New York, July 27, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on "Influenza Vaccines Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Vaccine Type, Virus Type, Technology, Route of Administration, and Geography," increased government support to promote influenza vaccination and a rise in investment by top market players and governments worldwide are driving the market. However, the high cost of vaccine development is hampering the market's growth.
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Influenza Vaccines Market Report Scope & Strategic Insights:
| Report Coverage | Details |
| Market Size Value in | US$ 7.47853 Billion in 2021 |
| Market Size Value by | US$ 12.27249 Billion by 2028 |
| Growth rate | CAGR of 7.4% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| No. of Pages | 189 |
| No. Tables | 111 |
| No. of Charts & Figures | 75 |
| Historical data available | Yes |
| Segments covered | Vaccine Type, Virus Type, Technology, and Route of Administration |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Influenza Vaccines Market: Competition Landscape and Key Developments
Moderna, Inc.; SEQIRUS; Sanofi; GlaxoSmithKline plc; Hualan Biological Engineering Inc.; Emergent BioSolutions Inc.; Mitsubishi Chemical Group Corporation; Serum Institute of India Pvt. Ltd; Mylan N. V.; and AstraZeneca are the key companies operating in the influenza vaccines market. The companies are taking up product innovation strategies to meet the evolving customer demands globally, allowing them to maintain their brand name in the global influenza vaccines market.
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The influenza virus causes flu, a contagious respiratory illness that infects the nose, throat, and lungs. It can be mild or severe and sometimes may lead to death. Flu vaccination every year can help in preventing flu. However, this can be deadly, especially in high-risk groups. The aged population, pregnant women, and people with one or more chronic diseases or weak immune systems are at high risk. Influenza vaccines/flu shots protect against the 4 influenza virus subtypes that are most common. Most influenza vaccines are “flu shots” given with a needle, usually in the arm, but nasal spray flu vaccines are also available.
Increase in Government Support to Promote Influenza Vaccination to Drive Influenza Vaccines Market
The governing bodies of various states and countries are supporting the promotion of vaccination through multiple activities and programs. For instance, the National Immunization Program (NIP) gives the Australian government a free seasonal influenza vaccine to those at risk of influenza-related complications. By 2022, enough vaccines would be secured to cover all risk groups eligible for a government-funded flu vaccine through the NIP.
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Below are a few more instances supporting the government support for influenza vaccination:
- In July 2022, Public Services and Procurement Minister Filomena Tassi and Health Minister Jean-Yves Duclos announced that the Government of Canada had signed a new contract with GlaxoSmithKline (GSK) to support a sustainable influenza pandemic readiness. The Government of Canada maintains pandemic influenza vaccine preparedness in the event of an influenza pandemic. It has a contract in place with GSK to provide seasonal and pandemic influenza vaccines since 2001. Pandemic influenzas are unpredictable but occur when a new strain of influenza virus emerges, spreads widely, and causes the disease.
- In July 2022, Seniors and Long-term Care Minister Scott Johnston and Health Minister Audrey Gordon announced that the Manitoba government would expand the high-dose flu vaccine eligibility to include all adults aged 65 and over to ensure more Manitoba people are protected against influenza.
- The Victorian government proposed a grant and reimbursement program to help GPs and pharmacies improve access and uptake of the influenza vaccines by June and July 2022.
- In June 2022, The New Zealand government expanded the access to free flu vaccines, with an additional 800,000 New Zealanders eligible from July 1, 2022. Children aged 3 to 12 years and people with severe mental health or addiction problems can now get a free dose of the flu vaccines.
- Taiwan's Centers for Disease Control (Taiwan CDC), and the Ministry of Health and Welfare, organized a media event, titled "Let's Stay Healthy Together" to kick off the 2021 government-funded influenza vaccination program. At the event, Director General Chou, Ambassador Tan, and Hsin Chiang were the first to be vaccinated to encourage eligible people to receive government-funded flu vaccines to get their flu vaccinations as soon as possible following the program.
- In September 2019, US President Donald Trump signed an executive order to promote the development of better vaccines to protect against seasonal flu and the potential for pandemic flu outbreaks.
- In Oct 2021, with flu season approaching, the Provincial Government was encouraging all Newfoundlanders and Labradorians to get a flu shot in the year 2021. Starting October 25, 2021, the Regional Health Authorities (RHAs) have begun hosting free flu vaccination clinics. People can also get the vaccine through their family doctor or local pharmacy.
Thus, increasing government support to promote vaccination worldwide is driving the influenza vaccine market.
The influenza vaccines market includes many small and big companies. Market players are adopting various strategies to increase their market shares; these include new product launches, regional expansion, and technological advancements.
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A few of the recent developments in the influenza vaccines market are mentioned below:
- In July 2022, GSK announced an agreement with the Government of Canada for pandemic and seasonal influenza vaccines to help protect Canadian adults and children. The 4-year agreement, spanning through March 2026, includes the supply of as many as 80 million doses of Arepanrix (adjuvanted pandemic influenza vaccine) in the event of an influenza pandemic(s) and a minimum of 4 million doses per year of Flulaval Tetra (seasonal influenza vaccine).
- In July 2022, The US Food and Drug Administration (US FDA) approved Sanofi's licensure request for vaccine approval for the upcoming 2022-2023 flu season, including Fluzone High-Dose Quadrivalent (Influenza Vaccine), Flublok Quadrivalent (Influenza Vaccine), and Fluzone Quadrivalent (Influenza Vaccine). This approval comes on the heels of the CDC's Advisory Committee on Immunization Practices (ACIP) preferential recommendation for adults 65+ including Fluzone High-Dose Quadrivalent and Flublok Quadrivalent.
- In June 2022, Moderna, Inc. announced the first participants had been dosed in a Phase 3 study of the Company's seasonal influenza vaccine candidate (mRNA-1010). The trial is expected to enroll approximately 6,000 adults from countries in Southern Hemisphere.
Influenza Vaccines Market: Segmental Overview
Based on vaccine type, the global influenza vaccines market is segmented into quadrivalent vaccines and trivalent vaccines. The quadrivalent segment held a larger share of the market in 2021. The same segment is expected to grow faster over the forecast period. The increasing product approvals and rising product launches for market expansion are among the primary drivers of the quadrivalent vaccine segment growth.
Based on virus type, the global influenza vaccines market is segmented into influenza virus type A and influenza virus type B. The influenza virus type A segment held a larger market share in 2021. The same is expected to grow faster over the forecast period due to the increasing prevalence of influenza type A. The market growth of the influenza virus type A segment is attributed to it being the most common form of influenza.
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