Oct 07, 2020
Respiratory Virus Vaccines Market to Expand at 8% CAGR; Race to Develop COVID-19 Vaccine to Further Surge Market Growth
by Team Fact.MR
Incessantly rising demand in response to the unbridled spread of COVID-19 has pushed the 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.
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.
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.
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).
>>> To Get more insights on respiratory virus vaccines market, visit- https://www.factmr.com/report/5199/respiratory-virus-vaccines-market
About the Healthcare Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations – the healthcare team at Fact.MR assists clients with unique business intelligence needs on a global level. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the healthcare industry lucidly in 50+ countries for over a decade. The healthcare team at Fact.MR assists clients in their business expansion as well as new ventures, through hawk-eyed analysis and strategic recommendations.