Farmington, Feb. 16, 2023 (GLOBE NEWSWIRE) -- The global Influenza Vaccine Market was valued at US$ 7.54 Billion in 2022 and is projected to reach USD 13.58 Billion by 2030, growing at a CAGR of 8.8% from 2023 to 2030. Each year, influenza viruses cause regional epidemics and outbreaks that result in the mortality of tens of thousands of people. According to information released by the World Health Organization (WHO) in 2022, between 3.0 and 5.0 million cases of severe influenza resulted in 650,000 deaths worldwide. To keep up with the dynamic nature of the global influenza virus strain, a yearly modification in the vaccine strain is required. During the predicted period, the increasing frequency of influenza epidemics and seasonal outbreaks will enhance product sales.
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Various licensed seasonal influenza vaccinations are now recommended by the World Health Organization (WHO), the Centers for Disease Control and Prevention (CDC), and other government agencies to combat the disease. In addition, governments encourage persons to receive vaccinations as early as possible to enhance protection throughout flu season. In addition, pharmaceutical companies are continuously confronted with new challenges when developing a vaccination against a particular strain. Consequently, the growing need for effective flu vaccines is anticipated to drive the global influenza vaccine market.
Influenza Vaccine Market Recent Developments:
- March 2022 – Seqirus announced the approval of Flucelvax quadrivalent, a cell-based influenza vaccine for individuals 2 years of age and older. With approval from Health Canada, children between the ages of 2 and 18 can get the vaccine.
- September 2021 - Sanofi acquired Translate Bio, a clinical-stage mRNA therapeutics company, to develop a new seasonal vaccine against influenza.
- February 2021 – GlaxoSmithKline plc expands existing collaboration with Vir Biotechnology with the goal of developing monoclonal antibodies for the prevention and treatment of influenza.
Influenza Vaccine Market Segmentation Analysis:
It is believed that the inactivated sector holds the biggest market share worldwide. Industrialists are focusing more on inactivated vaccines, hence increasing demand in both developing and developed nations. Because these vaccines are standardized for each viral strain, this is the case. This characteristic of vaccines makes it easier to end the flu in a shorter amount of time and reverse its negative effects.
The quadrivalent sector had the largest market share since more consumers desired to purchase it. In developing nations, sales have increased because governments have established vaccination targets to prevent influenza outbreaks. New vaccines have also aided in the expansion of the quadrivalent category. In addition, safety and immunogenicity characteristics and potential quadrivalent candidates ensured that the CAGR would be higher during the predicted period.
The market for youngsters is anticipated to have the highest CAGR of all age groups. This is due to the larger dosages of flu vaccine given to infants, toddlers, and children to protect them from the disease at an early age. The World Health Organization (WHO) and the Centers for Disease Control and Prevention (CDC) both implement immunization strategies, such as administering immunizations to all children around the world at a young age. There has been a significant increase in young children infected with and transmitting influenza, prompting several responses.
Hospitals and retail pharmacies generated the largest revenue from the distribution channel segment in 2021. The majority of people choose to be vaccinated, which is typically carried out at smaller institutions. In the coming years, the hospitals' vast supply of vaccines will certainly have a significant market value. Also predicted to have the highest CAGR over the next five years are the hospital pharmacy and retail pharmacy industries.
Regional Outlook:
In 2021, North America generated $3.76 billion in revenue, making it the world's largest market. The rapid availability of effective products and the proliferation of technologically enhanced techniques for producing vaccines are projected to boost the growth of the market in the region. In North America, the market is also anticipated to expand because of an increase in flu cases and vaccination rates.
During the forecast period, Asia Pacific is anticipated to have a higher CAGR. The increasing number of government programs to distribute flu vaccines and promote awareness about the flu is projected to boost the expansion of the market in the region.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | 8.8% from 2023 to 2030 |
| Market Size in 2022 | USD 7.54 Billion |
| Revenue Forecast by 2030 | USD 13.58 Billion |
| By Type | Inactivated, Live Attenuated |
| By Valency | Quadrivalent, Trivalent |
| By Age Group | Pediatric, Adults |
| By Distribution Channel | Hospital & Retail Pharmacies, Government Suppliers, Others |
| By Companies | 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.) |
| Base Year | 2022 |
| Historical Year | 2017 to 2021 |
| Forecast Year | 2023 to 2030 |
Market Drivers:
Influenza vaccination support and emphasis are one of the most significant factors that influence the global market. It is necessary to conduct national and worldwide monitoring to monitor the availability, distribution, and delivery of flu vaccines. Together with other governments, the World Health Organization monitors demand and administers global immunization programs to meet the requirements of as many people as feasible. WHO's Global Influenza Surveillance and Response System (GISRS), the Centers for Disease Control and Prevention (CDC), and the health ministries of numerous countries monitor chronic diseases.
Market Restraints:
The process of establishing the safety, quality, and efficacy of a new vaccination typically takes between 10 and 15 years. The lengthy durations are mostly attributable to the complexity of vaccination research, clinical development, and regulatory regulations. There are significant disparities in how clinical trials are regulated throughout the globe. This could cause the production of new vaccinations to take far longer than anticipated. An study published by the American Council on Science and Health (ACSH) in 2020 states that vaccines are effective approximately 33.4% of the time. Additionally, regulatory approval frequently requires data from multiple nations or areas.
Influenza Vaccine Market Key Segments Covered:
Top Market Players:
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.), and Others.
By Type
- Inactivated
- Live Attenuated
By Valency
- Quadrivalent
- Trivalent
By Age Group
- Pediatric
- Adults
By Distribution Channel
- Hospital & Retail Pharmacies
- Government Suppliers
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, and Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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