physician’s office segment held a significant share of the global market in 2019.
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Respiratory Virus Vaccines Market: Prominent Regions
North America held a major share of the global respiratory virus vaccines market in 2019. Increase in demand for effective vaccination, rise in number of patients with influenza, and favourable government support for adult and pediatric vaccination are key factors driving the market in the region. According to the Centers for Disease Control and Prevention (CDC), seasonal influenza accounts for over 20,000 deaths in the U.S. each year. Europe held the second-largest share of the global respiratory virus vaccines market in 2019. The expansion of the respiratory virus vaccines market in the region can be attributed to increase in investment in R&D activities to develop vaccine against the novel coronavirus through partnerships between pharmaceutical companies.
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Respiratory Virus Vaccines Market: Key Players
Leading players are expanding their footprint to strengthen their positions in the global respiratory virus vaccines market. The increase in adoption of inorganic strategies such as mergers & acquisition and new product development, promising drug candidates in pipeline for corona virus & respiratory syncytial virus (RSV), and rise in research & development efforts by major pharmaceutical companies are likely to offer significant opportunities in the global respiratory virus vaccines market.
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Key players operating in the global respiratory virus vaccines market include CSL Limited, Sanofi, AstraZeneca, Merck & Co., Inc., GlaxoSmithKline plc, Serum Institute of India Pvt. Ltd., Bharat Biotech, and Sinovac Biotech Ltd.
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