Global Influenza Vaccine Market Definition
Influenza is a common viral infection but can be dangerous in many situations. The influenza virus causes a communicable respiratory infection affecting the lungs, nose, and throat. A person with the flu has symptoms such as congestion, coughing, and sore throat. The risk of infection is higher for infants, and older adults, as well as people with chronic diseases and weak immune systems. A flu shot, or influenza vaccine, protects against infection by influenza viruses. There are three main types of influenza Type A, B, and C that cures the virus.
Global Influenza Vaccine Market: Key Insights
Base Year |
2022 |
Forecast Year |
2023-2035 |
CAGR |
~7% |
Base Year Market Size (2023) |
~ USD 6 Billion |
Forecast Year Market Size (2035) |
~ USD 13.8 Billion |
Regional Scope |
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Global Influenza Vaccine Market Size, Forecast, and Trend Highlights Over 2023 - 2035
The global influenza vaccine market is estimated to garner a revenue of USD 13.8 Billion by the end of 2035 by growing at a CAGR of ~7% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of USD 6 Billion in the year 2023. The growth of the market can be primarily attributed to the rising cases of influenza coupled with the continuous evolution of the variety of influenza viruses around the world, increasing the incidence of influenza epidemics and seasonal changes. According to the World Health Organization, the influenza virus remains a major public health challenge around the world. Globally, 1 billion influenza cases occur every year, 3 to 5 million of which are severe, leading to 290 000 to 650 000 deaths from influenza-related respiratory diseases.
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Furthermore, the increasing number of clinical trials for new products increased vaccinations, the rapid spread of communicable diseases along with rising healthcare spending is projected to drive the global influenza vaccine market growth during the forecast period. According to the data released by the Centers for Medicare & Medicaid Services, healthcare spending in the United States in 2020 exceeded USD 4.1 trillion, equivalent to 19.7% of GDP. Besides, the increasing use of vaccines during COVID-19 and increasing vaccination programs in developing countries are estimated to boost market growth.
Global Influenza Vaccine Market: Growth Drivers and Challenges
Growth Drivers
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Positive Impact of Influenza Vaccine on COVID -19 Patients - It was observed that in 2021, nearly 74,000 COVID-19 patients globally were given shots of the influenza vaccine, which reduced strokes, sepsis, and deep vein thrombosis among patients.
The increasing incidence of the COVID-19 virus is resulting in a surge in demand for influenza vaccines. As a result of the influenza vaccine, COVID-19 will not be prevented from spreading but instead result in a reduction in illness, deaths, and hospitalizations. Therefore, COVID-19 outbreaks and a continuous rise in COVID-19 cases are expected to enlarge the global influenza vaccine market size during the forecast period.
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Initiatives By WHO, such as the Global Influenza Program- World Health Organization has collaborated with scientists and authorities on a global scale for more than 50 years to develop influenza vaccines. In February and September, it holds expert consultations to determine which viruses should be included in the seasonal influenza vaccine.
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Increasing Research and Development Initiatives by the Government - The World Bank reports that there were 1,597 researchers per million in 2018 compared to 14,12 researchers in 2015.
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Rising Prevalence of Chronic Diseases Worldwide Rising the Vaccines Demand- According to the Centers for Disease Control and Prevention, 2018, there were 51.8% of US adults with at least one chronic condition in 2018, and the percentage of people with multiple chronic conditions was 27.2%.
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Campaigns to Increase Awareness of Influenza Vaccines Among the People – For instance, in 2021, the Minister’s Department of Health and Aged Care of Australia announced the official launch of the National Flu Vaccination Program aiming to make the vaccine accessible to everyone. A total of 5 million Australian people has already been vaccinated against the flu for 2021.
Challenges
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Low Vaccination Awareness in Developing Countries
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Complex and Time-Consuming Process Involved in Vaccine Production- It takes 10-15 years for a single vaccine to develop into a safe, quality, and efficacy product. The development procedure includes vaccine research, clinical development, and regulatory requirements which take a long time. Also, the regulatory frameworks for clinical trials are different in various regions which takes time for the clearing process. All the factors are estimated to hinder market growth.
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High Cost Associated with the Vaccine
The global influenza vaccine market is segmented and analyzed for demand and supply by age group into paediatric and adult. Among these segments, the paediatric segment is anticipated to capture the largest market size in the global influenza vaccine market owing to the higher burden of flu among children aged below 5 years old. Centers for Disease Control and Prevention reports that in 2021 children younger than 5 years old were affected by 44% of flu cases. A total of 56% of deaths among children aged 5-17 were caused by the flu. Moreover, the increasing awareness among parents about safeguarding their children against infectious diseases, such as influenza coupled with children's weak immune systems is anticipated to augment segment growth during the forecast period.
Global Influenza Vaccine Market Regional Synopsis
The region influenza vaccine market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035. The rapid spread of the influenza A virus among the population, new product launches, and expansion of services for product distribution. As per the data by CDC, in 2022, the United States reported seven cases of human infections with novel variants of influenza A viruses. This included 3 H3N2v and 4 H1N2v viruses. Moreover, the development of innovative products and increasing initiatives towards influenza vaccination coupled with the advanced technological vaccine manufacturing process in North America is anticipated to drive the regional market in the coming years.
Market Segmentation
Our in-depth analysis of the global influenza vaccine market includes the following segments:
By Type |
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By Technology |
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By Age Group |
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By Route of Administration |
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By End User |
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Top Featured Companies Dominating the Global Influenza Vaccine Market
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BioDiem Ltd.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- SANOFI
- F. Hoffmann-La Roche Ltd
- GlaxoSmithKline plc
- Sinovac Biotech Ltd.
- Serum Institute of India Pvt. Ltd.
- Emergent BioSolutions Inc.
- CSL Limited
- Johnson & Johnson Services, Inc.
- Astellas Pharma Inc.