Influenza Vaccine Market Insightful Analysis: Trends, Competitor Dynamics, and Opportunities 2024-2032

Influenza Vaccine Market

Key Insights

The global influenza vaccine market is valued at USD 4.5 billion in 2021 and is projected to reach USD 11.3 billion by 2029, exhibiting a CAGR of 9.6% over the forecast period (2022-2032). The increasing burden of influenza, advancements in influenza vaccine technology, and government initiatives to improve vaccination rates are key factors driving market growth.

The increase in influenza cases around the world is expected to fuel the need for influenza vaccinations and fuel market expansion. For example, according to the February 2022 Global Flu data, there are an estimated 1 billion seasonal influenza infections worldwide each year, of which 3 to 5 million are considered severe. In addition, WHO data from December 2022 showed that influenza affects 5% to 15% of the European population each year. In a similar vein, a July 2021 Plos One Journal study reported that 5% to 10% of new influenza infections each year occur in adults, whereas 20% to 30% do so in youngsters. It is expected that during the course of the projection period, the widespread prevalence of influenza will drive market expansion.

Government programs to increase the capacity for producing influenza vaccines have been a major factor in the market's expansion. For example, the Australian government set aside more than $100 million in March 2022 to increase the supply of seasonal influenza vaccine for communities that are considered to be at-risk. Major healthcare companies are also devoting a great deal of time and money to the development of cutting-edge vaccination medicines. For instance, Seqirus made an investment in self-amplifying mRNA Next-generation influenza vaccine technology in August 2021, with the intention of starting clinical trials for influenza vaccinations against pandemics as well as seasonal illnesses.

However, the high expenses of research & development and the protracted period needed for vaccine release could hinder the growth of the influenza vaccine market.

Influenza Vaccine Trends

• Growing demand for high-efficacy and tailored influenza vaccines
• Increasing use of mRNA technology in influenza vaccine development
• Expansion of vaccination programs in developing countries

Driving Forces: What's Propelling the Influenza Vaccine Market

• Rising prevalence of influenza infections
• Health benefits associated with influenza vaccination, including reduced hospitalizations and mortality rates
• Growing awareness about the importance of influenza prevention
• Technological advancements and innovations in vaccine manufacturing

Challenges and Restraints in Influenza Vaccine Market

• Concerns about vaccine safety and efficacy
• Influenza virus variability and the need for regular vaccine updates
• Vaccine hesitancy among certain populations
• Limited access to vaccines in some regions

Emerging Trends in Influenza Vaccine

• Development of universal influenza vaccines
• Use of novel adjuvants to enhance vaccine efficacy
• Personalized vaccine approaches tailored to individual risk factors

Growth Catalysts in Influenza Vaccine Industry

• Government initiatives and campaigns promoting influenza vaccination
• Collaboration between industry players and research institutions
• Investments in R&D for improved vaccine technologies

Market Segmentation: Influenza Vaccine Analysis

Type:

• Inactivated
• Live attenuated

Valency:

• Quadrivalent
• Trivalent

Age Group:

• Pediatric
• Adults

Distribution Channel:

• Hospital & Retail Pharmacies
• Government Suppliers
• Others

Leading Players in the Influenza Vaccine Market

• GlaxoSmithKline plc (U.K.) 
• Sanofi (France) 
• AstraZeneca (U.K.) 
• CSL Limited (Australia) 
• BIKEN Co., Ltd. (Japan)
• Abbott (U.S.) 
• SINOVAC (China) 
• Viatris Inc. (U.S.) 

Significant developments in Influenza Vaccine Sector

• October 2023: Moderna Inc. announced the results of its m-RNA-based vaccine for both influenza and COVID-19.
• May 2023: GSK, in collaboration with CureVac, initiated the phase I/II influenza trial for their mRNA-based vaccine.
• September 2022: Pfizer Inc. initiated the phase 3 clinical study for mRNA-based influenza vaccine.
• March 2022: Seqirus announced the approval of Flucelvax quadrivalent, a cell-based influenza vaccine for individuals in the age group of two years and older.
• September 2021: Sanofi acquired Translate Bio, a clinical-stage mRNA therapeutics company, for the development of new and seasonal vaccines for influenza.
• February 2021: GlaxoSmithKline plc expanded a pre-existing collaboration with Vir Biotechnology with an aim to develop monoclonal antibodies for the prevention and treatment of influenza.
• January 2021: ModernaTX, Inc. announced the company’s plans to utilize mRNA technology to develop and manufacture influenza, HIV, and Nipah virus vaccines.

Comprehensive Coverage Influenza Vaccine Market Report

This report provides a comprehensive analysis of the global influenza vaccine market, including market size, trends, growth drivers, challenges, segmentation, competitive landscape, and industry developments. It offers insights into the latest market trends and future growth prospects, helping businesses make informed decisions.

Regional Insight

The market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Asia-Pacific is expected to hold the largest market share during the forecast period due to the high incidence of influenza infections, rising awareness about vaccination, and government initiatives to improve immunization rates.