Influenza Vaccine Market Trends

  • Report ID: 153
  • Published Date: Feb 14, 2023
  • Report Format: PDF, PPT

Influenza Vaccine Market Trends

Growth Drivers

  • 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 market size during the forecast period.
  • 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.
  • 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. 
  • 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%.
  • 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

  • Low Vaccination Awareness in Developing Countries 
  • 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.
  • High Cost Associated with the Vaccine

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

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of Middle East and Africa)
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Author Credits:  Radhika Pawar


  • Report ID: 153
  • Published Date: Feb 14, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Rapid spread of influenza virus, rising COVID-19 cases, increasing healthcare spending along with incidence of chronic diseases among people are the major factors driving the growth of the influenza vaccine market.

The market is anticipated to attain a CAGR of 7 over the forecast period, i.e., 2023-2035.

Low vaccination awareness in developing countries and complex process in development of vaccines are the challenges affecting the market growth

The market in the North America region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

The major players in the market are Gamma Vaccines Pty Ltd, GlaxoSmithKline plc, Sanofi-aventis Groupe, Sinovac Biotech Ltd., Serum Institute of India Pvt. Ltd., Emergent BioSolutions Inc., CSL Limited, Johnson & Johnson Services, Inc. and others.

The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by type, technology, age group, route of administration, end user, and by region.

The pediatric segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
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