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The global influenza vaccine market size was valued at USD 7.02 billion in 2021 and is projected to grow from USD 7.54 billion in 2022 to USD 13.58 billion by 2029, at a CAGR of 8.8% during the forecast period. Based on our analysis, the global market exhibited a growth of 35.1% in 2020 as compared to 2019. The global COVID-19 pandemic has been unprecedented and staggering, with influenza vaccine experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.
Every year, regional epidemics and outbreaks that result in thousands of deaths are caused by influenza viruses. According to the data published by the World Health Organization (WHO) in 2022, it was reported that around 3.0-5.0 million severe influenza cases were recorded, leading to 650,000 deaths across the world. An annual change in the vaccine strain is required to keep up with the global influenza virus strain attributed to the virus’s shifting nature. The increasing prevalence of influenza epidemics and seasonal outbreaks will increase product sales during the projected period.
There are numerous licensed seasonal influenza vaccines recommended by the World Health Organization (WHO), Centers for Disease Control and Prevention (CDC), and other governmental organizations to help fight the disease in the current market scenario. Further, governments are advising people to get vaccinated early to provide maximum protection during the flu season. Moreover, pharmaceutical companies are continually facing new challenges in developing a suitable vaccine against a particular strain. Therefore, the rising demand for effective flu vaccines is anticipated to drive the global market for influenza vaccine.
Industry Growth Favored by the Increasing Uptake of Vaccines amid COVID-19 Crisis
The worldwide routine immunization programs and campaigns carried out in developing and developed countries are impacted by the coronavirus pandemic. However, factors including pressure from health departments and the expansion of government programs offering free flu doses increased the vaccination rate during the pandemic. Additionally, growing awareness among the public about the higher risk of getting infected with COVID-19 if the flu weakens the immune system is another factor contributing to the uptake of flu vaccines.
According to the data published by American Medical Association (AMA) in 2021, around 9.0% increase has been observed in flu vaccinations during the COVID-19 pandemic in New York and other 10 states in the U.S. compared to the previous years. Further, Australia’s Therapeutic Goods Administration (TGA) processed around 19.0 million vaccine doses in 2020, an increase of almost 5.0 million compared to 2019.
However, due to the coronavirus pandemic, the increasing focus on developing combination vaccines, mRNA vaccines, and others is offering various opportunities in the market. The development of a combination vaccine for COVID-19 and influenza virus would help reduce time and manufacturing cost, thus ramping up production.
For instance, in May 2021, Duke University, U.S. researchers developed an mRNA-based COVID-19 and flu combination vaccine to protect an individual against both viruses simultaneously. Also, the major players in the market reported an increase in their revenues attributed to the increase in sales of vaccines during 2021. All these factors were responsible for the influenza vaccine market growth during 2020-2021.
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Inclusion of Advanced and Effective Flu Vaccines in Immunization Programs to Aid Growth
Growing prevalence of influenza disease worldwide has led to the implementation of different strategies by various governments to boost the uptake of flu vaccines in their respective countries. Nowadays, greater awareness among the population with respect to infectious diseases has led to the implementation of vaccines through immunization programs for the prevention of influenza in developing and low income countries.
Developing countries have revised their immunization programs and included compulsory flu vaccination in the annual program for all age groups. For instance, in collaboration with the Washington State University Global Health Program in March 2021, the Kenya Ministry of Health’s National Vaccines Immunization Program initiated a vaccination drive in Mombasa and Nakuru counties of Kenya. Under the program, children aged 6 -23 months were immunized for free.
Such initiatives are anticipated to surge the demand for flu vaccines resulting in robust market growth during the forecast period.
Adoption of Influenza Vaccines Due to Increasing Government Support for Immunization
Expanding government support and focus on influenza vaccination is one of the essential factors influencing the global market. Monitoring flu vaccine availability, distribution, and delivery requires national and international surveillance. In association with other governments, the World Health Organizations constantly monitors the demand and conducts immunization programs globally to minimize the vaccine's unmet need.
Organizations such as WHO’s Global Influenza Surveillance and Response System (GISRS), Centers for Disease Control and Prevention (CDC), and the health ministries of several countries are helping keep track of chronic diseases. Combined with this, according to several published articles and news, Asian countries have started to roll out early influenza vaccination programs emphasizing the reduction of flu and COVID-19 cases simultaneously. Therefore, active government support is expected to bolster the market’s growth rate over the forecast period.
Robust R&D Investments with Strong Pipeline Candidates to Drive Market Growth
The increasing research and development investments by leading market players, such as CSL Limited, Sanofi, and GlaxoSmithKline plc, for expanding manufacturing capabilities and focus on launching new vaccines are responsible for boosting the market further.
This, along with the strong pipeline of vaccines, and the growing government funding have facilitated the launch of therapeutically effective vaccines. Also, pharmaceutical companies are focusing on investing in R&D to launch new potential vaccines.
Longer Timeline for Vaccine Production to Limit Growth
Establishing the safety, quality, and efficacy of a novel vaccine is a huge procedure that typically takes around 10-15 years to complete. Complexities in vaccine research, clinical development, and regulatory requirements are the three main causes of the lengthy timelines. There are considerable regional differences across the world in the regulatory frameworks for clinical trials. Therefore, this might cause significant delays in the creation of new vaccinations.
According to an article by the American Council on Science and Health (ACSH) in 2020, the overall success rate for vaccines is around 33.4%.
Moreover, data from different countries/regions is often requested for regulatory approval. However, many countries have different labeling requirements coupled with stretched timelines, which adds further complexity to the process of conducting clinical trials across the globe. Therefore, the impact of stringent regulatory requirements coupled with longer duration for conductance of clinical trials is anticipated to hamper the product development.
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Effectiveness Offered by Inactivated Products to Contribute to a Leading Position
On the basis of type, the market is classified into inactivated and live attenuated.
The inactivated segment is estimated to hold the most dominant share of the global market. The demand for inactivated vaccines in developing and developed countries is due to the increasing focus of industrialists, as these are standardized according to the specific virus strain. This characteristic of the vaccines helps minimize the flu in less time and revert positive effects. The increasing demand, coupled with the high prevalence of influenza, is responsible for the highest CAGR of the segment during the forecast period.
On the other hand, live attenuated vaccines are anticipated to grow at a slower rate due to numerous challenges faced by companies in vaccine development and approval. Also, live attenuated vaccine is not recommended for some patients such as pregnant women, people with asthma, and weak immune systems.
Growing Efficacy of Quadrivalent Vaccines to Exhibit the Highest CAGR
Based on valency, the market is segmented into quadrivalent and trivalent.
The quadrivalent segment accounted for the highest market share due to greater demand for the product. The sales have pushed up in the emerging nations to meet the immunization targets set by governments to shield against influenza outbreaks. Additionally, the launch of novel vaccines has also contributed to the expansion of the quadrivalent segment. Further, safety and immunogenicity properties coupled with potential quadrivalent pipeline candidates ensured a higher CAGR during the forecast period.
On the other hand, trivalent vaccines are expected to record a smaller share in this market owing to the preference for trivalent over quadrivalent vaccines. This is limiting the trivalent vaccine availability.
High Influenza Infection Rates among Children Owing to Demand for Pediatric Vaccines
On the basis of age group, the market has been segmented into pediatric and adults.
The pediatric segment is expected to register a higher CAGR 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 implemented immunization strategies such as the provision of vaccines at an early age as well as to every child globally. A high increase in influenza infection and frequency rates among young children has led to various strategies. CDC also states that since 2010, flu-related hospitalizations among children have also increased the demand for higher infant age group pediatric vaccines. Furthermore, population increase 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. According to the data published by CDC in 2021, it is estimated that approximately 70.0% to 85.0% of seasonal influenza-related deaths occur in people aged 65 and above. Adult vaccines hold a significant market share in this market due to the government's rise in immunization programs and the high vaccine dose procurement by GAVI, PAHO, and UNICEF. In addition, the immunization coverage provision has further led to an increase in the geriatric population getting vaccinated, thus increasing the demand for adult vaccines.
Dominance of Hospitals & Retail Pharmacies Owing to Increased Immunization Rates
Based on distribution channel, the market is classified into hospital & retail pharmacies, government suppliers, and others.
Hospital & retail pharmacies generated the highest revenue among the distribution channel segment in 2021. This leading position is attributable to the fact that vaccination is generally preferred and conducted at smaller institutions. In addition, the large vaccine supply from hospitals is expected to generate a high market value in the forthcoming years. Therefore, the hospital & retail pharmacies segment is also anticipated to witness the highest CAGR during the forecast period.
On the other hand, the government suppliers segment is expected to hold a significant share as governmental organizations, through their vaccination programs, help immunize individuals globally. Moreover, international health organizations are procuring a large volume of vaccination doses and supplies 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, 2021 (USD Billion)
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North America generated a revenue of USD 3.76 billion in 2021, marking the dominant position in the global market. The rapid launch of effective products, coupled with technologically advanced vaccine manufacturing systems across the region, is expected to drive market growth in the region. Besides, the increasing influenza prevalence and the high sales of vaccines are further expected to fuel the market's growth in North America.
Asia Pacific is expected to register a higher CAGR during the forecast period. The increasing number of government initiatives to provide flu vaccines and create awareness about influenza is anticipated to drive market growth across the region. Also, the rising population across the region in countries, such as China and India, and the demand for effective vaccines leading to higher sales are expected to boost the market growth.
Europe held the second leading position in the global market. This is attributable to the expansion of vaccination coverage for high-risk people leading to higher immunization rates among the European population.
Latin America and the Middle East & Africa regions are expected to account for significant growth during the forecast period. This is attributable to the rising awareness of influenza virus and increasing government efforts to get everyone vaccinated, thereby fueling the market growth.
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Strong Product Portfolio of Key Competitors to Dominate the Market
Sanofi, a leading biopharmaceutical company, dominated the influenza vaccine market share. The company focuses on establishing new manufacturing facilities and expanding its geographic footprint. In March 2021, Sanofi announced plans to invest USD 736.9 million and build a new vaccine manufacturing facility in Canada. This facility extended the company’s supply of influenza vaccines to Canada, the U.S., and Europe and increased the production capacity of Fluzone high-dose quadrivalent vaccine.
Other companies, such as CSL Limited, GlaxoSmithKline plc, and AstraZeneca, among others, have their products marketed globally. Additionally, factors such as the growing efforts to reduce the burden of diseases and the surging vaccination rates are the primary focus of the market players.
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The research report provides a detailed influenza vaccine market analysis. It focuses on key aspects such as leading companies, products, and distribution channels. Besides this, it offers insights into the market trends and highlights key industry developments. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the market growth in recent years.
Value (USD billion)
By Type, Valency, Age Group, Distribution Channel, and Region
By Age Group
By Distribution Channel
Fortune Business Insights says that the global market stood at USD 7.02 billion in 2021 and is projected to reach USD 13.58 billion by 2029.
In 2021, the market stood at USD 7.02 billion.
The market will grow at a CAGR of 8.8% during the forecast period (2022-2029).
The inactivated segment is expected to be the leading segment in the market during the forecast period.
Growing focus on immunization programs in developing economies to assist the adoption of vaccines, coupled with potential pipeline candidates, will drive the market.
Sanofi, GlaxoSmithKline plc, and CSL Limited (Seqirus) are the top players in the market.
North America is expected to hold the highest market share.
Increased awareness regarding immunization benefits, immunization coverage, and availability of effective vaccines in the market would drive the product adoption during the forecast period.
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