PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1159447
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1159447
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According to Stratistics MRC, the Global Influenza Vaccine Market is accounted for $8.11 billion in 2022 and is expected to reach $19.34 billion by 2028 growing at a CAGR of 15.58% during the forecast period. The influenza virus is what causes the contagious respiratory ailment known as influenza. Fever, coughing, soreness in the muscles and joints, headaches, and extreme exhaustion are all symptoms of influenza. Flu-related illness can range from mild to severe, and it can occasionally be fatal. For the purpose of preventing influenza infections, vaccinations are advised. The urgent need for an effective influenza vaccine is being driven by the swift global spread of influenza virus epidemics. The main driver fueling the market's expansion throughout the projection period is a strong product pipeline.
According to the Centers for Disease Control and Prevention in 2020, flu resulted in 9 million and 41 million illnesses with 140,000 to 710,000 hospitalizations. According to the World Health Organization (WHO), 2018, influenza cases related hospitalization ranges in 3-5 million cases for severe illness, whereas deaths related to influenza are about 290,000 to 650,000.
Rise with increasing government support for immunization
Government support and surveillance of influenza vaccination are increasing, which is driving the market expansion for influenza vaccines globally. The administration, distribution, and supply of influenza vaccines must be monitored on both a global and national scale through surveillance. However, a number of nations have various labelling standards along with lengthy deadlines. This makes the procedure of carrying out clinical trials on a worldwide scale even more complicated.
Difficulty in diagnosis
Because influenza's most obvious symptoms, such as aches, coughs, and fevers, are similar to many other common illnesses, diagnosing influenza can be challenging. There are numerous methods for figuring out whether a patient is infected with the flu or not. However, most patients do not seek an influenza diagnosis. The likelihood of false positive or false negative test results has an impact on the adoption rate. Although there are sophisticated diagnostic methods for the precise detection of influenza infection, the time it takes to receive the results of those tests can be several days. This delays diagnosis and eventually lowers the demand for the medication. All of these elements could limit the market's expansion for flu vaccines during the anticipated period.
The need for revaccination
The patient may need to be hospitalised with the potentially lethal illness of influenza. The best method of preventing influenza is vaccination because prevention is always preferable to treatment. To ensure optimal protection, vaccinations should be administered yearly prior to the start of flu season. Due to the antigenic drift of influenza viruses with time and the waning of vaccine-specific antibodies, this repeated dose is necessary. Additionally, the CDC advises getting the seasonal flu shot every year as the most effective strategy to lower your chance of contracting the illness. Therefore, revaccination aids in boosting vaccine sales which drives influenza vaccine market growth.
The market for influenza vaccinations is a difficult one for a number of reasons. Seasonal influenza vaccines need to be developed and delivered in a short period of time-six months-in addition to requiring yearly upgrades. Losses of revenue and market share may be the result of manufacturing delays and decreased output. In addition, the demand for seasonal influenza vaccines varies and is frequently unpredictable due to variables including the weather, the timing and length of the influenza season, the availability of the vaccine, and vaccination knowledge among the general public. Planning for manufacturing is challenging due to these issues. Even more unpredictably, the pandemic influenza vaccine industry relies nearly entirely on government stockpiles and supply agreements.
The coronavirus pandemic has an impact on the global routine immunisation programmes and campaigns run in developed and poor nations. However, during the pandemic, vaccination rates rose as a result of a number of factors, including pressure from health departments and the expansion of government programmes offering free flu shots. Another factor influencing the uptake of flu vaccines is the public's rising knowledge of the increased risk of contracting COVID19 if the flu weakens the immune system.
The inactivated segment is expected to be the largest during the forecast period
The inactivated segment is estimated to have a lucrative growth, due to the fact that inactivated vaccines are standardised based on the particular virus strain, there is an increase in demand for them in both developing and developed nations. This feature of the vaccines aids in reducing the flu in a shorter amount of time and reversing any beneficial effects. The rising demand and increased influenza prevalence are to
The hospital & retail pharmacies segment is expected to have the highest CAGR during the forecast period
The hospital & retail pharmacies segment is anticipated to witness the fastest CAGR growth during the forecast period, due to vaccination being commonly favoured and being done at smaller institutions, this leading position has developed. In the coming years, a high market value is anticipated in part due to the hospitals' enormous supply of vaccines.
Region with highest share:
North America is projected to hold the largest market share during the forecast period owing to the presence of major players in the area is responsible for the region's dominance in the market. Additionally, improvements in vaccine delivery, a greater focus on immunisation programmes by the government, the creation of innovative vaccines, and an increase in seasonal influenza prevalence are all key revenue-generators in the influenza vaccine industry.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period, owing to rapid economic development, rising disposable income, government initiatives, and rising seasonal influenza incidence are some key factors that are likely to fuel revenue generation opportunities in the market. Government concentration is also increasing in Asian countries to improve healthcare facilities.
Key players in the market
Some of the key players profiled in the Influenza Vaccine Market include Csl Limited (Seqirus GmbH), Emergent Biosolutions, Astrazeneca Plc (Astrazeneca), Glaxosmithkline Plc, F. Hoffmann-La Roche Ltd., Biodiem, Merck & Co., Inc. (Merck Sharp & Dohme Corp.), Sanofi, Sinovac Biotech Ltd., Novartis Ag, Pfizer, Inc., Gamma Vaccines Pty Ltd., Seqirus, Moderna TX, Abbott.
In 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. This approval by Health Canada made children in the age group of 2 to 18 years eligible for these vaccines.
In September 2021, Sanofi acquired Translate Bio, a clinical-stage mRNA therapeutics company, for the development of new and seasonal vaccines for influenza.
In 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.
In January 2021, ModernaTX, Inc. announced that the company has planned to utilize mRNA technology to develop and manufacture influenza, HIV, and Nipah virus vaccines.
In February 2020, BioDiem announced the approval of Changchun BCHT Biotechnology Co (BCHT)'s LAIV vaccine by the Chinese National Medical Products Administration (NMPA).
In February 2020, Abbott launched a new inactivated quadrivalent vaccine for use in children below three years of age. This new launch expanded the company's established pharmaceutical portfolio and the spread of flu vaccines to a critical market such as India.
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