Influenza Vaccination Market

Rising prevalence and incidence of influenza to propel market growth

One of the main factors promoting the growth of the influenza vaccines market is the rising prevalence and incidence of the disease. All age groups are experiencing an increase in influenza incidence. According to CDC data, between October 1, 2019, and March 21, 2020, 39 to 56 million people in the US experienced influenza caused by the influenza virus. In addition, due to the country's rising influenza prevalence, hospital admissions surged from 400,000 on October 1, 2019, to 730,000 on March 21, 2020.

As a result, the need for influenza vaccinations to treat the disease is being driven by the rising prevalence and incidence. Thus, this factor is driving the market CAGR for influenza vaccines.

Furthermore, increased government attention and support for influenza vaccination are key market-influencing variables. It's important to conduct domestic and international surveillance when examining flu vaccination availability, distribution, and delivery. To reduce the unmet need for the vaccine, the World Health Organization, in collaboration with other governments, continuously evaluates the demand and implements immunization programs worldwide. A flu vaccination program will begin in France in October 2020 to shield the country from a second pandemic while the ongoing coronavirus pandemic continues. Priority groups for the flu vaccines included people 65 years and older, pregnant women, and anyone suffering from respiratory illnesses.

Chronic diseases are being monitored by organizations like the WHO's Global Influenza Surveillance and Response System (GISRS), the Centers for Disease Control and Prevention (CDC), and the health ministries of various nations. Additionally, Asian nations have reportedly begun to implement early influenza vaccination programs that emphasize the simultaneous decrease of flu and COVID-19 infections, according to various published publications and news reports. Therefore, it is anticipated that active government backing will accelerate the market's growth rate during the projection period.

However, leading market firms like CSL Limited, Sanofi, and GlaxoSmithKline plc are increasing their R&D expenditures in order to boost their manufacturing capabilities and concentrate on the introduction of new vaccines, which is causing the industry to continue to grow. In November 2020, CSL Limited announced plans to erect a brand-new biotech manufacturing facility in Australia. This has facilitated the introduction of therapeutically effective vaccinations and has been assisted by the robust vaccination pipeline and increased government funding. Pharmaceutical companies are also focusing on supporting R&D to produce new potential vaccines.

The pipeline candidate had excellent tolerance and consistency, according to the preliminary results from the Phase 1/2 clinical trial of Novavax, Inc.'s COVID-19-Influenza Combination Vaccine, which was released in April 2022. Thus, it is anticipated that this aspect will accelerate influenza vaccines market revenue globally.

The Global Influenza Vaccines Market Industry is projected to experience robust growth, with estimates indicating a market value of 8.4 USD Billion in 2024 and a potential increase to 17.0 USD Billion by 2035. This growth trajectory suggests a compound annual growth rate of 6.64% from 2025 to 2035. Such projections highlight the increasing demand for influenza vaccines driven by various factors, including rising awareness, government initiatives, and technological advancements. The market's expansion reflects a global commitment to improving public health and preventing influenza outbreaks.

The increasing incidence of influenza globally drives the Global Influenza Vaccines Market Industry. According to health authorities, seasonal influenza affects millions of people each year, leading to significant morbidity and mortality. In 2024, the market is projected to reach 8.4 USD Billion, reflecting the urgent need for effective vaccination strategies. Countries are enhancing their vaccination programs to mitigate the impact of influenza outbreaks, which can strain healthcare systems. This trend is likely to continue as public health initiatives emphasize the importance of vaccination in preventing influenza-related complications.

Public awareness and education regarding the benefits of influenza vaccination significantly influence the Global Influenza Vaccines Market Industry. Health organizations are actively promoting the importance of vaccination through various channels, including social media, community outreach, and educational programs. This increased awareness helps to dispel myths and misconceptions about vaccines, encouraging more individuals to get vaccinated. As vaccination rates rise, the demand for influenza vaccines is expected to grow, contributing to the overall market expansion. The ongoing efforts to educate the public are likely to have a lasting impact on vaccination behaviors.

Emerging markets and globalization are pivotal drivers of the Global Influenza Vaccines Market Industry. As economies develop, there is a growing recognition of the importance of vaccination in public health. Countries in Asia, Africa, and Latin America are increasingly investing in healthcare infrastructure, including vaccine distribution systems. This trend is fostering greater access to influenza vaccines in regions that previously faced challenges in vaccination coverage. The expansion of global supply chains also facilitates the distribution of vaccines, making them more accessible to diverse populations. Consequently, the market is poised for substantial growth in these regions.

Government initiatives and funding play a crucial role in the growth of the Global Influenza Vaccines Market Industry. Many countries are increasing their investments in vaccine research and development, aiming to improve vaccine efficacy and accessibility. For instance, various national health departments have launched campaigns to promote vaccination and allocate budgets for purchasing vaccines. This financial support is essential for ensuring that vaccines are available to vulnerable populations, thereby increasing vaccination rates. As a result, the market is expected to grow significantly, with projections indicating a rise to 17.0 USD Billion by 2035.

Technological advancements in vaccine development are transforming the Global Influenza Vaccines Market Industry. Innovations such as mRNA technology and recombinant vaccines are enhancing the effectiveness and speed of vaccine production. These advancements allow for rapid responses to emerging influenza strains, which is critical in a globalized world where viruses can spread quickly. The ability to produce vaccines more efficiently may lead to increased vaccination rates and better public health outcomes. As the industry adapts to these technologies, it is likely to experience a compound annual growth rate of 6.64% from 2025 to 2035.

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America influenza vaccines market accounted for USD 3.4 billion in 2022 with a share of around 45.80% and is expected to exhibit a significant CAGR growth during the study period. This is ascribed to the region's elevated influenza prevalence, the government's increasing attention to immunization programs, the development of new vaccines, and the expansion of technology breakthroughs for the delivery of vaccines.

Additionally, the rising incidence of influenza infection in the United States and Canada and the rising sales of influenza vaccinations in the area are anticipated to fuel market expansion.

Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: INFLUENZA VACCINES MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Asia Pacific influenza vaccines market accounts for the second-largest market share. It is projected that the rising population in the APAC region's nations will increase demand for influenza vaccinations, propelling the market in the area. The region's expansion is also made possible by expanding government measures to distribute flu vaccines and greater knowledge of influenza. Moreover, China influenza vaccines market held the largest market share, and the India influenza vaccines market was the fastest growing market in the region.

Europe influenza vaccines Market is expected to grow at the fastest CAGR from 2022 to 2030. This is a result of greater immunization rates among the European population brought on by the expansion of vaccination coverage for high-risk individuals. Further, the UK influenza vaccines market held the largest market share, and the Germany influenza vaccines market was the fastest growing market in the region.

Major market players are spending a lot of money on R&D to increase their product lines, which will help the influenza vaccines market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the influenza vaccines industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies adopted by manufacturers in the global influenza vaccines industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, influenza vaccines industry has provided medicine with some of the most significant benefits. The influenza vaccines market major player such as GlaxoSmithKline PLC (UK), Abbott Laboratories (US), Seqirus (UK), Mylan NV (US), AstraZeneca (UK) and Hualan Biological Engineering Inc. (China).

With considerable research and production know-how and manufacturing facilities in the US, UK, and Australia, CSL Seqirus is a transcontinental partner in pandemic preparedness and a significant contributor to influenza prevention internationally. In March 2022, Flucelvax quadrivalent, a cell-based influenza vaccines for those two years of age and older, has been approved, according to Seqirus. Children between the ages of 2 and 18 are eligible for these vaccinations thanks to Health Canada's permission.

The global headquarters of the multinational British pharmaceutical and biotechnology business GSK plc, formerly known as GlaxoSmithKline plc, are located in London, England. SmithKline Beecham and Glaxo Wellcome merged to form this company in 2000. In February 2021, to create monoclonal antibodies for the prevention and treatment of influenza, GlaxoSmithKline plc increased its previous partnership with Vir Biotechnology.