Market Size of Influenza Vaccine Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.65 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Influenza Vaccines Market Analysis
The Influenza Vaccine Market is expected to register a CAGR of 5.65% during the forecast period.
COVID-19 outbreak had a significant impact on the growth of the market during the pandemic period. The demand for influenza vaccine was notable during the pandemic as the SARS-CoV-2 affects the infected patient's respiratory system. Such circumstances significantly impacted the market's growth, giving rise to the demand for influenza vaccines during the pandemic. For instance, the BW article published in November 2021, mentioned that Apollo hospitals and Fortis Healthcare were also witnessing higher demand for flu shots, including Abbott's imported vaccine, influvasc, the private hospital operators. Such a surge in demand for influenza vaccines during the pandemic period notably impacted the market growth. In addition, the demand for the influenza vaccine is expected to remain intact during the post-pandemic period, thereby contributing to the market's growth over the forecast period.
The increasing number of influenza cases worldwide is expected to drive the demand for influenza vaccines, thereby contributing to the market's growth. For instance, the Global Flu data published in February 2022 mentioned that an estimated 1 billion people worldwide are infected by seasonal influenza every year. The report also said that out of those 1 billion, about 3 to 5 million people have a severe case of flu every year. Additionally, according to the data published by WHO in December 2022, 5%-15% of the population is affected by influenza in the European region every year. Likewise, the Plos One Journal article published in July 2021 mentioned that approximately 5%-10% and 20%-30% of new cases of influenza infections occur among adults and children, respectively, annually. Such a high prevalence of influenza is expected to contribute to the market's growth over the forecast period.
The growing number of government investments to increase production capabilities for the influenza vaccine has been the key market driver for influenza vaccines. For instance, in March 2022, the Australian government invested more than 100 USD million in the seasonal influenza vaccine to protect people at risk. Moreover, major healthcare companies are investing vast amounts of capital and time in developing advanced therapy in the form of vaccines. For instance, in August 2021, Seqirus invested in Next-generation influenza vaccine technology, self-amplifying mRNA. The company targeted the commencement of clinical trials for both seasonal and pandemic influenza vaccines.
However, the huge cost involved in R&D and the extended timeline required for introducing a new vaccine may hinder the market growth for influenza vaccines.
