Influenza is a contagious respiratory infection caused due to influenza virus. Influenza is noticed by fever, cough, muscle and joint pain, headache, and severe weakness. Illness due to influenza varies from mild to severe, sometimes leading to death. According to the World Health Organization (WHO), 2018, influenza cases related hospitalization ranges from 3-5 million cases for severe illness, whereas deaths related to influenza are about 290,000 to 650,000. Vaccines are adviced for the prevention of influenza infections. The rapid spread of influenza virus epidemics worldwide propels demands for developing an efficient influenza vaccine. A strong product pipeline is a key factor driving the market's growth during the forecast period.
The influenza vaccines market is analyzed on the basis of vaccine type, virus type, technology, route of administration, target group, and geography. By geography, the market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The influenza vaccines market report offers insights and in-depth analysis of the market, emphasizing market trends, technological advancements, market dynamics, and the competitive analysis of the leading market players.
Market players and governments worldwide are increasing their investments in vaccine development and immunization. For instance, In March 2021, Sanofi announced an approximately US$ 925 million investments in a new vaccine manufacturing plant at its pre-existing site in Toronto and Canada. Investments in the new facility will provide additional antigen and filling capacity for Sanofi's FLUZONE high-dose quadrivalent influenza vaccines, increasing availability in Canada, the US, and Europe in the years to come.
Thus, the increase in investment by top market players and governments across the globe is bolstering the influenza vaccines market.
Based on vaccine type, the global influenza vaccines market is segmented into quadrivalent vaccines and trivalent vaccines. The quadrivalent segment held a larger share of the market in 2021. The same segment is expected to grow faster over the forecast period. The increasing product approvals and rising product launches for market expansion are among the primary drivers of the quadrivalent vaccine segment growth.
Based on virus type, the global influenza vaccines market is segmented into influenza virus type A and influenza virus type B. The influenza virus type A segment held a larger market share in 2021. The same is expected to grow faster over the forecast period due to the increasing prevalence of influenza type A. The market growth of the influenza virus type A segment is attributed to it being the most common form of influenza. It can infect animals, although illnesses associated with this type of flu are more common.
Product Approvals and Collaborations are highly adopted strategies by influenza vaccines market players. A few of the recent key market developments are listed below:
The COVID-19 pandemic is expected to boost the global influenza vaccines market growth, owing to the increasing demand for influenza vaccines during a pandemic. According to data published by the Centers for Disease Control and Prevention in November 2021, the overall influenza vaccine administration in the US increased by 9.0% from September to December 2020, with more doses administered to adolescents and adults than in September to December 2018 and 2019.
The global influenza vaccines market is analyzed on the basis of vaccine type, virus type, technology, route of administration, target group, and geography. Based on vaccine type, the market is segmented into quadrivalent vaccines and trivalent vaccines. Based on virus type, the market is segmented into influenza virus type A and influenza virus type B. Based on technology, the market is bifurcated into egg-based and cell-based. Based on route of administration, the market is segmented into injection and nasal spray. Based on target group, the market can be segmented into infants, children, adults, and elderly. By geography, the influenza vaccines market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.
Moderna, Inc.; SEQIRUS; Sanofi; GlaxoSmithKline plc; Hualan Biological Engineering Inc.; Emergent BioSolutions Inc.; Mitsubishi Chemical Group Corporation; Serum Institute of India Pvt. Ltd; Mylan N. V.; and AstraZeneca are the key companies operating in the influenza vaccines market. The companies are taking up product innovation strategies to meet the evolving customer demands globally, allowing them to maintain their brand name in the global influenza vaccines market
Report ScopeThe regional trends and factors influencing the Influenza Vaccines Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Influenza Vaccines Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 7.48 Billion |
| Market Size by 2028 | US$ 12.27 Billion |
| Global CAGR (2021 - 2028) | 7.4% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Vaccine Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Influenza Vaccines Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Influenza Vaccines Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The quadrivalent segment held the larger share of the market in the global influenza vaccines market contributing a market share of 88.36% in 2022.
The Asia Pacific is expected to be the fastest-growing region in the influenza vaccines market over the forecast period due to growing investments from international players in China and India, increasing disposable income, and influenza cases in these regions will show promising growth in the influenza vaccines market.
The influenza vaccines market is estimated to be valued at US$ 7,478.53 million in 2021.
The influenza vaccines market is expected to be valued at US$ 12,272.49 million in 2028.
The CAGR value of the influenza vaccines market during the forecasted period of 2022-2028 is 7.4%.
The influenza vaccines market majorly consists of the players, such as Moderna, Inc.; SEQIRUS; Sanofi; GlasoSmithKline plc; Hualan Biological Engineering Inc.; Emergent Biosolutions Inc.; Mitsubishi Chemical Group Corporation; Serum Institute of India Pvt. Ltd; Mylan N. V.; and AstraZeneca
The factors that are driving the growth of the influenza vaccines market are increase in government support to promote influenza vaccination and increasing investment by top market players and governments.
Influenza virus causes flu which is a contagious respiratory illness that infects nose, throat and lungs. It can mild or severe and sometimes may lead to death. Flu vaccination every year can help in preventing flu. However, this can be deadly, especially in high-risk groups. Aged population, pregnant women and people with one or more chronic disease or with weak immune systems are at high risk. Influenza vaccines/flu shots protect against the four influenza viruses’ subtypes that are most common. Most of the influenza vaccines are “flu shots†given with a needle, usually in the arm, but nasal spray flu vaccine are also available.