The global influenza vaccine market is poised for significant growth, driven by increasing awareness of the importance of vaccination, rising prevalence of influenza, and strong governmental support. The market size is expected to expand from USD 48.4 billion in 2022 to around USD 104 billion by 2032, reflecting a compound annual growth rate (CAGR) of 8.2% during the forecast period from 2023 to 2032.
Key growth factors include heightened public awareness and education about the benefits of influenza vaccination, particularly in preventing serious illness and reducing healthcare burdens. Government initiatives worldwide, such as mass vaccination campaigns and public health programs, are further accelerating market growth. Additionally, the aging global population and the increased vulnerability of older adults to influenza complications are boosting demand for vaccines.
However, the market also faces challenges, such as the high cost of vaccine development and distribution, and logistical issues in reaching remote and underserved populations. Moreover, the variability of influenza strains and the need for annual vaccine updates add complexity to the market.
Recent developments in the market include technological advancements in vaccine production and the introduction of new vaccine types. For instance, in February 2023, SK Bioscience invested USD 261 million to build a Global Research & Process Development Center for vaccine R&D. Furthermore, the launch of needle-free nasal influenza vaccines and the expansion of quadrivalent vaccine offerings are expected to drive market growth.
Key Takeaways
- The global influenza vaccine market is projected to reach USD 13.9 billion by 2033, up from USD 6.7 billion in 2023, with a CAGR of 7.6%.
- Inactivated vaccines dominate the market with a 92.9% share, while live attenuated vaccines face growth challenges due to patient restrictions.
- Quadrivalent vaccines hold the highest revenue share at 58.2% due to their effectiveness, accessibility, and cost-efficiency, outpacing trivalent vaccines.
- Adults account for 78.4% of the market, driven by immunization efforts and the growing elderly population, while the pediatric segment grows with infant vaccinations.
- Injection remains the dominant administration method, holding a 60.7% share due to the variety of intramuscular vaccines available.
- Nasal spray vaccines are projected to grow due to their ease of self-administration, offering an alternative to injections.
- Hospitals and retail pharmacies represent 37.4% of the market, benefiting from numerous vaccination initiatives and influenza-related hospitalizations.
- North America leads the market with a 53.9% revenue share, followed by Europe, with strong market presence.
- The Asia-Pacific region is anticipated to experience the fastest expansion, driven by strong government support and widespread awareness campaigns.
- Notable developments in the market include vaccine approvals, partnerships, and acquisitions by major pharmaceutical companies.
- 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, enhancing the report’s applicability to various client requirements.
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Influenza Vaccine Market Key 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
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)
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Key Players Analysis
Sanofi S.A. is a leading player in the influenza vaccine market, particularly known for its high-dose flu vaccines. The company produces several vaccines, including Fluzone High-Dose Quadrivalent, which is specifically designed for older adults aged 65 and above. This vaccine offers superior protection against influenza compared to standard-dose vaccines, reducing flu-related hospitalizations and complications. Sanofi’s manufacturing capabilities are expanding with a new plant in Pennsylvania, aiming to meet the growing global demand for flu vaccines. Sanofi distributed over 250 million flu vaccine doses last year, emphasizing its significant market presence.
AstraZeneca plc is prominent in the influenza vaccine sector with its FluMist Quadrivalent, a nasal spray vaccine. FluMist is unique because it is a live attenuated influenza vaccine (LAIV) administered through the nasal route, making it a preferred choice for children and individuals who prefer non-injection methods. It targets four flu strains and is approved for use in individuals aged 2 to 49 years. Despite some supply challenges, FluMist continues to play a crucial role in AstraZeneca’s vaccine portfolio, offering a needle-free alternative for flu prevention.
CSL Limited, through its subsidiary CSL Seqirus, is a major player in the influenza vaccine market. The company produces several influenza vaccines, including Flucelvax Quadrivalent and Afluria Quadrivalent. Flucelvax is notable for being produced using cell culture technology, which offers advantages in scalability and virus strain matching. Afluria is another key product, available in both trivalent and quadrivalent formulations. CSL’s innovation in vaccine production and its comprehensive portfolio position it as a significant contributor to global influenza prevention efforts.
BIKEN Co Ltd. is a Japanese pharmaceutical company involved in the development and production of influenza vaccines. The company’s influenza vaccine offerings are primarily focused on the Japanese market. BIKEN’s commitment to high-quality vaccine production and its strategic partnerships help it maintain a strong presence in the regional flu vaccine market. Although not as globally dominant as some competitors, BIKEN’s expertise and market focus contribute to its importance in the influenza vaccine sector.
GlaxoSmithKline plc (GSK) is a major player in the influenza vaccine market, offering products such as Fluarix Quadrivalent and FluLaval Quadrivalent. These vaccines are designed to protect against four flu strains and are widely used globally. GSK emphasizes rigorous clinical trials and regulatory compliance to ensure the safety and efficacy of its vaccines. The company’s extensive distribution network and strong market presence make it a key contributor to influenza prevention worldwide. GSK’s continuous innovation and market reach reinforce its leadership in the flu vaccine sector.
Influenza Vaccine 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
Influenza Vaccine Market Report Scope >> Market Value (2023): USD 6.7 Billion || Forecast Revenue (2033): USD 13.9 Billion || CAGR (2024-2033): 7.6% || Base Year Estimation: 2023 || Historic Period: 2019-2022 || Forecast Period: 2024-2033.
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