What is the global market size of Influenza Vaccine Market?

Global Influenza Vaccine Market size was valued at USD 6.81 billion in 2021 and is poised to grow from USD 7.28 billion in 2022 to USD 12.37 billion by 2030, growing at a CAGR of 6.83% in the forecast period (2023-2030).

Global Influenza Vaccine Market Size, Share, Growth Analysis, By Type(Inactivated, Live Attenuated), By Valency(Quadrivalent, Trivalent), By Age Group(Pediatric, Adults), By Distribution Channel(Hospital & Retail Pharmacies, Government) - Industry Forecast 2024-2031

Report ID: SQMIG35B2144 | Region: Global | Published Date: February, 2024
Pages: 200 | Tables: 114 | Figures: 77

Global Influenza Vaccine Market Insights

Global Influenza Vaccine Market size was valued at USD 6.81 billion in 2019 and is poised to grow from USD 7.28 billion in 2023 to USD 12.37 billion by 2031, growing at a CAGR of 6.83% in the forecast period (2024-2031).

The influenza virus circulates continue indefinitely, causing regional epidemics and outbreaks that have resulted in thousands of deaths. For instance, according to data from the Centers for Disease Control and Prevention (CDC), more than 13 million flu cases have been recorded in the 2019-20 timeframe. The changing nature of the virus necessitates an annual change in the vaccine strain to match the influenza virus strain around the world. During the forecasted period, the increasing prevalence of influenza epidemics and seasonal outbreaks is expected to boost product sales.

In the current market scenario, there are numerous licensed seasonal influenza vaccines recommended by the World Health Organization (WHO), Centers for Disease Control and Prevention (CDC), and other governmental organizations to help fight the disease. Governments have focused on encouraging people to get vaccinated as soon as possible to provide the best possible protection during flu season. Furthermore, pharmaceutical companies are constantly confronted with new challenges in developing a suitable vaccine against a specific strain. As a result, rising demand for effective flu vaccines is expected to drive the global market.

US Influenza Vaccine Market is poised to grow at a sustainable CAGR for the next forecast year.

Global Influenza Vaccine Market Report Snapshots

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Companies are trying to expand their product pipelines by submitting new molecule applications or expanding the application of current molecules. Other strategies, including as mergers and acquisitions, industry-academia partnership to commercialize more marketed molecules, or sequencing approaches, will also have an impact on current market trends. The research also outlines company-specific product development strategies, market consolidation initiatives, and analyses of their individual strengths, weaknesses, opportunities, and threats. 'Sanofi Pasteur', 'GlaxoSmithKline', 'Seqirus (a division of CSL Limited)', 'AstraZeneca', 'Pfizer', 'Merck & Co.', 'Johnson & Johnson', 'Novartis', 'Serum Institute of India', 'Daiichi Sankyo Company, Limited', 'Mitsubishi Tanabe Pharma Corporation', 'Sinovac Biotech Ltd.', 'Abbott Laboratories', 'Bavarian Nordic A/S', 'Hualan Biological Engineering Inc.', 'BiondVax Pharmaceuticals Ltd.', 'Medicago Inc.', 'Altimmune Inc.', 'Vaxart Inc.', 'Moderna Inc.'

The increasing government support and surveillance for influenza vaccination is one of the critical and significant factors driving the global market. Surveillance at the national and global levels is required to monitor the supply, distribution, and administration of flu vaccines. WHO, in collaboration with other governments, constantly monitors demand and conducts immunization programmes around the world to reduce the vaccine's requirement in the region. For instance, in year 2021, the Australia government has already vaccinated approximately 5 million people through this immunization programme, and more than 20 million vaccines are still available.

The coronavirus pandemic had an unforeseen impact on routine immunization programmes and campaigns in both developing and developed countries. However, flu vaccination rates have increased significantly during the pandemic due to factors such as increased pressure from health experts/health departments, as well as the extension/expansion of various government programmes that provide free flu vaccination.

In 2021, North America dominated the influenza vaccine market and is anticipated to maintain its dominance throughout the forecast period. Rapid product launches, combined with technologically advanced vaccine manufacturing systems across the region, are expected to drive market growth in the region. Furthermore, rising influenza prevalence and high vaccine sales are expected to fuel market growth in North America. Furthermore, rising government funding, the presence of strong key players, and sophisticated vaccination centres and hospitals will all contribute to the market's stellar growth.

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Global Influenza Vaccine Market Size, Share, Growth Analysis, By Type(Inactivated, Live Attenuated), By Valency(Quadrivalent, Trivalent), By Age Group(Pediatric, Adults), By Distribution Channel(Hospital & Retail Pharmacies, Government) - Industry Forecast 2024-2031

Global Influenza Vaccine Market Insights

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