Influenza Vaccine Market by Type (Inactivated and Live Attenuated), by Valency (Quadrivalent and Trivalent), by Age Group (Pediatric and Adults), by Distribution Channel (Hospital & Retail Pharmacies, Government Suppliers, and Others), by North America (U.S., Canada), by Europe (U.K., Germany, France, Italy, Spain, Scandinavia, Rest of Europe), by Asia Pacific (Japan, Korea, China, India, Australia, Rest of Asia Pacific), by Latin America (Brazil, Mexico, Rest of Latin America), by Middle East & Africa (GCC, South Africa, Rest of Middle East & Africa) Forecast 2024-2032
The global influenza vaccine market is valued at USD 4.5 billion in 2021 and is projected to reach USD 11.3 billion by 2029, exhibiting a CAGR of 9.6% over the forecast period (2022-2032). The increasing burden of influenza, advancements in influenza vaccine technology, and government initiatives to improve vaccination rates are key factors driving market growth.
The increase in influenza cases around the world is expected to fuel the need for influenza vaccinations and fuel market expansion. For example, according to the February 2022 Global Flu data, there are an estimated 1 billion seasonal influenza infections worldwide each year, of which 3 to 5 million are considered severe. In addition, WHO data from December 2022 showed that influenza affects 5% to 15% of the European population each year. In a similar vein, a July 2021 Plos One Journal study reported that 5% to 10% of new influenza infections each year occur in adults, whereas 20% to 30% do so in youngsters. It is expected that during the course of the projection period, the widespread prevalence of influenza will drive market expansion.
Government programs to increase the capacity for producing influenza vaccines have been a major factor in the market's expansion. For example, the Australian government set aside more than $100 million in March 2022 to increase the supply of seasonal influenza vaccine for communities that are considered to be at-risk. Major healthcare companies are also devoting a great deal of time and money to the development of cutting-edge vaccination medicines. For instance, Seqirus made an investment in self-amplifying mRNA Next-generation influenza vaccine technology in August 2021, with the intention of starting clinical trials for influenza vaccinations against pandemics as well as seasonal illnesses.
However, the high expenses of research & development and the protracted period needed for vaccine release could hinder the growth of the influenza vaccine market.
Type:
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Age Group:
Distribution Channel:
This report provides a comprehensive analysis of the global influenza vaccine market, including market size, trends, growth drivers, challenges, segmentation, competitive landscape, and industry developments. It offers insights into the latest market trends and future growth prospects, helping businesses make informed decisions.
The market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Asia-Pacific is expected to hold the largest market share during the forecast period due to the high incidence of influenza infections, rising awareness about vaccination, and government initiatives to improve immunization rates.
Aspects | Details |
---|---|
Study Period | 2018-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2018-2023 |
Growth Rate | CAGR of 9.6% from 2018-2032 |
Segmentation |
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