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The global influenza vaccine market size was USD 4.45 billion in 2019 and is projected to reach USD 7.60 billion by 2027, exhibiting a CAGR of 6.9% during the forecast period.
The influenza virus circulates continuously, causing regional epidemics and outbreaks, leading to thousands of deaths. For instance, according to the data statistics from the Centers for Disease Control and Prevention (CDC), more than 13 million flu cases were recorded so far in the 2019-20 timeframe. The changing character of the virus is necessitating an annual change in the vaccine strain to match the influenza virus strain globally. The increasing prevalence of influenza epidemics and seasonal outbreaks are likely to expand the sales of these vaccines during the projected period.
In the current market scenario, there are numerous licensed seasonal influenza vaccines recommended by World Health Organization (WHO), Centers for Disease Control and Prevention (CDC), and other governmental organizations to help fight the disease. Governments have focused on advising people to get vaccinated early with an aim to provide maximum protection during the flu season. Furthermore, pharmaceutical companies are constantly facing new challenges in developing a suitable vaccine against a particular strain. The rising demand for effective flu vaccines is anticipated to surge the global influenza vaccine market value.
Increasing Demand for Vaccines Amid COVID-19 to Bolster Growth
The COVID-19 outbreak has enormously affected the countries worldwide exerting an economic burden on the population. According to UNICEF, in May 2020, over 99 countries reported the termination of the immunization campaigns for polio, HPV, measles/rubella, DTP, and several other antigens. There has been a rise in the demand for these vaccines worldwide due to its effectiveness against the deadly infections. As per the 2020 first quarter report of Pfizer Inc., the company did not witness any disruptions in the supply chain activities of the vaccine. Moreover, increased R&D leading to the development of potential COVID-19 vaccine is anticipated to raise the market potential during the forecast period. For instance, according to a latest study published in 2020, the researchers in Brazil stated that a flu shot can reduce the mortality rate by 20 percent when taken before the onset of COVID-19, and approximately about 27 percent when the vaccine taken after the onset of COVID-19. Thus, the aforementioned factors are likely to propel the demand for these vaccines.
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Increasing Focus on Vaccine Supply by International Health Organizations to Aid Growth
The rising prevalence of infectious disease in countries worldwide has raised an alarming situation demanding a speedy supply of effective vaccines. Furthermore, the growing susceptibility of geriatric and children population towards deadly disease has led to the need for rapid immunization worldwide. The international organizations such as PAHO, UNICEF, and others have been a helping hand by supplying millions of vaccine doses to the countries in need. This led to vaccination of 65% of the elderly population in the U.S against flu. In addition, large amounts of vaccine dose procurement by these organizations have led to decline in the prevalence rate of several diseases and the increasing immunity of the population against the diseases.
The provision of immunization coverage by government bodies and larger procurement volume of vaccines by Global Alliance for Vaccines and Immunization (GAVI), the United Nations Children's Fund (UNICEF), Pan American Health Organization (PAHO), and other organizations is anticipated to lead to the higher seasonal market revenue during the projection period.
Increasing Government Support for Immunization to Promote Growth
One of the crucial and significant factors driving the global market is the increasing government initiatives/support and surveillance regarding vaccination against influenza. It is of vital importance that surveillance must be carried out on the national as well as the global level to monitor the supply, distribution, and administration of flu vaccines. WHO, in association with other governments, constantly monitors the demand, administration, as well as conducts immunization programs globally to minimize the influenza vaccines unmet need. For example, in March 2020, The Australian government announced to provide the largest supply of the flu vaccine under the National Immunization Program (NIP).
Organizations such as the WHOs Global Influenza Surveillance and Response System (GISRS), Centers for Disease Control and Prevention (CDC), and health ministries of several countries are helping in keeping track of the chronic diseases. Combined with this, the National Institutes of Health (NIH), and Bill & Melinda Gates Foundation, among others, provide research funding and centers to develop effective flu vaccines. The Universal Influenza Immunization Program (UIIP), Walgreens, and health ministries of various countries have joined hands in launching immunization programs at national, as well as global level. Therefore, active government support is responsible for the increased sales of the vaccine.
Robust R&D with Strong Pipeline Candidates to Drive the Market Growth
Another critical factor contributing to the higher growth of the market is the robust pipeline candidates for influenza vaccines. The increasing investment and the growing government funding have boosted research and development of pharmaceutical companies, encouraging them to launch therapeutically effective vaccines. Companies such as Sanofi, Emergent BioSolutions Inc., F. Hoffmann-La Roche Ltd, as well as others, have a full-fledged pipeline, which is anticipated to elevate the market value during the forecast period. For instance, in March 2020 Versatope Therapeutics Inc. announced the development of VT-105 influenza vaccine candidate using the recombinant outer membrane vesicles.
High Cost Associated with the Dosage of the Vaccine to Limit Adoption
Despite, higher prevalence of chronic and infectious diseases, certain factors are limiting the adoption of products. Among them is the high cost associated with the per dose vaccine volume. Though International organizations are playing their best part in supplying millions of volume doses to every corner of the country, there are many parts that are still been refrained from receiving vaccination amid their high cost. According to the CDC’s updated vaccine price list for 2020, the private sector cost of Gardasil 9 per dose is around USD 227.93. Additionally, the adult vaccine Bexsero cost around USD 170.75. Thus, the high cost of the vaccine becomes difficult for the middle-income population to afford vaccination. Thereby, this in turn is expected to limit the adoption in the forthcoming years.
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Effectiveness Offered by the Inactivated Products to Contribute for a Leading Position
On the basis of type, the global market has been classified into inactivated and live attenuated.
The inactivated segment is estimated to hold the most dominant share of the global market for flu vaccines. The higher sales coupled with demand for inactivated vaccines are responsible for the dominance. Developing inactivated vaccines is also the forefront focus of industrialists, as these are standardized according to the specific virus strain. This characteristic of the vaccines helps in minimizing the flu in lesser time and revert positive effects. Inactivated vaccines such as Seqirus’s AFLURIA FLECELVAX, GlaxoSmithKline’s FLUARIX and FLULAVA, and Sanofi’s FLUZONE are the currently recommended. The increasing demand and the high prevalence of influenza are responsible for the highest CAGR of the segment during the forecast period.
On the other hand, the live attenuated vaccines are anticipated to grow at a slower rate owing to numerous challenges faced by companies in the development and approval of the vaccines.
Growing Efficacy of Quadrivalent Vaccines to Exhibit a Highest CAGR
Based on valency, the global market has been segmented into quadrivalent and trivalent.
The quadrivalent vaccines accounted for the highest market share in the valency segment owing to greater demand for these products as they help protect from four strains of the influenza virus through a single vaccine. The sales have pushed up in the emerging nations to meet the immunization targets set by the government to shield against influenza outbreaks. Additionally, the launch of novel vaccines has also contributed to the expansion of the quadrivalent vaccines segment. Further, safety and immunogenicity properties coupled with potential quadrivalent pipeline candidates have ensured a higher CAGR during the projected timeframe.
On the other hand, trivalent vaccines are expected to record a smaller share in the flu vaccines market owing to the limited trivalent vaccines availability.
Growing Demand for Pediatric Vaccines to Aid the Segment to Exhibit Highest CAGR
On the basis of the age group, the global market has been segmented into pediatrics and adults. Pediatric vaccines registered a higher market size among the age group segment. This dominance is attributable to the higher vaccination doses provided to newborns, infants, and children, to shield them from an early age against influenza disease. WHO, as well as CDC, have implemented immunization strategies such as the provision of vaccines at an early age as well as to every child globally. A high increase in the influenza infection and frequency rates among young children has led to the execution of various strategies. CDC also states that since 2010, flu-related hospitalizations among children have also increased the demand for the higher supply of infant age group pediatric vaccines. Furthermore, population enlargement in emerging countries such as China and India has led to the increasing demand for pediatric vaccines, thus, propelling the market growth.
Vaccination for adults has also become mandatory to minimize the hospitalizations and deaths caused due to influenza. Adult vaccines hold a significant market share in the flu vaccines market owing to the rise in immunization programs launched by the government and the high vaccine dose procurement by GAVI, PAHO, and UNICEF. The immunization coverage provision has further led to an increase in the geriatric population getting vaccinated, thus, increasing the demand for adult vaccines.
Increased Immunization Rates Responsible for Dominance of the Hospitals & Retail Pharmacies
Based on the distribution channel, the market is classified into hospitals & retail pharmacies, government suppliers, and others.
Hospital and retail pharmacies generated the highest revenue among the distribution channel segment in 2019. This leading position is attributable to the fact that vaccination is generally preferred and conducted at smaller institutions. The large vaccine supply from the hospitals is expected to generate a high market value in the forthcoming years. The hospital and retail pharmacies are also anticipated to witness the highest CAGR during the forecast period.
On the other hand, government suppliers are expected to hold a significant share as governmental organizations through their vaccination programs, help in immunizing individuals globally. International health organizations are procuring large volume of vaccination doses, and supplying at a cost-effective or no cost, to all the regions covered under these organizations. The growing vaccination programs will further help in generating comparatively higher market value in the projected period.
North America Influenza Vaccine Market Size, 2019 (USD Billion)
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North America generated a revenue of USD 2.18 billion in 2019 and is anticipated to dominate the influenza vaccine market share during the forecast period. The rapid development of efficient influenza vaccines, coupled with the usage of technologically advanced vaccine manufacturing systems across the region, is expected to drive the market growth in the region. Besides, the increasing influenza prevalence and the high sales of vaccines are further expected to fuel the growth of the market in North America. Moreover, the rising government funding, the presence of strong players, and sophisticated vaccination centers and hospitals will contribute to the stellar growth of the market.
Asia-Pacific is expected to showcase an exponential growth in the forthcoming years. Due to the rising population across the region in countries such as China and India, the demand for effective vaccines leading to higher sales is expected to boost the market growth. A proactive initiation of government in the supply of flu vaccines across the region, coupled with improved influenza control strategies, is anticipated to drive the influenza market growth across the region. Besides, the establishment of advanced technologies for the manufacturing of vaccines will further help strengthen the market position of the region.
Europe is projected to experience a significant growth in the market owing to the expansion of vaccination coverage for high-risk people leading to higher immunization rates among the European population. Moreover, stringent government regulations regarding immunizations have increased awareness among the population. High growth countries such as the UK, France, and Germany are anticipated to contribute to the growth of the European market.
Latin America and the Middle East and Africa are expected to showcase restricted growth compared to the other regions. This is attributable to the fewer influenza cases recorded in the low-income countries of the region. Additionally, the increasing government efforts to get every individual vaccinated will bode well for market growth.
Strong Product Portfolio of Key Competitors to Lead Dominance
The market is dominated by Sanofi, a global leader in the healthcare industry. Sanofi has a full-fledged vaccine portfolio, including quadrivalent as well as trivalent vaccines. The company focuses on delivering effective vaccines by constantly upgrading its technologies used in manufacturing influenza vaccines. Other companies such as CSL Limited, GlaxoSmithKline plc, AstraZeneca, among others, have their effective products marketed globally. Additionally, growing efforts to reduce burden of diseases and increase vaccination rates is the primary focus of the market players.
An Infographic Representation of Influenza Vaccine Market
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The influenza vaccine market research report provides detailed depth analysis of the global market and focuses on the key aspects such as leading companies, product types, and leading applications of the product. Besides, the report offers insights into the market trends and highlights key industry developments. In addition to the features above, the report encompasses several factors that have contributed to the growth of the market over recent years. It further offers an analytical depiction of the influenza vaccine market trends and estimations to illustrate the forthcoming investment pockets. The market is quantitatively analyzed from 2020 to 2027 to provide the financial competency of the market for influenza.
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Value (USD Billion)
By Age Group
By Distribution Channel
Fortune Business Insights says that the global market for influenza vaccine is projected to reach USD 7.60 billion by 2027.
In 2019, the market was valued at USD 4.45 billion.
Growing at a CAGR of 6.9%, the market will exhibit faster growth in the forecast period (2020-2027)
Inactivated segment is expected to be the leading segment in the market during the forecast period.
Secure government support and surveillance to help eradicate seasonal influenza outbreaks coupled with potential pipeline candidates are key factors driving the market.
Sanofi, GlaxoSmithKline plc, and CSL Limited are the top players in the market.
North America is expected to hold the highest market share in the market.
Increased awareness regarding immunization benefits, provision of immunization coverage, and availability of effective vaccines in the market would drive the adoption of these vaccines.
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