Categories: Market Research

Influenza Vaccines Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Influenza Vaccines Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Influenza Vaccines Global Market Report 2024, The influenza vaccines market size has grown strongly in recent years. It will grow from $6.91 billion in 2023 to $7.44 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to pandemic preparedness, public health initiatives, vaccine effectiveness studies, healthcare professional recommendations, global influenza surveillance.

The influenza vaccines market size is expected to see strong growth in the next few years. It will grow to $10.1 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to climate and environmental factors, healthcare accessibility improvement, emergence of new influenza strains, innovation in adjuvants and delivery systems, rising healthcare expenditure . Major trends in the forecast period include wider use of mrna vaccine technology, pediatric immunization focus, seasonal influenza control measures, enhanced vaccination coverage in developing nations, tailored vaccination strategies.

The rising incidences of seasonal influenza are expected to propel the growth of the influenza vaccine market going forward. Seasonal influenza refers to a respiratory illness caused by influenza viruses that typically circulate and cause infections during specific times of the year, usually in the colder months. This shift has resulted from antigenic drift, population susceptibility, environmental factors, incomplete vaccine coverage, and lack of universal vaccination. Influenza vaccines help in reducing the incidences of seasonal influenza by providing immunization against the circulating strains of the virus. For instance, in October 2022, according to Central Drugs Standard Control Organization, an India-based national regulatory body for cosmetics and pharmaceuticals, the overall burden of influenza for 2021-2022 is estimated as nine million flu illnesses, 100,000 flu-related hospitalizations, 4 million flu-related medical visits, and 5,000 flu deaths. Therefore, the rising incidences of seasons of influenza are driving the growth of the influenza vaccines market.

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The influenza vaccines market covered in this report is segmented –

1) By Vaccine Type: Inactivated, Live Attenuated

2) By Valency: Quadrivalent, Trivalent

3) By Route Of Administration: Injection, Nasal Spray

4) By Age Group: Pediatric, Adult

5) By Distribution Channel: Hospitals And Pharmacies, Government And Institutional Supply, Other Distribution Channels

Technologically advanced vaccine production is a key trend gaining popularity in the influenza vaccine market. Companies operating in the influenza vaccine market are adopting advanced vaccine production technologies to sustain their position in the market. For instance, in January 2023, GlaxoSmithKline PLC., a UK-based pharmaceutical and biotechnology company introduced MAPS – Multiple Antigen Presenting System for vaccine development. This technology is providing an innovative way to develop effective vaccines to fight bacteria and viruses. This technology is useful for developing vaccines in a short period in case outbreak of an epidemic or pandemic.

The influenza vaccines market report table of contents includes: