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The influenza vaccine market is estimated to grow at a CAGR of 6.89% between 2022 and 2027. The market size is forecast to increase by USD 2,933.88 million. The growth of the market depends on several factors, including the increasing prevalence and incidence of influenza, the rising awareness about influenza vaccination, and the initiation of immunization programs and research activities.
This influenza vaccine market report extensively covers market segmentation by distribution channel (hospitals and pharmacies, government and institutional, and others), type (live attenuated influenza vaccines and recombinant influenza vaccines), and geography (North America, Europe, Asia, and Rest of World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The increasing prevalence and incidence of influenza is notably driving the market growth, although factors such as difficulty in diagnosis may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increasing prevalence and incidence of influenza are notably driving the market growth. Influenza's incidence and prevalence have increased considerably among all age groups globally. According to data from the CDC, from October 1, 2019, to March 21, 2020, 39 to 56 million people in the US suffered from the flu caused by the influenza virus.
Moreover, this increasing incidence of influenza in the country raised the number of hospitalizations from 400,000 on October 1, 2019, to 730,000 on March 21, 2020. This factor is boosting the demand for influenza vaccines for the treatment of the disease. Hence, this factor is expected to boost the growth of the global influenza vaccine market during the forecast period.
The need for revaccination is one of the major trends in the market. Influenza, which is a life-threatening disease, can result in the hospitalization of patients and prove fatal if not clinically attended to. Hence, to prevent instead of cure, vaccination is the ideal method for the prevention of influenza. However, to get maximum protection, vaccination shots should be taken each year prior to the onset of the influenza season. The antigenic drift of influenza viruses over time and the decline in vaccine-specific antibodies drive the need for recurring doses.
Moreover, with every season of influenza infection being different, coupled with the varied reactions of the virus-causing infection in people, a vaccine shot is required every year to maintain immunity against the circulating virus. The CDC recommends the annual seasonal flu vaccine as ideal to reduce the risk of being affected by the seasonal flu. This trend is driving the sales of vaccine units, which, in turn, is driving the market growth.
The difficulty in diagnosis may impede market growth. An accurate diagnosis of influenza is crucial for ensuring effective prevention and treatment, as well as for assessing the right strain to include in vaccines. However, diagnosing influenza can be challenging as the disease shares common symptoms with other respiratory infections, including the common cold or respiratory syncytial virus (RSV). In multiple respiratory diseases, symptoms may include fever, cough, sore throat, and fatigue. This poses a challenge to differentiate influenza from other conditions based solely on clinical symptoms.
Besides, influenza diagnostic tests are most accurate when conducted within a few days of the onset of symptoms. However, individuals often seek medical attention after the first few days of illness. As a result, the viral load may have already decreased, which affects the reliability of test results. Delayed testing can lead to false negatives, thereby leading to an underestimation of influenza cases. Hence, this factor may hinder the growth of the market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Influenza Vaccine Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Altimmune Inc. - The company offers influenza vaccines such as NasoVax.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the hospitals and pharmacies segment will be significant during the forecast period. Hospitals play a key role in distributing influenza vaccines. They are responsible for administering vaccines, especially those patients at a high risk of contracting the flu. For instance, the elderly and individuals with underlying medical conditions. They may also purchase vaccines directly from manufacturers to distribute them to other healthcare facilities and pharmacies.
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The hospital and pharmacies segment was valued at USD 2,771.78 million in 2017 and continued to grow until 2021. Pharmacies also play a key role in distributing influenza vaccines. They offer convenient access to vaccines, making it easier for the general population to get vaccinated. Pharmacies may purchase vaccines from manufacturers or distributors and they either administer them on-site or provide them to other healthcare providers. To ensure access to vaccines for individuals and ensure their protection from the flu, the distribution of influenza vaccines through hospitals and pharmacies is essential. It also ensures the efficient and effective distribution of vaccines to those with the utmost need, which will drive the segment in the forecast period.
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North America is estimated to contribute 54% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The region is expected to continue its dominance in the global influenza vaccine market throughout the forecast period. This can be attributed to the presence of government bodies in the region such as the Pan American Health Organization (PAHO), which recommend immunization schedules for vaccination. BOOSTRIX, INFANRIX, Pediarix, BEXSERO, MENVEO, and influenza are some of the major vaccines sold in the region.
In the past few years, the region has been witnessing the significant prevalence of several infectious diseases, including influenza, in developed countries. As a result, the region is witnessing increasing access to vaccines against such diseases, coupled with a rising number of initiatives to generate awareness around immunization programs. Hence, these factors are expected to boost the growth of the influenza vaccine market in North America during the forecast period.
In 2020, North American countries were severely affected by the outbreak of COVID-19. The increase in the incidence of COVID-19 across the region boosted the demand for influenza vaccines from end-user facilities to minimize the hospitalization of COVID-19 patients. Besides, the majority of the pharmaceutical companies enhanced their emphasis on developing and manufacturing influenza vaccines. All these factors positively impacted the growth of the influenza vaccine market in North America, especially in 2020. During the forecast period, the regional market is expected to witness positive growth. This can be attributed to factors such as the increasing focus of manufacturers on developing new dosages of influenza vaccine to ensure better protection and meet the high demand for influenza vaccines.
The influenza vaccine market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the influenza vaccine market as a part of the global pharmaceuticals market, which covers products and companies engaged in the R&D or production of generic drugs, non-generic drugs, and veterinary drugs. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
Influenza Vaccine Market Scope |
|
Report Coverage |
Details |
Page number |
162 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.89% |
Market growth 2023-2027 |
USD 2,933.88 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.67 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 54% |
Key countries |
US, Canada, UK, China, and India |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Altimmune Inc., AstraZeneca PLC, Baxter International Inc., BioDiem Ltd, BiondVax Pharmaceuticals Ltd., CSL Ltd., Emergent BioSolutions Inc., F. Hoffmann La Roche Ltd., FluGen Inc., GlaxoSmithKline Plc, Mitsubishi Chemical Group Corp., Novavax Inc., Otsuka Holdings Co. Ltd., Pfizer Inc., Sanofi SA, Shijiazhuang Yiling Pharmaceutical Co Ltd., SK Chemicals Co. Ltd., Vaccitech Plc, Vaxart Inc., and Vaxine Pty Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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