The initial projections for the flu vaccine market to reach US$8Bn by the end of 2029, is now projected to escalate even higher with the rapidly growing crisis of COVID-19.
The initial projections for the flu vaccine market to reach US$8Bn by the end of 2029, is now projected to escalate even higher with the rapidly growing crisis of COVID-19. The research team of Persistence Market Research believes that that corona virus will have unprecedented influence on the market for flu vaccine owing to the difficulty in accessing the vaccine and changing mindsets.
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The impact of corona virus on the healthcare sector is yet to be assessed as the industry dynamics are on a changing spree. With a steep rise in demand for different essential services such as vaccines, the healthcare sector is falling short in reaching the population in the wake of current lockdown, declared across several countries. While the pandemic has positively influenced the human mindset regarding the flu vaccine, it is the pediatric population that is hard hit, with children unable to reach the hospitals for regular flu vaccination programs.
Fear Of Corona Amplifies Hospital Traffic
Global healthcare spending is expected to rise with the ongoing pandemic of COVID-19. With the corona virus affecting the respiratory system, experts suggest that flu vaccine shots may help in better response to the corona virus. This vaccine is expected to boost immunity in the body against a variety of foreign infections such as the corona virus.
With fear-invaded mind sets, flu-infected people in many countries are flooding the hospitals, arising difficulty in the management of COVID-19 patients. Although the high admission rate surges the revenue of the hospitals, a timely-taken flu shot could have prevented majority of flu cases in the current time of the pandemic, where the entire healthcare infrastructure is focused on isolation and treatment of corona virus patients.
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Restricted Supply Restrains Market Growth
Though the demand estimations of PMR for flu vaccines will amplify in the coming years, the production and supply of these vaccines are witnessing a restrained growth. Accessibility and availability of life-saving supplies such as vaccines and medication are facing challenges with restricted intra- and inter-country movements.
Major disruptions in air shipment capacity and cross border trade are restricting the growth of the flu vaccines market.
In light of the COVID-19 outbreak, people choose to stay indoors in many countries, creating lapses in the regular flu vaccination program for children. Such instances are expected to surge flu cases amongst the children population.
International Organizations Boost Supply-Chain Network
International organizations such as UNICEF are interfering and encouraging global flu vaccine manufacturers to increase their production and supply capacities. UNICEF is focusing on Pandemic Supply Chain Network (PSCN) to compel different stakeholders to amplify their flu vaccine supplies across the globe. Governments across the globe are increasing healthcare funding to supplement the healthcare sector with supplies.
Hospitals are expected to contribute major revenue in the market as a distribution channel, with the increasing traffic of flu patients, getting tested on corona virus. The stockpiling of flu virus is expected to increase post-COVID-19 pandemic as suggested by PMR. Flu vaccines are expected now to be part of annual vaccination programs in many countries, creating a major scope of growth for pharmaceutical companies.
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Growth Opportunities for Regional Players
Different countries are estimated to revamp their healthcare infrastructure, decreasing their reliance on imports from other regions. This can turn into a ground of opportunities for regional manufacturers of vaccines. The entry of different established players in the healthcare industry to deal with the growing patient population of the corona virus may leave the competition landscape highly fragmented in nature, adding a number of players in the market. Apart from the increased capacity, this pandemic will positively influence the mindsets of general populations, growing their preference for flu vaccinations.
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