Pune, India, Sept. 13, 2022 (GLOBE NEWSWIRE) -- The global influenza vaccine market size was USD 7.02 billion in 2021 and USD 7.54 billion in 2022. It is anticipated to reach USD 13.58 billion by 2029, exhibiting a CAGR of 8.8% over the estimated period. The industry expansion can be attributed to the surging efforts by various governments for influencing early vaccinations for the provision of maximum protection through the flu season.
This information is cited by Fortune Business Insights™ in its research report titled, Influenza Vaccine Market, 2022-2029.
Key Industry Development:
January 2021 – ModernaTX, Inc. announced the company’s plans for deploying mRNA technology for the development and manufacturing of influenza, HIV, and Nipah virus vaccines.
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Report Scope
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 8.8% |
| 2029 Value Projection | USD 13.58 Billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 7.02 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 172 |
| Key Players Covered in Influenza Vaccine Market | GlaxoSmithKline plc (U.K.), Sanofi (France), AstraZeneca (U.K.), CSL Limited (Australia) |
| Growth Drivers | Product Adoption to Rise with Increasing Government Support for Immunization |
| Industry Value to Rise Driven by Rising Focus on the Development of Combination Vaccines | |
| Pediatrics Segment to Foresee Commendable Expansion Due to Increasing Immunization Strategies |
Drivers and Restraints:
Product Adoption to Rise with Increasing Government Support for Immunization
The global influenza vaccine market growth is being impelled by increasing government support and surveillance associated with influenza vaccination. The surveillance must be carried out on the global and national levels for monitoring the administration, distribution, and supply of influenza vaccines.
However, several countries have different labeling requirements coupled with stretched timelines. This adds to the complexity of the process of conducting clinical trials at the global level.
COVID-19 Impact:
Industry Value to Rise Driven by Rising Focus on the Development of Combination Vaccines
The coronavirus pandemic has recorded an increase in vaccine uptake given the increase in the risk of getting infected. The industry growth is further favored by the rising focus on the development of mRNA vaccines, combination vaccines, and others. The development of a combination vaccine for influenza virus and COVID-19 would help in the reduction of manufacturing cost and time, elevating vaccine production over the forthcoming years.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit:
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Segments:
Inactivated Segment to Gain Traction Due to Growing Standardization
Based on type, the market is bifurcated into live attenuated and inactivated. The inactivated segment is expected to record a commendable surge over the forecast period. The rise can be attributed to the surging focus of industrialists and standardization as per specific virus strain.
Quadrivalent Segment to Record Notable Rise Owing to Soaring Launch of Novel Vaccines
On the basis of valency, the market is segmented into quadrivalent and trivalent. Of the two, the quadrivalent segment is anticipated to register substantial growth through the anticipated period. The escalating product adoption can be credited to the growing sales in emerging nations under various immunization programs. The segmental growth is further being favored by the launch of quadrivalent vaccines.
Pediatrics Segment to Foresee Commendable Expansion Due to Increasing Immunization Strategies
Based on age group, the market is fragmented into pediatric and adults. The pediatric segment is slated to record a substantial rise over the forecast period. The growth can be attributed to the escalating vaccination doses provided to children, infants, and newborns to shield them from an early age against influenza diseases. CDC and WHO have implemented immunization strategies such as the provision of vaccines at an early age as well as to every child at the global level.
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Hospital & Retail Pharmacies Segment to Register Lucrative Growth Owing to Surging Preference for Vaccination at Smaller Institutions
On the basis of distribution channel, the market is segregated into hospital & retail pharmacies, government suppliers, and others. The hospital & retail pharmacies segment held a leading position in 2021. The surge is prominently being driven by the fact that vaccination is generally conducted and preferred at smaller institutions. The supply of a large number of influenza vaccine from hospitals is anticipated to generate a high market value over the forthcoming years.
Based on region, the market is fragmented into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
Report Coverage:
The report provides an insight into the major trends that are expected to drive the market expansion across various regions. It also gives an account of the vital steps taken by key industry participants for sustaining their industry position. The additional elements of the report include the key factors fueling the business landscape over the forecast period.
Regional Insights:
North America to Lead Driven by Rapid Launch of Effective Products
The North America influenza vaccine market share is set to record commendable growth through the forecast period. The rise can be credited to the rapid launch of effective solutions coupled with technologically advanced vaccine manufacturing systems.
The Asia Pacific region is estimated to register notable expansion over the estimated period. The rise can be credited to the surging number of government initiatives for the provision of flu vaccines and the creation of awareness regarding influenza.
Influenza Vaccine Market Segmentations:
| Segmentation | By Type
|
By Valency
| |
By Age Group
|
Competitive Landscape:
Market Players Enter into Partnership Agreements to Strengthen Industry Position
Leading companies are depicting a keen interest in the adoption of a series of initiatives including mergers, acquisitions, product developments, and others for the consolidation of their industry position. Some of the additional steps include the formation of alliances and growing participation in trade conferences.
List of Key Players Mentioned in the Report:
- GlaxoSmithKline plc (U.K.)
- Sanofi (France)
- AstraZeneca (U.K.)
- CSL Limited (Australia)
- BIKEN Co., Ltd. (Japan)
- Abbott (U.S.)
- SINOVAC (China)
- Viatris Inc. (U.S.)
Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Snapshot of Influenza Vaccine Rate – For Key Countries
- Annual Disease Burden of Influenza – For Key Countries/ Regions
- New Product Launches, By Key Players
- Influenza Vaccination Campaigns/Programs Undertaken by Government
- Key Industry Developments - Mergers, Acquisitions, and Partnerships
- Pricing Analysis – By Key Brand/Key Players, By Key Countries
- Overview: Recent Developments in Intradermal Patches
- Snapshot of Pipeline Analysis of Influenza Vaccines
- Overview: Adjuvant Influenza Vaccine, Pipeline Analysis, Projected Approvals, Market Size etc.
- Impact of COVID-19 on the Market
- Global Influenza Vaccine Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Type
- Inactivated
- Live Attenuated
- Market Analysis, Insights and Forecast – By Valency
- Quadrivalent
- Trivalent
- Market Analysis, Insights and Forecast – By Age Group
- Pediatric
- Adults
- Market Analysis, Insights and Forecast – By Distribution Channel
- Hospital & Retail Pharmacies
- Government Suppliers
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Latin America
- Middle East & Africa
- Market Analysis, Insights and Forecast – By Type
ToC Continue…!
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Frequently Asked Questions
How much is the influenza vaccine market worth?
According to Fortune Business Insights, the global market stood at USD 7.02 billion in 2021 and is projected to reach USD 13.58 billion by 2029.
Which is the leading segment in the market?
The inactivated segment is expected to be the leading segment in the market during the forecast period.
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