Influenza Vaccine and Therapeutics Market to Reach $6 Billion in 2016
Reportlinker Review is a series of posts featuring Innovations, Social and Economic Megatrends to understand the World of Tomorrow. Each post is illustrated with statistics for one industry.
Reportlinker’s Influenza Vaccine & Therapeutics Industry Review in a nutshell
- Method of vaccine production needs improved
- Flu costs $6 billion annually in U.S.
- New flu vaccine developed specifically for seniors
How is the Influenza Vaccine & Therapeutics market ?
The influenza vaccine and therapeutics market is expected to reach $6.1 billion this year. By 2022, it is projected to reach $10.2 billion, growing at a compound annual growth rate (CAGR) of 8.5%.
Of the two segments, vaccines is the largest, accounting for 80% of the market. Therapeutics, however, is forecasted to grow the fastest, at a CAGR of 11%.
Vaccines are produced by infecting embryos with the flu virus and then harvesting and purifying the virus. The process is slow and would not be able to respond quickly enough to a pandemic. New methods that use other biologics are in development.
The World Health Organization is recommending a change to current flu vaccines. It is updating the component the H1N1 virus is based on because the virus evolved.
The current component comes from the 2009 pandemic. It will be replaced by a component from a 2015 H1N1 patient.
The change is in response to the fact the component is no longer as effective in people from their early 30s through to the end of middle age.
The new version will be available next year.
Annually in the U.S., influenza costs $5.8 billion in medical costs, according to a Health Affairs study.
In 2015, $9 billion in costs was attributed to diseases that could have been prevented with vaccines with $7.1 billion of that amount from unvaccinated individuals.
Less than half of American adults were vaccinated for the flu in 2015, according to the Centers for Disease Control.
After the flu, pneumococcal disease had the highest costs at $1.9 billion.
Medical professions must work to dispel many vaccine myths, including the disproven theory that vaccine ingredients cause autism.
However, increasing the number of those vaccinated won’t eliminate all medical costs associated with those diseases. Vaccines are not completely effective.
Senior Vaccine Market
The U.S. Food and Drug Administration has approved the use of the FLUAD vaccine for seniors. It joins Fluzone High-Dose.
Fluzone High-Dose contains four time the usual amount of antigen, while Fluad contains an ingredient designed to help create a stronger immune response to vaccination. Both vaccines help protect against three strains of influenza.
ReportLinker Review – Global Influenza Vaccine Market
- This year, the vaccines market is expected to reach $32.2 billion. By 2021, the market is forecasted to reach $48 billion, growing at a CAGR of 8.3% (source: MarketsandMarkets)
- This year, the overall influenza market is expected to be valued at $6.1 billion. By 2022, it is forecasted to reach $10.2 billion. Between 2016 and 2022, this represents a CAGR of 8.5%. (source: Industry Experts)
- The majority of the market, 80%, is vaccines while therapeutics accounts for the remaining. However, therapeutics will be the fastest growing segment with a forecasted CAGR of 11%. (source: Industry Experts)
- During the period 2016-2020, the global H1N1 vaccines market is forecasted to grow at a CAGR of 4.2%. (source: TechNavio)