Influenza Vaccine Market Expected to Reach $10,127.0 Million by 2030

According to a new report published by Allied Market Research, titled, “Global Influenza Vaccine Market by Vaccine Type, Type, Technology, Age Group, and Route of Administration: Global Opportunity Analysis and Industry Forecast, 2021–2030" the global influenza vaccine market was valued at $5024.60 million in 2020, and is projected to reach $10,127.0 million by 2030, registering a CAGR of 7.20% from 2021 to 2030.

Influenza is an acute respiratory infection caused by influenza viruses leading to illness that affects humans and animals. These viruses are genetically dynamic and evolve unpredictively each year on seasonal basis. Thus, seasonal influenza epidemics are caused by newer strains that are antigenically different from the previous circulating strains. The changes in the genetics of the influenza virus strains further results in the development of new vaccines yearly.

Factors that boost the growth of the influenza vaccine market include increase in government support and surveillance regarding vaccination against influenza on the national and global levels to monitor the supply, distribution, and administration of flu vaccines. Moreover, rise in investment by leading market players across the globe and surge in government funding which has facilitated the launch of therapeutically effective vaccines drive the market growth.

Key factors that challenge the growth of influenza vaccine market include process that generally takes about 10-15 years to develop and establish its safety and efficacy of influenza vaccine in the market. Regulatory requirements for clinical trials vary in countries, which may delay development of vaccines. This in turn limits the growth of the market.

The COVID-19 outbreak is anticipated to have a positive impact on growth of the global influenza vaccine market. The COVID-19 pandemic has stressed the healthcare systems in the world. The number of populations effected with COVID-19 virus increases, surge the demand for influenza vaccine. The influenza vaccine will not prevent COVID-19, but will decrease the illness, death and hospitalization. According to European Congress of Clinical Microbiology & infectious diseases (ECCMID), in 2021, it was reported that around 75,000 COVID-19 patients having shot of influenza vaccine are less prone to sepsis, stroke and deep vein thrombosis. As per the same source, in 2021, it was observed that flu vaccine may offer protection against COVID-19 virus. The patient suffering from COVID-19, and vaccinated with influenza vaccine are also less likely to admitted in intensive care unit. Subsequently, this leads to increase in demand for influenza vaccine.

The influenza vaccine market is segmented into vaccine type, technology, age group, route of administration and region. By vaccine type, it is divided into quadrivalent and trivalent. The quadrivalent type segment was the major revenue contributor in 2020, owing to its ability to immunize four influenza virus strains (two A subtypes and two B subtypes — H1N1 and H3N2 and Victoria and Yamagata, respectively). By technology, it is classified into egg-based and cell-based. The egg-based technology dominates the technology segment as it is most commonly used in production of both inactivated and live-attenuated vaccines. By age group, it is bifurcated into pediatric and adult. The adult age group segment was the highest contributor in the market in 2020 and is expected to remain dominant during the forecast period, owing to higher risks of developing serious complications from influenza due to weaker immune response. By route of administration, it is categorized into injection and nasal spray. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, India, Australia, South Korea and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).

North America was the highest revenue contributor in the global influenza vaccine market and accounted for a 47.80% share in 2020. On the other hand, Middle East and Africa is expected to grow at a CAGR of 8.0%, owing to rise in incidences of influenza among children and increase in disposable income.

Some of the key players operating in the influenza vaccine market are AstraZeneca plc., Biodiem, CSL Limited, Emergent BioSolutions, F. Hoffmann-La Roche Ltd., Gamma Vaccines Pty Ltd., GlaxoSmithKline plc, Merck & Co. Inc. (Merck Sharp & Dohme Corp.), Novartis AG, Pfizer, Inc., Sanofi Pasteur SA, and Sinovac Biotech Ltd.

Key Findings Of The Study

• By vaccine type, quadrivalent segment accounted for nearly 63% share of the Influenza Vaccine market in 2020.
• By technology, the egg based segment expected to grow at a CAGR of 7.70% from 2021 to 2030.
• By age group, the Adult segment held largest market share in of 61% in 2020 and is expected to remain dominant throughout the forecast period.
• By route of administration, the injection segment expected to grow at a CAGR of 7.40% from 2021 to 2030.
• By region, North America is expected to provide lucrative market growth opportunities and grow at a CAGR of 6.9% from 2021 to 2030.