Asia-Pacific flu market to hit $1.71bn by 2022
According to new data from intelligence provider GBI Research, the flu vaccines market in the Asia-Pacific (APAC) region is set to grow from $1.24 billion in 2015 to more than $1.71 billion in 2022.
Healthcare has become more accessible with more affordable costs across India and China, and these reasons are put forward as the primary driving factors for the growth. In step with this increased access, the two regions’ elderly residents also benefit from subsidised immunisation programmes in Australia, Japan and South Korea.
Ageing populations and dietary habits have also seen an increase in incidence of seasonal influenza in the region. GBI Research analyst Vivek Goswami explained: “Despite increasing demand driving growth in the APAC influenza vaccines market, the variability of this demand will prove the major obstacle in the treatment of the disease. Indeed, the demand for vaccines changes every season and is largely dependent on the weather, as well as the timing and severity of the influenza season. These factors render production a risky proposition and vaccine manufacturers often supply more or less than demand.”
Revenues from these vaccines are expected to rise due to increased coverage in the region. Competition is also expected to rise over the next six to seven years as major pharma firms increase their efforts in the area. “High competition among large players will also help in bringing superior vaccines to the market and improve the supply of seasonal influenza vaccines in the APAC region,” Goswami notes.
He adds: “GBI Research’s analysis shows that the expected approval of various quadrivalent vaccines with novel routes of administration will decrease the market share of existing trivalent vaccines.”
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