Global Influenza Vaccine Market By Type (Live Attenuated, Inactivated), By Valency (Quadrivalent, Trivalent), By Age Group (Pediatrics, Adults), By Route of Administration (Injection, Nasal Spray), By Distribution Channel (Hospital Pharmacy & Retail Pharmacy, Government Suppliers, Other Distribution Channels), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2024-2033
- Published date: Jan 2024
- Report ID: 57384
- Number of Pages: 272
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Report Overview
The Global Influenza Vaccine Market size is expected to be worth around USD 6.7 Billion by 2023 from USD 13.9 Billion in 2033, growing at a CAGR of 7.6% during the forecast period from 2024 to 2033.
Influenza vaccines are vaccines that protect against infection by influenza viruses. They are also called flu shots. The influenza virus travels through respiratory droplets, and it is communicable. It can also transmit from one individual to another while talking. This virus circulates constantly, affecting regional epidemics and outbreaks, which lead to thousands of deaths.
The increase in the dominance of seasonal influenza and rising recommendations for vaccination against the disease in estimated to upsurge the sales of vaccines. Increase in prevalence of flu, rise in awareness and increase in geriatric population to promote vaccination. Major Key players are focusing on research and development of inventive influenza vaccines.
key Takeaways
- The global influenza vaccine market is projected to reach USD 13.9 billion by 2033 from USD 6.7 billion in 2023, with a CAGR of 7.6% over the forecast period from 2024 to 2033.
- Inactivated vaccines dominate the market (92.9% market share), with the live attenuated vaccine segment growing at a slower rate due to industry challenges and specific patient restrictions.
- Quadrivalent vaccines exhibit the highest revenue share 58.2% due to their effectiveness, accessibility, and cost-effectiveness, while trivalent vaccines lag behind.
- By Age Group, Adults account for a substantial share (78.4%) of the market, driven by immunization efforts and a growing geriatric population. The pediatric segment is expected to grow due to increased vaccination for infants.
- Administration Methods, Injection is the dominant route of administration and holds a 60.7% share due to a wide range of intramuscular vaccines. Nasal spray vaccines are projected to grow as they offer ease of self-administration.
- By Distribution Channels, Hospitals and retail pharmacies hold 37.4% market share, followed by government suppliers. The high number of vaccination initiatives and hospitalizations for influenza contributes to the growth of this segment.
- North America leads the market with a 53.9% revenue share, followed by Europe.
- The Asia-Pacific region is anticipated to experience the swiftest expansion, primarily due to strong government backing and widespread awareness campaigns.
- Notable developments include vaccine approvals, partnerships, and acquisitions by major pharmaceutical companies in the influenza vaccine market.
- The report covers market value, forecasts, historical and forecast periods, segments, regional analysis, competitive landscape, and recent developments. Customization options are available for specific needs.
Type Analysis
Inactivated Segment to Witness Significant Growth
Based on type, the global influenza vaccine market is segmented into live attenuated and inactivated. The inactivated vaccine segment accounted for the largest market share of 92.9% in 2023 and is estimated to extend at a significant rate during the forecast period. This is due to the increase in the requirement for efficient vaccines, the maximum prevalence of diseases, and a huge quantity of manufacturers leading to high segmental growth.
Furthermore, the inactivated vaccine given to children in the age group of 6-35 months performed a suitable antibody response. The growing requirement, combined with the high dominance of influenza, is responsible for the highest CAGR of the segment. Despite the long interval after the primary vaccination, it decreases the possibility of emerging influenza A & B infection.
Instead, the live attenuated vaccine segment is anticipated to grow at a slower rate owing to several oppositions faced by industries in vaccine development and adoption. Also, live attenuated vaccine is not suggested for some patients, such as individuals with asthma and pregnant women.
Valency Analysis
Increasing Efficiency of Quadrivalent Vaccines to Show the Maximum CAGR
Based on valency, the global influenza vaccine market is divided into quadrivalent and trivalent. Among these, the quadrivalent segment dominated and held a 58.2% market share in 2023 with the fastest CAGR of 7.11% during the forecast period. Owing to the high efficiency against viral infections, easy availability of hospitals and clinics, and cost–effectiveness.
Additionally, the higher precedence for quadrivalent vaccines by medical specialists is also anticipated to support segmental growth. For example, according to a survey conducted in June 2022, physicians and pharmacies recommended vaccines such as Fluzone-high-dose quadrivalent for people above 65 years. Furthermore, the increase in product approvals has propelled the uptake of this segment.
Age Group Analysis
The adult segment has Dominated the Significant Growth of the Market
Based on the age group, the global influenza vaccine market is classified into adults and pediatrics. Among these, the adult segment held a major revenue share of 78.4% in 2023 due to advantageous efforts to raise immunization and high vaccine dosage obtained by PAHO, UNICEF, and GAVI. Moreover, the immunization coverage facility further led to an increase in the geriatric population. Additionally, vaccination for adults has become crucial to decrease the hospitalizations and deaths caused by influenza.
The pediatric segment is anticipated to exhibit a lucrative growth rate due to the high number of vaccinations provided to newborns and infants for managing influenza disease. The WHO and other regulatory bodies have applied immunization policies such as the facility of vaccines at a primary age as well as to every child worldwide.
Route of Administration Analysis
The Injection Segment Dominated the Significant Market Growth of the Influenza Vaccine Market
On the basis of the route of administration, the global influenza vaccine market is classified into injection and nasal spray. In 2023, The injection segment accounted for the leading market revenue share up to 60.7% during the forecast period. Due to the prominent growth of the segment large number of intramuscular vaccine candidates are accessible in the market. Furthermore, the accessibility of a strong range of injectable product groups combined with recent product adoption provides segment development.
The nasal spray segment is projected to be the fastest developing segment owing to the rising approval of nasal spray. Vaccines’ effortlessness of self-administration, homecare settings, and capability of nasal spray to make systemic immunity. Additionally, the ongoing struggles of researchers to examine more prospects in the nasal spray vaccine are likely to contribute to segmental growth.
Distribution Channel Analysis
Hospital & Retail Pharmacies Segment Accounted for Lucrative Growth in the Market
Based on the distribution channels, the global influenza vaccine market is divided into hospitals & retail Pharmacies, government suppliers, and others. In 2023, The Hospitals and retail pharmacy segment dominates market growth and holds 37.4% market share.
Factors such as a huge number of hospitals and pharmacies offering influenza vaccinations combined with the fact that the huge vaccination initiatives are led at smaller institutions. Furthermore, the high cases of influenza leading to higher hospital admissions are also projected to fuel segment growth.
On the other hand, the government suppliers segment is anticipated to hold a significant share as governmental administrations, through vaccination programs, benefit immunized individuals across the world. Furthermore, a large quantity of vaccine supply from hospitals is estimated to generate lucrative growth opportunities for the segment.
Key Market Segments
By Type
- Live Attenuated
- Inactivated
By Valency
- Quadrivalent
- Trivalent
By Age Group
- Pediatrics
- Adults
By Route of Administration
- Injection
- Nasal Spray
By Distribution Channel
- Hospital Pharmacy & Retail Pharmacy
- Government Suppliers
- Other Distribution Channels
Drivers
Approval of Influenza Vaccines Owing to Rising Government Provision for Immunization
Increasing government aid and effort on influenza vaccination the important factors inducing the whole market. Observing influenza vaccine accessibility, delivery, and distribution requires international and national surveillance. In partnership with another government, the (WHO) World Health Organization continuously monitors the requirement and shows immunization programs worldwide to reduce the vaccine demand.
Administrations for instance, WHO’s Global Influenza Surveillance and Centers for Disease Control and Prevention, and the health ministers of numerous countries are assisting in keeping approaches to chronic disease. Coupled with this, corresponding to various published news and articles, Asian regions have established to spread primary influenza vaccination events, maintaining the decrease of Influenza & COVID-19 cases concurrently.
Strong Research & Development contributions with a robust pipeline of applicants to Boost Market Growth
The rising R & D investments by key players, such as Sanofi S.A., GlaxoSmithKline plc, and CSL Limited, for increasing abilities and concentrating on introducing novel vaccines responsible for driving the market growth.
Restraints
Extensive Timeline for Vaccine Production Hamper Market Growth
Conforming the efficiency, safety, and quality of new vaccines is a vast method that typically takes around 10-15 years to complete. Difficulties in vaccine research, regulatory development, and clinical development are the main causes of the extended timelines. There are significant regional differences in the world in the regulatory frameworks for clinical trials. Hence, this might cause delays in the creation of novel vaccinations.
Furthermore, data from different regions is frequently requested for regulatory approval. Therefore, various countries have different labeling requirements combined with stretched timelines, which enhances more difficulty in the process of conducting clinical trials. Hence, the influence of strict regulatory demand of clinical trials is estimated to hinder product development.
Opportunity
The Increasing Government Support is the Significant Opportunity for Propelling Market Growth
The rising government initiatives supporting influenza vaccination is one of the main opportunity for fueling the global market. Considerable influenza vaccines in emerging countries produce significant growth opportunities for the global influenza vaccine market. The development facilities m novel vaccine developments, and advanced research by the companies are fueling the requirement for safe and effective influenza vaccines.
Trends
Addition of Advanced and Effective Vaccines in Immunization Programs to Benefits Growth
The increasing dominance of influenza disorders globally has initiated the utilization of various strategies by several governments to drive the approval of influenza vaccines in their particular countries. Currently, more consciousness among the population regarding infectious diseases has initiated the application of vaccines through immunization events for the prevention of influenza vaccines. Emerging regions have reviewed their immunization events and comprised compulsory influenza vaccination in the yearly program for all generations.
Regional Analysis
North American region Accounted Significant Revenue Share of the Global Influenza Vaccine Market
North America accounted for a significant influenza vaccine market revenue share of 53%. Owing to the rapid launch of effective products along with technically advanced vaccine production facilities around the region. Additionally, the rising dominance of influenza infection in Canada and the U.S. and the increasing sales of influenza vaccines in the region are also anticipated to propel the market growth.
Europe held the second prominent position in the global market. This is attributable to the extension of vaccination coverage for high-risk individuals prominent to greater immunization extents among the European population.
Asia-Pacific is anticipated to register at the fastest CAGR during the forecast period. The growing government advantages to offer vaccines and create awareness about influenza are estimated to drive market growth through the region. Latin America and, Middle East & Africa regions anticipated to account for significant growth throughout the forecast period due to rising government efforts to get everybody vaccinated, thereby propelling the market growth.
Key Regions
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Key Players Analysis
Strong Product Portfolio of Key Players to Dominated the Market Growth
The company focuses on launching novel manufacturing facilities and expanding its geographic effects. Sanofi, the prominent biopharmaceutical company, accounted for the influenza vaccine market share. Some of the prominent key players in the market include GlaxoSmithKline plc, AstraZeneca, Abbott, and others have their products marketed worldwide.
Market Key Players
- Sanofi S.A.
- AstraZeneca plc
- CSL Limited
- BIKEN Co, Ltd.
- GlaxoSmithKline plc
- Abbott
- Sinovac Biotech Ltd.
- Viatris Inc.
- Merck & Co, Inc.
- EMERGEX VACCINES
- Pfizer Inc.
- Novartis AG
- Merck & Co., Inc.
- Johnson & Johnson
- Novavax, Inc.
- Hoffmann –La Roche Ltd
- Baxter International Inc.
- Flugen Inc.
- Vaxart Inc.
- Altimmune Inc.
- Shijiazhuang Yiling Pharmaceutical Co, Ltd
- BiondVax Pharmaceuticals Ltd.
- Daiichi Sankyo Company
- Other Key Players
Recent Development
- In January 2024, Novavax initiated a Phase 3 clinical trial for its NVX-102 Universal Influenza Vaccine Candidate. Targeting a conserved region of the influenza virus, the vaccine aspires to confer protection against a wide array of influenza strains, including those currently not in circulation. The successful completion of this trial holds the potential to be a groundbreaking achievement in the field of influenza vaccine development, paving the way for a universal vaccine that transcends the limitations of strain-specific formulations.
- In December 2023, AstraZeneca and Seqirus unveiled a collaborative initiative focused on advancing next-generation influenza vaccines. Capitalizing on AstraZeneca’s proficiency in antibody discovery and Seqirus’ extensive knowledge of influenza vaccines, the collaboration aims to create vaccines with broad-spectrum protection against diverse influenza strains. This joint venture underscores a substantial commitment to innovation within the influenza vaccine landscape, positioning both companies at the forefront of future advancements in this critical healthcare segment.
- In October 2023, Sanofi Pasteur achieved regulatory approval in the European Union for its Quadrivalent FLUONE High-Dose Influenza Vaccine, specifically designed for individuals aged 65 and older. This innovative vaccine, characterized by an elevated antigen dose compared to standard formulations, addresses the heightened susceptibility of older adults to influenza-related complications. Sanofi’s strategic move into this market segment reflects a noteworthy development, signaling increased market presence and potential revenue growth in the influenza vaccine domain.
Report Scope
Report Features Description Market Value (2023) US$ 6.7 Bn Forecast Revenue (2033) US$ 13.9 Bn CAGR (2024-2033) 7.6% Base Year for Estimation 2023 Historic Period 2018-2022 Forecast Period 2024-2033 Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments Segments Covered By Type-Inactivated and Live Attenuated; By Valency-Quadrivalent and Trivalent; By Age Group- Adults and Pediatrics; By- Route of Administration- Injection and Nasal Spray; By Distribution Channel-Hospitals & Retail Pharmacy, Government Suppliers, and Other Distribution Channels Regional Analysis North America – The US, Canada, & Mexico; Western Europe – Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, & Rest of Western Europe; Eastern Europe – Russia, Poland, The Czech Republic, Greece, & Rest of Eastern Europe; APAC – China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, & Rest of APAC; Latin America – Brazil, Colombia, Chile, Argentina, Costa Rica, & Rest of Latin America; The Middle East & Africa – Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, & Rest of MEA Competitive Landscape Sanofi S.A., AstraZeneca plc, CSL Limited, BIKEN Co, Ltd. GlaxoSmithKline plc, Abbott, Sinovac Biotech Ltd. Viatris Inc. Merck & Co, Inc., EMERGEX VACCINES, Other Key Players Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three licenses to opt for: Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF) Frequently Asked Questions (FAQ)
What is the size of the Influenza Vaccine market in 2023?The Influenza Vaccine market size is USD 6.7 billion in 2023.
What is the projected CAGR at which the Influenza Vaccine market is expected to grow at?The Influenza Vaccine market is expected to grow at a CAGR of 7.6% (2024-2033).
List the segments encompassed in this report on the Influenza Vaccine market?Market.US has segmented the Influenza Vaccine market by geographic (North America, Europe, APAC, South America, and Middle East and Africa). By Type the market has been segmented into Live Attenuated, Inactivated. By Valency the market has been segmented into Quadrivalent, Trivalent. By Age Group the market has been segmented into Pediatrics, Adults. By Route of Administration the market has been segmented into Injection, Nasal Spray. By Distribution Channel the market has been segmented into Hospital Pharmacy & Retail Pharmacy, Government Suppliers, Other Distribution Channels.
List the key industry players of the Influenza Vaccine market?Sanofi S.A., AstraZeneca plc, CSL Limited, BIKEN Co, Ltd., GlaxoSmithKline plc, Abbott, Sinovac Biotech Ltd., Viatris Inc., Merck & Co, Inc., EMERGEX VACCINES, Pfizer Inc., Novartis AG, Merck & Co., Inc., Johnson & Johnson, Novavax, Inc., Hoffmann –La Roche Ltd, Baxter International Inc., Flugen Inc., Vaxart Inc., Altimmune Inc., Shijiazhuang Yiling Pharmaceutical Co, Ltd, BiondVax Pharmaceuticals Ltd., Daiichi Sankyo Company, Other Key Players
Which region is more appealing for vendors employed in the Influenza Vaccine market?North America is expected to account for the highest revenue share of 53.9% and boasting an impressive market value of USD 3.6 billion. Therefore, the Influenza Vaccine industry in North America is expected to garner significant business opportunities over the forecast period.
Name the key areas of business for Influenza Vaccine?The US, Canada, India, China, UK, Japan, & Germany are key areas of operation for the Influenza Vaccine Market.
- Sanofi S.A.
- AstraZeneca Plc Company Profile
- CSL Limited
- BIKEN Co, Ltd.
- GlaxoSmithKline plc
- Abbott Laboratories
- Sinovac Biotech Ltd.
- Viatris Inc.
- Merck & Co, Inc.
- EMERGEX VACCINES
- Pfizer Inc Company Profile
- Novartis AG Company Profile
- Merck & Co., Inc.
- Johnson & Johnson
- Novavax, Inc.
- Hoffmann –La Roche Ltd
- Baxter International Inc.
- Flugen Inc.
- Vaxart Inc.
- Altimmune Inc.
- Shijiazhuang Yiling Pharmaceutical Co, Ltd
- BiondVax Pharmaceuticals Ltd.
- Daiichi Sankyo Company
- Other Key Players
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