Global Influenza Vaccine Market Research Report 2023-2028: Shift in Trends towards mRNA-based Flu Vaccine Gaining Momentum

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Oct 05, 2023, 18:30 ET

DUBLIN, Oct. 5, 2023 /PRNewswire/ -- The "Global Influenza Vaccine Market: Analysis by Valency, By Vaccine Type, By Technology, By Age Group, By Route Of Administration, By Distribution Channel, By Region Size And Trends With Impact Of COVID-19 And Forecast Up To 2028" report has been added to ResearchAndMarkets.com's offering.

The global influenza vaccine market in 2022 stood at US$7.98 billion, and is likely to reach US$12.32 billion by 2028. The global influenza vaccine market value is projected to grow at a CAGR of 7.50%, during the forecast period of 2023-2028.

One of the reasons leading to the rising demand for influenza vaccine in recent years is the increased awareness of the importance of vaccination in preventing contagious respiratory illnesses, especially in the wake of global pandemic like COVID-19, which has highlighted the significance of vaccination in public health.

Seasonal influenza (flu) can lead to high hospitalization and mortality rates in high-risk populations, which results in significant healthcare burden globally. Thus, representing a need and large market opportunity for the influenza vaccine market.

The key players are constantly investing in strategic initiatives, such as adoption of new technologies, introducing their services to emerging markets and more, to maintain a competitive edge in this market. For instance, on April 10, 2023, Sinovac Biotech Ltd. opened a state-of-the-art influenza vaccine production facility in Beijing, utilizing green production processes and adherence to Chinese Good Manufacturing Practice guidelines.

Governments worldwide, in collaboration with international health organizations such as the World Health Organization (WHO), recognize the vital role of influenza vaccination in public health and disease prevention. As a result, they implement various strategies that foster market expansion.

They may even subsidize vaccines or offer them free of charge through public health programs, making vaccination more accessible to the general population, leading to the growth of influenza vaccine market. In the coming years, these improvements are expected to significantly enhance healthcare service and stimulate demand for influenza vaccine.

The COVID-19 pandemic has had positive impact on the global influenza vaccine market. Influenza virus and COVID 19 virus share same symptoms and spread in similar ways so vaccination became an important part of preventing severe disease and death for both COVID-19 and influenza.

Even WHO recommended the influenza vaccine for older individuals, young children, pregnant people, people with underlying health conditions, and health workers. Post-COVID, the impact on influenza vaccine continues to drive sustained growth as individuals and healthcare systems prioritize vaccination to reduce the burden on healthcare resources, minimize the risk of co-infections with COVID-19, and enhance overall public health preparedness.

North America influenza vaccine market held the highest market share in 2022, primarily owing to reasons such as increasing prevalence of influenza infection in the US & Canada, increasing public awareness campaigns and educational initiatives, government-sponsored vaccination programs, regulatory support, and the recognition of high-risk groups like the elderly and pregnant women, the region's robust healthcare infrastructure, insurance coverage, and emphasis on patient-centered care.

Asia Pacific influenza vaccine market is expected to experience fastest growth due to a burgeoning and diverse population, government initiatives and increasing healthcare awareness. Furthermore, the availability of health insurance coverage and the growth of international travel further is expected to drive vaccine demand.

China holds the largest share in Asia Pacific region owing the growing elderly population, region's vulnerability to seasonal influenza outbreaks and emergence of new flu, nation's expanding healthcare infrastructure, a burgeoning pharmaceutical industry, research and development initiatives, domestic vaccine production and introduction of artificial intelligence in healthcare industry.

Global Market Analysis

Global Influenza Vaccine Market: An Analysis

Global Influenza Vaccine Market by Value
Global Influenza Vaccine Market by Valency (Quadrivalent and Trivalent)
Global Influenza Vaccine Market by Vaccine Type (Inactivated and Live Attenuated)
Global Influenza Vaccine Market by Technology (Egg-Based and Cell-Based)
Global Influenza Vaccine Market by Age Group (Adult and Pediatric)
Global Influenza Vaccine Market by Route of Administration (Injection and Nasal Spray)
Global Influenza Vaccine Market by Distribution Channel (Hospitals and Pharmacies, Government and Institutions and Others)
Global Influenza Vaccine Market by Region (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Global Influenza Vaccine Market: Valency Analysis

Global Quadrivalent Influenza Vaccine Market by Value
Global Trivalent Influenza Vaccine Market by Value

Global Influenza Vaccine Market: Vaccine Type Analysis

Global Inactivated Influenza Vaccine Market by Value
Global Live Attenuated Influenza Vaccine Market by Value

Global Influenza Vaccine Market: Technology Analysis

Global Egg Based Influenza Vaccine Market by Value
Global Cell Based Influenza Vaccine Market by Value

Global Influenza Vaccine Market: Age Group Analysis

Global Adult Influenza Vaccine Market by Value
Global Pediatric Influenza Vaccine Market by Value

Global Influenza Vaccine Market: Route of Administration Analysis

Global Injectable Influenza Vaccine Market by Value
Global Nasal Spray Influenza Vaccine Market by Value

Global Influenza Vaccine Market: Distribution Channel Analysis

Global Hospitals and Pharmacy Influenza Vaccine Market by Value
Global Government and Institutions Influenza Vaccine Market by Value
Global Others Influenza Vaccine Market by Value

Market Dynamics

Growth Drivers

Increasing Flu Burden among Adult Population
Rapid Urbanization
Rising Prevalence of Influenza Epidemics and Seasonal Outbreaks
Increased Public Health Awareness
Increasing Government Support
Robust Research and Development Investments

Challenges

Longer Timeline for Vaccine Production
High cost of Vaccine Development
Inequitable Access to Vaccines

Market Trends

Use of AI in Vaccine Development
Technological Advancements in Vaccine Administration
Shift in Trends towards mRNA-based Flu Vaccine

Company Profiles: Business Overview, Sales by Products, Business Strategies

GlaxoSmithKline Plc
Abbott
Pfizer Inc.
AstraZeneca Plc
Sanofi S.A.
Moderna Inc.
CSL Limited
Emergent BioSolutions Inc.
BIKEN Co., Ltd.
Serum Institute of India Pvt. Ltd.
Sinovac
GC Biopharma

For more information about this report visit https://www.researchandmarkets.com/r/2fquea

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