Pune, India, Aug. 07, 2023 (GLOBE NEWSWIRE) — The global influenza vaccine market size was USD 7.47 billion in 2022. The market is expected to grow from USD 7.97 billion in 2023 to USD 14.35 billion by 2030, exhibiting a CAGR of 8.8% over the study period. The rise is on account of the growing prevalence of epidemics and seasonal outbreaks. Additional factor driving industry expansion is the rising demand for effective vaccines.
Fortune Business Insights™ provides this information in its research report, titled “Influenza Vaccine Market, 2023-2030”.
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Key Industry Development:
August 2021 – AstraZeneca announced the availability of the FluMist Quadrivalent vaccine in the U.S. The vaccine availability during the 2021-2022 influenza season decreased the burden on the country’s healthcare system.
- The rising demand for influenza vaccine is anticipated to drive the market.
- North America generated a revenue of USD 4.00 billion in 2022
- The market segment is expected to register a higher CAGR during the forecast period.
- Increasing demand for pediatric vaccines, propelling the market growth.
Discover the Leading Players Featured in the Report:
“Companies leading the global Influenza Vaccine Market are GlaxoSmithKline plc (U.K.), Sanofi (France), AstraZeneca (U.K.), CSL Limited (Australia), BIKEN Co., Ltd. (Japan), Abbott (U.S.), SINOVAC (China), Viatris Inc. (U.S.)
Report Scope & Segmentation
|2023 to 2030
|Forecast Period 2023 to 2030 CAGR
|2030 Value Projection
|USD 14.35 Billion
|Market Size in 2023
|USD 7.97 billion
|2019 to 2021
|No. of Pages
|By Type, Valency, Age Group, Distribution Channel, and Region
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Inactivated Segment to Register Notable Growth Driven by Increasing Effectiveness
Based on type, the market is categorized into live attenuated and inactivated. The inactivated segment held a dominating share in the market. The segment is poised to depict notable expansion over the study period impelled by the rising vaccine demand in developed and developing countries.
Quadrivalent Segment to Lead Impelled by Increasing Efficacy
On the basis of valency, the market for influenza vaccine is subdivided into trivalent and quadrivalent. The quadrivalent segment accounted for a major share in the market in 2022 and is expected to exhibit notable growth throughout the projected period. The surge can be credited to the rising efficacy of these vaccines.
Pediatric Segment to Depict Substantial CAGR Impelled by High Rate of Infection
Based on age group, the market is bifurcated into adults and pediatric. The pediatric segment is estimated to exhibit a notable CAGR throughout the forecast period. The upsurge is driven by higher vaccination doses provided to infants, newborns, and children.
Hospital & Retail Pharmacies Segment to Exhibit Appreciable Surge Driven by Increased Rates of Immunization
On the basis of distribution channel, the market is segregated into government suppliers, hospital & retail pharmacies, and others. The hospital & retail pharmacies segment generated the highest revenue in 2022. The rise is impelled by growing preference for vaccination at smaller institutions.
Based on geography, the market for influenza vaccines has been studied across North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
- Live Attenuated
By Age Group
By Distribution Channel
- Hospital & Retail Pharmacies
- Government Suppliers
- North America
- Asia Pacific
- Latin America
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Drivers and Restraints:
Upsurge in Market Share on Account of Favorable Government Policies
The influenza vaccine market growth is being impelled by the increasing product adoption and soaring government support. The expansion is further propelled by the growing rollout of influenza vaccination programs.
However, longer duration associated with clinical trials and the impact of strict regulatory requirements may hamper industry expansion over the forecast period.
North America to Lead Impelled by Rapid Launch of Effective Products
The North America influenza vaccine market share is slated to depict lucrative expansion over the forecast period. The region held a leading share in the market in 2022. The growth is propelled by the rollout of effective products.
The Asia Pacific market is anticipated to expand at a higher CAGR throughout the study period. The expansion is driven by rising government initiatives focused on vaccine production.
Major Companies Forge Strategic Steps to Strengthen Industry Foothold
Key industry participants are centered on adopting various initiatives to expand product reach. Some of these steps comprise merger agreements, acquisitions, and the launch of new solutions. Additional initiatives include an increase in research activities and rising participation in trade conferences.
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How big is the Influenza Vaccine Market?
The Influenza Vaccine Market size was USD 7.47 billion in 2022. It is expected to reach USD 14.35 billion by 2030.
How fast is the influenza vaccine market growing?
The Influenza Vaccine Market will exhibit a CAGR of 8.8% during the forecast period, 2023-2030.
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