Global Influenza Vaccine Market to Attain Valuation of USD 22.71 Billion By 2032: Astute Analytica

Influenza vaccine market is poised to keep growing at an alarming rate in the years to come thanks to strong government support and collaboration with local players. In addition, growing prevalence of seasonal flu to fuel the overall demand for the product. Asia Pacific is offers lucrative revenue opportunity due to limited availability and awareness among consumers.

New Delhi, March 05, 2024 (GLOBE NEWSWIRE) -- Global influenza vaccine market is projected to hit the market valuation of US$ 22.71 billion by 2032 from US$ 8.78 billion in 2023 at a CAGR of 11.07% during the forecast period 2024–2032.

The influenza vaccine industry shows signs of significant growth. Flu vaccines have varying degrees of efficacy, but they all offer useful protection. The CDC estimates that each dose can reduce your risk by 40 to 60%. This underlines the constant need for new vaccines as the flu virus morphs. About 150 million doses were shipped in the U.S. during the 2023-24 season and there’s potential for up to 170 million until the end of 2024. Given the current market potential, the supply only covers 50% market need. It has also been found majority of adults across the developed economies plant to get their flu shot in 2024, but many remain in the dark about vaccines and how they work. However, a significant part of the population from the developing economies thinks that getting vaccinated will not help these. Those attitudes are common barriers to vaccination and suggest we all still have a lot of work to do in terms of public education. In addition to this, many Americans seem reluctant to trust healthcare providers these days, regardless of their stance on vaccination.

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Key Findings in Global Influenza Vaccine Market

Market Forecast (2032)US$ 22.71 billion
Largest Region (2023)North America (43.14%)
By TypeInactivated Influenza Vaccine (89.60%)
By ProcessEgg Based (46.28%)
By Route of AdministrationInjectable (71.03%)
By Age GroupAdults (78.25%)
By Distribution ChannelHospitals & Pharmacies (50.84%)
Top Trends
  • Growing emphasis on quadrivalent vaccines for broader protection.
  • Increased focus on cell-based manufacturing for potentially faster production.
  • Exploration of universal influenza vaccines for long-lasting, strain-independent immunity.
Top Drivers
  • Aging populations and heightened vulnerability to influenza complications.
  • Government-led vaccination campaigns and expanded public health initiatives.
  • Rising awareness of flu risks and the importance of preventative healthcare.
Top Challenges
  • Annual vaccine updates due to the constantly evolving nature of influenza viruses.
  • Potential for mismatches between circulating strains and vaccine composition.
  • Addressing vaccine hesitancy and misinformation among certain populations.

Dominance of Inactivated Influenza Vaccine in the Influenza Vaccine Market, Control More Than 89% Market Share

Inactivated Influenza Vaccines (IIVs) have a firm grip on the global influenza vaccine industry. Egg based inactivated influenza vaccines, especially, are at the top of the food chain. With 46.28% market share in 2023, it's no wonder they’re considered the golden standard. IIVs have been proven safe throughout their lengthy existence, making it easy to trust them for years to come. They can be used with various populations and their production process is reliable and accessible; hence why they are a government favorite. Trusty reliability begets substantial demand. Large scale procurement ensures that IIVs are never out of stock when flu season comes around.

The adaptability of IIV production also makes sure that they’re never irrelevant either in the global influenza vaccine market. WHO recommendations vary year by year, depending on strain so staying up to date with these suggestions is extremely important to stay afloat in the highly competitive market. There’s no one size fits all for vaccines as people differ greatly in age and health status but thanks to the diverse formulations of IIV — from standard to high-dose and cell-based — most people can find what they need at minimal cost.

However, sometimes IIV fails to perform well and lacking due to mismatched vaccine strains and circulating viruses. It’s also facing fierce competition from recombinant or live attenuated vaccines which offer broader protection or easier administration routes respectively. If newer technologies take off widespread adoption it could reshape how we view the influenza vaccine market forever but until then its steady track record will keep buying jabs at the pharmacy counter.

By Age Group, Adults Are Leading Influenza Vaccine Market with 78.25% Revenue Share

Adults are the key consumers of influenza vaccines, and they make up 78.25% of revenue share. However, this group is still not protected from the flu since some people cannot get vaccinated due to their health conditions. These vaccination disparities can provide opportunities for growth and better public health outcomes. For example, while the highest rate is found in those 75 and older with 71.5%, only 28.4% of young adults (18-29 years) are vaccinated in the U.S. Since age has a clear impact on vaccination rates, it's important that campaigns overcome barriers specific to younger populations in order to avoid an outbreak within this demographic.

Income also clearly makes a difference as higher income individuals have a coverage rate of 45.7% compared to those below the poverty line who have only 34%. The uninsured have even lower coverage rates at just 17.6%. Location also affects vaccinations. According to Astute Analytica’s findings, adults in rural areas lag behind in getting vaccinated compared to those in suburban and urban environments — 34% vs. 41.9% and 41.7%, respectively. Insight from these study findings reveal that there needs to be significant improvements made for barriers obstructing access for adults in rural areas as well as low-income communities.

The Canadian influenza vaccine market is also likely to show similar trends as the U.S., which means outreach strategies must be tailored across all demographics in order to educate the public about vaccines. Though it is significantly positive that U.S.’s overall adult vaccination rate sits at 47%, there is plenty of room for growth in the market when it comes narrowing down certain demographics’ rates.

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Asia Pacific Offers Lucrative Growth Opportunities in Global Influenza Vaccine Market

Currently, North America is leading the global market with revenue share of more than 43%. The Asia Pacific market is rich with promise. It’s a hotbed for growth in the global influenza vaccine industry. Countries like Thailand, China, and Japan have made significant strides in bolstering their supply of vaccines — although they’re starting from a lower point than other countries. Meanwhile, southeast Asian nations are struggling to sell a lot of vaccine despite the global post-pandemic boom. The governments need to spice up their policies and out-of-the-box thinking to encourage people to take them. Greater accessibility and affordability in healthcare across India and China are key drivers of this promising market but more data on vaccination guidelines will help target strategies better.

Astute Analytica’s study found the government initiatives across India promote people to get these shots. Promoting awareness, doubling down on campaigns, dropping free vaccines — all that good stuff will drive up demand for vaccination. As the governments across the region implement these programs, market players will need to focus on building reliable supply chains to keep up with increased demand in the long-term as well.

Top 4 Players Holds More than 80% Revenue Share of Global Influenza Vaccine Market

According to a report, the top vaccine companies (Sanofi, CSL Seqirus, GSK, and AstraZeneca) own more than 80% of the market. Sanofi alone accounted for a majority of that share in recent years. In 2022, Sanofi sold 250 million doses of its flu vaccine product line, bringing a 2.4% increase in sales for the company compared to the last year. These giant companies often fund research and development initiatives in order to strengthen their positions. For example, Pfizer Inc. is currently testing a live-attenuated influenza vaccine while Sanofi has recently released its high-dose Fluzone.  There are other companies outside of these giants who contribute to this global industry as well.

AstraZeneca/MedImmune in the influenza vaccine market offers an influenza nasal spray while Sinovac Biotech and Bharat Biotech have focused not on expanding but rather on catering specifically to populations within their regions. Technological advances offer opportunities for competition in the near future too. Recombinant vaccines or even "universal" influenza vaccines could take over current solutions by providing stronger immune responses or better strain coverage. In order to stay competitive, it is very important for these manufacturers to secure big contracts with both national and international health organizations. They also need to raise awareness and educate through advertising campaigns so that no one hesitates when it comes time for their shot. Companies that can provide reliable supply along with effective messaging will do well in this ever-changing space that calls for constant innovation.

Global Influenza Vaccine Market Key Players

  • Abbott Laboratories
  • AstraZeneca
  • Emergent BioSolutions Inc
  • Emergex Vaccines Holding Limited
  • GSK plc
  • Merck & Co., Inc.
  • Pfizer Inc.
  • Sanofi SA
  • CSL Limited
  • Sinovac Biotech Ltd.
  • SK bioscience Co., Ltd.
  • Viatris Inc.
  • Other Prominent Players

Key Segmentation:

By Type

  • Inactivated influenza vaccine (IIV)
    • Quadrivalent
    • Trivalent
  • Live-attenuated influenza vaccine (LAIV)

By Process

  • Egg Based
  • Cell Culture-Based
  • Recombinant

By Route of Administration

  • Injectable
  • Intra-nasal

By Age Group

  • Pediatric
  • Adult

By Distribution Channel

  • Hospitals & Pharmacies
  • Government Suppliers
  • Others

By Region

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa (MEA)
  • South America

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