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.

Influenza Vaccine Market Overview:

Each year, influenza viruses generate regional epidemics and outbreaks that result in thousands of deaths. According to data issued by the World Health Organization (WHO) in 2022, there were between 3.0 and 5.0 million instances of severe influenza, resulting in 650,000 deaths worldwide. An annual change in the vaccine strain is essential to keep up with the global influenza virus strain ascribed to the virus’s fluctuating nature. The rising occurrence of influenza epidemics and seasonal outbreaks will increase product sales during the forecast period.
The World Health Organization (WHO), the Centers for Disease Control and Prevention (CDC), and other government agencies currently suggest a variety of licensed seasonal influenza vaccines to combat the disease. In addition, governments advise individuals to get vaccinated as early as possible to maximize protection throughout flu season. In addition, pharmaceutical companies continually face new obstacles when producing a vaccination against a specific strain. Consequently, the worldwide influenza vaccine market is predicted to be driven by the increased need for effective flu vaccines.
The Coronavirus pandemic has an effect on global routine immunization programs and campaigns in both developing and developed countries. However, factors including pressure from health authorities and the expansion of government programs offering free flu medicines increased the vaccination rate during the pandemic. Increasing public knowledge of the increased risk of contracting COVID-19 if the flu affects the immune system is another reason contributing to the increased use of flu vaccines.

Influenza Vaccine Market Dynamic

Driver

One of the most important things that affect the global market is how much the government supports and focuses on flu shots. National and international surveillance is needed to keep track of the availability, distribution, and delivery of flu vaccines. Together with other governments, the World Health Organization keeps track of the demand and runs immunization programs around the world to meet as many people's needs as possible. Chronic diseases are being kept track of by groups like WHO's Global Influenza Surveillance and Response System (GISRS), the Centers for Disease Control and Prevention (CDC), and the health ministries of several countries. Also, a number of articles and news stories say that Asian countries have started to roll out early flu vaccination programs that focus on reducing both flu and COVID-19 cases at the same time. So, active government support is likely to boost the growth rate of the market over the next few years.

Restraint

Setting up the safety, quality, and effectiveness of a new vaccine is a long process that usually takes between 10 and 15 years. The main reasons for the long timelines are the complexity of vaccine research, clinical development, and government rules. There are big differences in how clinical trials are regulated in different parts of the world. Because of this, making new vaccines could take a lot longer than expected.
In 2020, an article by the American Council on Science and Health (ACSH) says that vaccines work about 33.4% of the time. Also, regulatory approval often needs data from different countries or regions. But many countries have different labeling rules and longer time frames, which makes the process of doing clinical trials around the world even more complicated. So, the effect of strict regulatory requirements and the longer time needed to run clinical trials is likely to slow down the development of new products.

Influenza Vaccine Market Segmentation Analysis

Type Insights:

It is thought that the inactivated segment has the largest share of the global market. Industrialists are paying more attention to inactivated vaccines, which is driving up demand in both developing and developed countries. This is because these vaccines are standardized for each virus strain. This feature of vaccines makes it easier to stop the flu in less time and reverse its bad effects. The segment with the highest CAGR during the forecast period is the one where demand is growing and the number of flu cases is high. On the other hand, live attenuated vaccines are expected to grow at a slower rate because companies have to deal with a lot of problems when making and approving them. Live attenuated vaccine is also not recommended for people with asthma, weak immune systems, or who are pregnant.

Valency Insights

The quadrivalent segment had the biggest share of the market because more people wanted to buy it. In emerging countries, sales have gone up because governments have set immunisation goals to protect against flu outbreaks. New vaccines have also helped the quadrivalent segment grow. Also, safety and immunogenicity properties, along with possible quadrivalent candidates in the pipeline, made sure that the CAGR would be higher during the forecast period. On the other hand, trivalent vaccines are more popular than quadrivalent vaccines, so trivalent vaccines are expected to have a smaller share of this market. This makes it harder to get the trivalent vaccine.

Age Group Insights

The segment for children is expected to have a higher CAGR than any other age group. This is because of the higher doses of flu shots given to babies, toddlers, and kids so that they are protected from the disease from a young age. WHO and the CDC both put in place immunization plans, such as giving vaccines to all children around the world at a young age. Different steps have been taken because the number of young children getting and spreading influenza has gone up a lot. The CDC also says that since 2010, more children have been hospitalized because of the flu, which has increased the need for vaccines for older babies. Also, the growing number of people in developing countries like China and India has led to a higher demand for vaccines for children, which has helped the market grow.

Distribution Channel Insights

In 2021, hospitals and retail pharmacies made the most money in the distribution channel segment. This top spot is because most people prefer to get vaccinated, which is usually done at smaller institutions. Also, the hospitals' large supply of vaccines is likely to have a high market value in the coming years. So, the hospital and retail pharmacy segments are also expected to have the highest CAGR over the next five years. On the other hand, the government suppliers’ segment is expected to have a large share because governments help people around the world get immunized through programs like vaccinations. Also, international health organizations are buying a lot of vaccination doses and supplies at low or no cost for all the areas that these organizations serve. Growing vaccination programs will also help bring in a higher market value than expected over the next few years.

Influenza Vaccine Market Regional Insights

During the Forecast period, North America is anticipated to be the largest market by region.

North America brought in $3.76 Billion in revenue in 2021, making it the biggest market in the world. The growth of the market in the region is likely to be driven by the quick release of effective products and the spread of technologically advanced systems for making vaccines across the region. In North America, the market is also expected to grow because there are more cases of flu and more people are getting vaccinated.
During the period of the forecast, Asia Pacific is expected to have a higher CAGR. The growth of the market in the region is likely to be driven by the growing number of government programs to provide flu vaccines and raise awareness about the flu. The market is also expected to grow because countries like China and India are getting more people, and people want effective vaccines, which will lead to more sales. During the forecast period, Latin America and the Middle East, and Africa are likely to see a lot of growth. This is because more people are learning about the flu virus and the government is trying harder to get everyone vaccinated. This helps the market grow.

Scope Analysis

Recent Development

• In March 2022 – Seqirus announced the approval of Flucelvax quadrivalent, a cell-based influenza vaccine for individuals 2 years of age and older. The approval from Health Canada allows children between the ages of 2 and 18 to get the vaccine.
• In September 2021 - Sanofi acquired Translate Bio, a clinical-stage mRNA therapeutics company, to develop a new seasonal vaccine against influenza.
• In February 2021 – GlaxoSmithKline plc expands existing collaboration with Vir Biotechnology with the goal of developing monoclonal antibodies for the prevention and treatment of influenza.
• In January 2021 – ModernaTX, Inc. announced plans to utilize mRNA technology to develop and manufacture influenza, HIV and Nipah virus vaccines.
• In February 2020 – BioDiem announced the approval of China's National Drug Administration (NMPA) for its LAIV vaccine from Changchun BCHT Biotechnology (BCHT).
• In February 2020 – Abbott has launched a new inactivated tetravalent vaccine for use in children under 3 years of age. This new launch expands the company's existing pharmaceutical portfolio and spread of flu vaccines into important markets such as India.

The Global Influenza Vaccine Market has been segmented into:

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.)