Influenza Vaccine Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Influenza Vaccine Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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. As COVID-19 affects a patient’s respiratory system, they must take vaccines for safety purposes. Thus, the demand for influenza vaccines has increased. The article titled "Demand for flu vaccine rises in India as COVID raises awareness" published in November 2021 mentioned that Apollo hospitals and Fortis Healthcare were also witnessing higher demand for flu shots, including Abbott India's imported vaccine, influvasc, the private hospital operators. Thus, COVID-19 had a significant impact on the growth of the market during the pandemic 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 the people most at risk. Moreover, major healthcare companies are investing huge amounts of capital and time in the development of advanced therapy in the form of vaccines. For instance, in August 2021 Seqirus invested in Next-generation influenza vaccine technology, self-amplifying mRNA.

According to the Centers for Disease Control and Prevention report in September 2021, seasonal influenza viruses are constantly mutating, due to which vaccines also need to be modified accordingly. This factor is driving the growth of the influenza vaccine market.

Thus the above-mentioned factors are expected to drive the growth of the studied market during the forecast period. However, the huge cost involved in R&D and the long timeline required for the introduction of a new vaccine into the market may hinder the market growth for influenza vaccines.

Key Market TrendsThe Quadrivalent Segment is Expected to Hold a Major Share in the Market over the Forecast Period

The quadrivalent segment accounts for the maximum revenue in the influenza vaccine market due to its cost-effectiveness, efficacy against viral infections, and easy availability in hospitals and clinics. The product approvals for the quadrivalent type of vaccine are also expected to drive the growth of the market. for instance, in July 2022, the United States Food and Drug Administration approved the request of GlaxoSmithKline for the influenza vaccine, Fluarix, a quadrivalent vaccine.

The increasing preference for quadrivalent vaccines by healthcare professionals to treat influenza is expected to drive the growth of the market. For instance, in June 2022, a survey reported that physicians and pharmacists would tell CDC to recommend vaccines like Fluzone high-dose quadrivalent ( influenza vaccine) for people 65 and older.

Also, the increasing product launches are expected to drive the growth of the studied segment during the forecast period. In April 2021, Sanofi invested over EUR 600 million to build a new vaccine facility in Toronto to increase its supply of influenza vaccines in Canada, the United States, and Europe.

Hence, the aforementioned factors are likely to boost the market during the forecast period.

North America Dominated the Overall Market and it is Expected to Retain its Dominance Over the Forecast Period

North America is contributing the maximum to the overall influenza vaccine market, and it is likely to continue this growth in the forecasted period as well. This is because of people’s awareness of viral infection and its available therapies, the government spending on spreading awareness, and the technological advancements in developing new vaccines. In North America, the United States is contributing the maximum revenue because of the presence of more healthcare players in the country, their increased spending on R&D, and technological advancements. In the United States, there is an increased prevalence of influenza, which has led to market growth. According to the Centers for Disease Control and Prevention in 2020, flu resulted in 9 million and 41 million illnesses with 140,000 to 710,000 hospitalizations. Thus the prevalence of such high cases is expected to drive the demand for influenza vaccine in this region.

The growing number of government initiatives to increase awareness about the medications and prevention of influenza has been the key market driver for influenza vaccines. For Instance, in September 2021, the Centers for Disease Control and Prevention was participating in a broad inter-agency partnership coordinated by the Biomedical Advanced Research and Development Authority (BARDA) that supports the advanced development of new and better influenza vaccines.

Thus the above-mentioned factors are expected to drive the growth of the market in this region during the forecast period.

Competitive Landscape

The influenza vaccine market is moderately competitive in nature, with many key players dominating the market. The presence of major market players, such as Abbott Laboratories, GlaxoSmithKline PLC, Pfizer Inc., AstraZeneca PLC, and CSL Limited, is intensifying the competition.

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