New York, USA, May 29, 2023 (GLOBE NEWSWIRE) -- Influenza Vaccines Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Influenza Vaccines Market Information by Influenza Type, Manufacturing Technology, Vaccine Type, End User and Region - Forecast till 2030”, the market Size was valued at USD 7.5 billion in 2022 and is projected to grow from USD 7.9 Billion in 2023 to USD 11.7 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.53% during the forecast period (2023 - 2030).
Market Scope:
One of the key market drivers fueling the expansion is an increase in government support and monitoring related to influenza vaccination on the national and international levels to track the supply, distribution, and administration of flu vaccines. Influenza is the name for the viral infection that affects the respiratory system as a result of the illness. The infectious influenza virus spreads via respiratory droplets. Additionally, it can be transmitted through conversation or physical contact. The influenza virus is constantly spreading, resulting in regional epidemics and outbreaks that claim thousands of lives. An annual adjustment in the vaccine strain to match the influenza virus strain is necessary due to the virus's evolving characteristics.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 11.7 billion |
| CAGR | 6.53% |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Influenza Type, Manufacturing Technology, Vaccine Type, End User, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increase of the awareness of the disease among the people |
| Rising investment by government and major players |
Competitive Outlook:
Key Companies in the influenza vaccines market includes
- GlaxoSmithKline PLC (UK)
- Abbott Laboratories (US)
- Seqirus (UK)
- Mylan NV (US)
- AstraZeneca (UK)
- Hualan Biological Engineering Inc. (China)
Influenza Vaccines Market Trends:
Market Drivers
A growth in government support and oversight of influenza vaccination on a national and worldwide level to track the supply, distribution, and administration of flu vaccines is one of the major market factors driving the expansion. The increasing prevalence and incidence of the illness are two major factors driving the market for influenza vaccinations. The incidence of influenza has increased across all age categories.
In addition, greater government backing and publicity for the flu vaccine are significant market-influencing factors. Examining the availability, distribution, and delivery of flu vaccinations requires both domestic and international surveillance. The World Health Organization, in cooperation with other countries, regularly assesses the demand and executes immunization programs all over the world to lessen the unmet need for the vaccine.
According to numerous published articles and news sources, Asian countries have apparently started implementing early influenza vaccination programs that prioritize the simultaneous decrease of flu and COVID-19 illnesses. As a result, it is expected that active government support will quicken the market's rate of expansion during the projected period.
Market Restraints
A novel vaccine's safety, quality, and effectiveness must first be established, which is a labor-intensive process that normally takes 10 to 15 years to accomplish. The main reasons for the extended timescales are complexity in vaccine research, clinical development, and regulatory constraints. The legal and regulatory environments for clinical trials vary greatly by location in the world. Thus, this could result in major delays in the development of new vaccines.
Additionally, requests for data from several nations or areas are frequently made for regulatory approval. The procedure of conducting clinical trials globally is further complicated by the numerous nations' disparate labeling regulations and lengthy delays. Therefore, it is projected that the influence of strict regulatory requirements combined with the longer period for clinical trial completion will hinder product development.
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COVID-19 Analysis:
The global influenza vaccine market is expected to rise as a result of the COVID-19 outbreak. As more populations become infected with the COVID-19 virus, demand for influenza vaccination rises. The influenza vaccine will not protect against COVID-19, but it will lessen sickness, hospitalization, and mortality. Patients with COVID-19 who have received an influenza vaccination had a lower likelihood of being admitted to an intensive care unit. This thus increases demand for influenza vaccine.
Influenza Vaccines Market Segmentation:
By Type
According to data from the influenza vaccines market, the seasonal category held the lion's share in 2022. Seasonal influenza viruses are acute respiratory illnesses that can infect anyone, anywhere in the world. It stands for the annual cost of illness. It causes illnesses of varying degrees of seriousness, which can occasionally result in hospitalization and death.
By Manufacturing Technology
In 2022, the cell culture-based sector dominated the market growth for influenza vaccines, and it is anticipated that this segment will continue to be the fastest-growing category from 2022 to 2030. The advantages of generating influenza vaccines utilizing a cell-based approach include the factors that lead to the rise in surgical procedures around the world since cell banking facilities are available.
By Vaccine Type
The quadrivalent influenza vaccines category accounted for the majority of the influenza vaccines market revenue in 2022 and is anticipated to increase at the fastest rate from 2022 to 2030. The significant growth rate of the segment is mostly caused by its potent effectiveness against viral infections, cost effectiveness, and simple accessibility in clinics and hospitals. Additionally, it is projected that the category would grow due to the rising preference for quadrivalent vaccines among medical professionals.
By End User
In 2022, the hospitals & clinics segment dominated the market for influenza vaccinations, and it is anticipated that throughout the forecast period of 2022–2030, it will rise more quickly than any other segment. The popularity of flu vaccination programs at pharmacies and hospitals as well as the fact that the majority of mass vaccination campaigns are held in smaller facilities are among the contributing factors. Additionally, it is anticipated that a significant supply of vaccinations from hospitals will generate significant revenue potential for the industry.
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Influenza Vaccines Market Regional Insights:
The influenza vaccines market in North America is projected to reach USD 3.4 billion in 2022 with a share of roughly 45.80% and to increase at a substantial CAGR throughout the study period. This is attributed to several factors, including the elevated influenza prevalence in the area, the government's increased focus on immunization programs, the creation of new vaccines, and the growth of technological advancements for vaccine administration. Furthermore, it is projected that the market would expand due to the rising frequency of influenza illness in the United States and Canada as well as the rising sales of influenza vaccinations in the region.
The second-largest market share belongs to the influenza vaccinations market in Asia Pacific. According to projections, the demand for influenza vaccinations would rise as the population of the countries in the APAC region rises, driving up prices. The government's efforts to spread flu vaccines and its increased understanding of the disease have also enabled the region to grow. In addition, China had the greatest market share for influenza vaccinations, while India had the fastest rate of growth in the area.
The market for influenza vaccinations in Europe is anticipated to see the quickest CAGR between 2022 and 2030. The extension of vaccination coverage for high-risk persons has led to higher immunization rates across the European population, which has led to this. Additionally, the region's fastest growing market for influenza vaccines was in Germany, while the UK held the greatest market share.
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