Influenza Vaccine Market to Hit $10.12 Billion by 2030 | North America is expected to provide lucrative market growth opportunities
Increase in government support and surveillance regarding vaccination against influenza on the national and global levels to monitor the supply, distribution, and administration of flu vaccines drive the growth of the influenza vaccine market.
According to the report published by Allied Market Research, the global Influenza Vaccine Market generated $5.02 billion in 2020, and is projected to reach $10.12 billion by 2030, registering a CAGR of 7.2% from 2021 to 2030. In-depth information about restraints, key drivers, opportunities, and their impact analysis on the market is offered in the report.
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Covid-19 Scenario:
Negative Impacts:
- Reduced Vaccination Rates: Public health measures and fear of exposure to COVID-19 in healthcare settings initially led to a decline in influenza vaccination rates during the pandemic’s first year. This resulted in missed opportunities to prevent influenza cases and potential co-infections with COVID-19.
- Disruptions in Vaccine Supply and Distribution: Global supply chain disruptions and resource allocation towards COVID-19 vaccines temporarily affected the production and distribution of some influenza vaccines. This created concerns about potential shortages in certain regions.
- Misinformation and Vaccine Hesitancy: Misinformation and vaccine hesitancy surrounding COVID-19 vaccines also spilled over to the influenza vaccine, further deterring some individuals from getting vaccinated.
Positive Impacts:
- Increased Awareness of Respiratory Illness Prevention: The pandemic heightened public awareness of the importance of preventing respiratory illnesses like influenza. This awareness could potentially lead to higher vaccination rates in the long term.
- Focus on Multi-Pathogen Prevention: The potential threat of co-infections with COVID-19 and influenza highlighted the importance of multi-pathogen prevention strategies, including simultaneous or co-administration of both vaccines. This research and development focus could benefit both markets.
- Innovative Delivery Strategies: The pandemic accelerated the adoption of alternative vaccine delivery methods, such as telemedicine consultations and home vaccine administration, which could improve access to influenza vaccination for vulnerable populations.
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Based on the vaccine type, the Quadrivalent segment accounted for the largest market share in 2020, contributing to more than three-fifths of the total share, and is expected to maintain the lead throughout the forecast period. The same segment is estimated to witness the fastest CAGR of 7.5% from 2021 to 2030. The research also analyses the trivalent segment.
Key Market Segments:
By Vaccine Type
- Quadrivalent
- Trivalent
By Type
- Seasonal
- Pandemic
By Technology
- Egg-based
- Cell-based
By Age Group
- Pediatric
- Adult
By Route Of Administration
- Injection
- Nasal Spray
By Region
- North America (U.S., Canada, Mexico)
- Europe (France, Germany, Italy, Spain, UK, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, Rest of Asia-Pacific)
- LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Argentina, Rest of LAMEA)
Leading players of the global influenza vaccine market:
- Biodiem
- Sanofi Pasteur SA
- AstraZeneca plc.
- F. Hoffmann-La Roche Ltd.
- Emergent BioSolutions
- GlaxoSmithKline plc
- Gamma Vaccines Pty Ltd.
- Merck & Co. Inc. (Merck Sharp & Dohme Corp.)
- Novartis AG
- CSL Limited
- Pfizer, Inc.
- Sinovac Biotech Ltd.
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