Influenza Vaccine Market Size, Share, Growth Analysis, By Type (Inactivated, And Live Attenuated), By Indication (Quadrivalent, And Trivalent), By Route of administration (Injection, And Nasal Spray), By Age Group (Pediatric, And Adult), By Distribution Channel (Hospital & Pharmacies, Government & Institutional Supply), By Region - Industry Forecast 2024-2031

Influenza Vaccine Market Driver

• The increasing government support and surveillance for influenza vaccination is one of the critical and significant factors driving the global market. Surveillance at the national and global levels is required to monitor the supply, distribution, and administration of flu vaccines. WHO, in collaboration with other governments, constantly monitors demand and conducts immunization programmes around the world to reduce the vaccine's requirement in the region. For instance, in year 2021, the Australia government has already vaccinated approximately 5 million people through this immunization programme, and more than 20 million vaccines are still available.
• Organizations such as the World Health Organization's Global Influenza Surveillance and Response System (GISRS), the Centers for Disease Control and Prevention (CDC), and health ministries from various countries are assisting in the tracking of chronic diseases. According to SQ analysis, Asian countries have begun to roll out early influenza vaccination programmes with the goal of reducing flu and COVID-19 cases at the same time. As a result, active government support is required to boost the market's growth rate.

Influenza Vaccine Market Restraint

• Novel vaccine development is a lengthy process that typically takes 10 to 15 years to complete, in addition to establishing its safety, quality, and efficacy. Long timelines are caused by three major factors: vaccine development complexities, globalised clinical development, and divergent regulatory requirements. Regulatory requirements for clinical trials differ significantly across countries. As a result, significant delays in the development of novel vaccines may occur. Furthermore, data from various countries/regions is frequently requested for regulatory approval purposes. However, many countries have different labelling requirements, as well as compressed timelines, which complicates the process of conducting clinical trials around the world. Therefore, impact of the stringent regulatory requirements coupled with longer duration for conductance of clinical trial is anticipated to hamper the product development.