Global Influenza Vaccine Market Share, Price, Trends, Growth, Analysis, Key Players, Outlook, Report, Forecast 2023-2031
According to the report by Expert Market Research (EMR), the Global Influenza Vaccine Market Size reached a value of approximately USD 5.9 billion in 2022. Aided by the increasing awareness of preventative healthcare and the escalating demand for influenza vaccines worldwide, the market is projected to further grow at a CAGR of 7.3% between 2023 and 2031 to reach a value of USD 11.1 billion by 2031.
Influenza vaccines, also known as flu shots, are vaccines that protect against influenza viruses. They are commonly used in various demographic groups, including children, adults, and seniors. Influenza vaccines play a crucial role in preventing flu-related complications, reducing the severity of the illness, and protecting public health. Apart from their preventive role, these vaccines have been identified for their indirect benefits, such as reducing antibiotic usage and lowering the risk of related health complications.
The rising global consciousness towards preventative healthcare has significantly fuelled the influenza vaccine market growth. With an increasing understanding of the health risks associated with influenza, there has been a notable shift towards immunisation, leading to a surge in demand for influenza vaccines. Moreover, the ongoing trend of annual flu vaccination, particularly in developed nations, has further contributed to the market’s expansion.
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The expanding applications of influenza vaccines in public health programs also contribute substantially to the influenza vaccine market expansion. Governments and health organisations worldwide have implemented comprehensive immunisation strategies, with the influenza vaccine being a central element. For instance, many nations provide free flu shots to vulnerable populations such as the elderly, children, and individuals with chronic health conditions.
The Food and Drug Administration (FDA) of the United States and the European Commission, among other government agencies, are increasingly approving efficient influenza vaccinations. This in turn is improving healthcare quality and preventing the spread of the disease, which is propelling the influenza vaccine market expansion. The market is also expanding as a result of the rising need for novel zoonotic influenza vaccines that can stop the possible transmission of influenza among animals.
In the pharmaceutical industry, technological advancements in vaccine development have led to the emergence of quadrivalent and cell-based vaccines, offering better protection against influenza. Furthermore, extensive research and development activities focusing on universal flu vaccine are anticipated to provide significant growth opportunities in the future. Additionally, the global impact of the COVID-19 pandemic has heightened awareness of respiratory diseases and the importance of vaccination, indirectly promoting the influenza vaccine market development.
Market Segmentation
The market can be divided based on vaccine type, technology, age group, route of administration, distribution channel, and region.
Market Breakup by Vaccine Type
- Quadrivalent
- Trivalent
Market Breakup by Technology
- Egg Based
- Cell Based
Market Breakup by Age Group
- Paediatric
- Adult
Market Breakup by Route of Administration
- Injection
- Nasal Spray
Market Breakup by Distribution Channel
- Hospital Pharmacy
- Government and Institution Supply
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global influenza vaccine companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- AstraZeneca plc
- Biodiem Limited
- CSL Limited
- Emergent BioSolutions Inc.
- Hoffmann-La Roche AG
- Gamma Vaccines Pty Ltd
- GlaxoSmithKline Plc.
- Merck and Co., Inc.
- Pfizer Inc.
- Sanofi S.A.
- Others
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