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Influenza Vaccine Market to Expand at 9.6% CAGR over 2024 to 2032; Soaring R&D Investments to Propel Industry Expansion

July 31, 2023 | Healthcare

The global influenza vaccine market size stood at USD 7.97 billion in 2023. The market value is slated to rise from USD 8.55 billion in 2024 to USD 17.77 billion by 2032 at a CAGR of 9.6% during 2024-2032. The industry expansion is being propelled by the increasing revision of immunization programs by developing countries.


Fortune Business Insights™ presents this information in its report titled “Influenza Vaccine Market Size, Share & COVID-19 Impact Analysis, By Type (Inactivated and Live Attenuated), By Valency (Quadrivalent and Trivalent), By Age Group (Pediatric and Adults), By Distribution Channel (Hospital & Retail Pharmacies, Government Suppliers, and Others), and Regional Forecast, 2024-2032”.


Increasing Vaccine Uptake amid COVID-19 Pandemic Impelled Industry Expansion


The COVID-19 pandemic led to an increasing emphasis on immunization programs by various health departments and government bodies. Several countries launched mass vaccination programs to combat the spread of coronavirus. These factors are slated to impelled industry growth over the pandemic period.


BIKEN Submits Marketing Authorization Application to Increase Product Reach


In April 2022, BIKEN submitted a marketing authorization application for a combination vaccine. The solution would be used for the treatment of diphtheria, pertussis, acute poliomyelitis, tetanus, and Haemophilus influenza type B. The approval would help the company in marketing its products to numerous geographical locations.


Expansion in Market Share Driven by Robust Investments in R&D


The influenza vaccine market growth is being propelled by surging R&D investments by major market players such as GlaxoSmithKline plc, Sanofi, and CSL Limited for the expansion of manufacturing capabilities. Besides, increasing government funding toward the rollout of therapeutically effective vaccines is further expected to impel industry expansion.


However, the longer time required for the production of vaccines may hinder market growth to some extent.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/influenza-vaccine-market-101896


Companies Strike Partnerships to Strengthen Market Foothold


Leading industry players strike a range of deals to expand the reach of their products. These steps include acquisitions, merger agreements, and the launch of new solutions. Some of the other initiatives comprise partnership deals, collaborations, and others.


Key Players Profiled:



  • 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.)


Notable Industry Development



  • August 2021 – AstraZeneca made its FluMist Quadrivalent vaccine available in the U.S. This availability reduced the burden on the healthcare system in the country during the 2021-2022 influenza season.


Further Report Findings



  • By geography, the market has been analyzed across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The launch of effective products by manufacturers in the region is expected to augment the North America influenza vaccine market share. The region is slated to exhibit substantial expansion over the projected period.

  • Europe accounted for the second leading position in the market and is estimated to register appreciable expansion over the analysis period. The expansion is due to the higher rates of immunization among the Europeans.

  • On the basis of type, the market for influenza vaccine is classified into inactivated and live attenuated. The inactivated segment accounted for a key position in the market. The expansion is driven by the growing vaccine demand in developing and developed countries.

  • By valency, the market is bifurcated into quadrivalent and trivalent. The quadrivalent segment held a dominating position in the market and is estimated to exhibit notable expansion over the forecast period. The expansion is due to the growing efficacy of this category of vaccines.

  • By distribution channel, the market for influenza vaccine is fragmented into hospital & retail pharmacies, government suppliers, and others. The hospital & retail pharmacies segment is anticipated to exhibit a substantial CAGR over the estimated period. The surge is impelled by the increasing preference for immunization at smaller institutions.


Table of Segmentation






























































  ATTRIBUTE



  DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Growth Rate



CAGR of 9.6% from 2024-2032



Unit



Value (USD Billion)



Segmentation



By Type, Valency, Age Group, Distribution Channel, and Region



By Type




  • Inactivated

  • Live Attenuated



By Valency




  • Quadrivalent

  • Trivalent



By Age Group




  • Pediatric

  • Adults



By Distribution Channel




  • Hospital & Retail Pharmacies

  • Government Suppliers

  • Others



By Region




  • North America (By Type, By Valency, By Age Group, By Distribution Channel, and By Country)

    • U.S. (By Valency)

    • Canada (By Valency)



  • Europe (By Type, By Valency, By Age Group, By Distribution Channel, and By Country)

    • U.K. (By Valency)

    • Germany (By Valency)

    • France (By Valency)

    • Italy (By Valency)

    • Spain (By Valency)

    • Scandinavia (By Valency)

    • Rest of Europe (By Valency)



  • Asia Pacific (By Type, By Valency, By Age Group, By Distribution Channel, and By Country)

    • Japan (By Valency)

    • Korea (By Valency)

    • China (By Valency)

    • India (By Valency)

    • Australia (By Valency)

    • Rest of Asia Pacific (By Valency)



  • Latin America (By Type, By Valency, By Age Group, By Distribution Channel, and By Country)

    • Brazil (By Valency)

    • Mexico (By Valency)

    • Rest of Latin America (By Valency)



  • Middle East & Africa (By Type, By Valency, By Age Group, By Distribution Channel, and By Country)

    • GCC (By Valency)

    • South Africa (By Valency)

    • Rest of Middle East & Africa (By Valency)




Influenza Vaccines Market
  • PDF
  • 2023
  • 2019-2022
  • 177

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