Influenza Vaccine Market is estimated to be valued at USD 7.32 Billion in 2022 and is poised to grow at a significant CAGR of 6.5% over 2023-2029. The market refers to the industry that encompasses the production, distribution, and sales of vaccines used for preventing influenza, commonly known as the flu. Influenza is a contagious respiratory illness caused by influenza viruses and can lead to severe complications and even death. Vaccination is a crucial preventive measure in reducing the incidence and severity of influenza infections. The influenza vaccine market is diverse, with various players including pharmaceutical companies, biotechnology firms, and government agencies involved in its development and distribution. These entities collaborate to develop and manufacture different types of influenza vaccines, such as trivalent, quadrivalent, and high-dose vaccines, targeting specific strains of the virus. Several trends shape the global influenza vaccine market. Increased emphasis on improving the effectiveness and coverage of influenza vaccines, especially for high-risk populations like the elderly and individuals with chronic illnesses. This has led to the development of more advanced vaccine technologies and formulations. Additionally, technological advancements in vaccine delivery, such as the development of intranasal and microneedle-based vaccines, are gaining attention for their potential to enhance vaccine coverage and ease of administration. The global influenza vaccine market dynamics are driven by the need to prevent and control influenza infections. It is characterized by diverse players, ongoing technological advancements, and increasing demand for improved vaccine effectiveness and coverage. The market is expected to continue evolving to address emerging challenges and provide better protection against influenza viruses.
Influenza Vaccine Market Key Developments:
In February 2023 Sanofi Pasteur and GlaxoSmithKline (GSK) announced a collaboration to develop and commercialize an influenza vaccine that combines their respective quadrivalent live attenuated influenza vaccine (LAIV) platforms. The new vaccine is expected to be available in the United States in the 2023-2024 influenza season.
In January 2023 Seqirus and the Bill & Melinda Gates Foundation announced a collaboration to develop and deliver influenza vaccines to children in low- and middle-income countries. The collaboration will focus on developing new and improved influenza vaccines that are more affordable and accessible for children in these countries.
Fastest Growing Market
Increasing awareness about the importance of influenza vaccination has led to a higher demand for vaccines around the globe. People are now more informed about the benefits of getting vaccinated against the flu, leading to increased uptake of vaccines. Governments and healthcare organizations have played a significant role in promoting vaccination campaigns, emphasizing the prevention of seasonal outbreaks and potential pandemics. This heightened awareness has resulted in a surge in demand for the influenza vaccines market worldwide, as individuals recognize the value of protecting themselves and others from influenza infections.
Influenza, commonly known as flu, is a contagious respiratory infection or illness caused by influenza viruses. The influenza vaccine protects a person from getting the flu.
The major factor for the growth of the Influenza Vaccine Market is a high prevalence of influenza, an increase in government focuses on immunization programs, emerging vaccines, and technological progress in vaccine administration.
Astrazeneca Plc (Astrazeneca), Biodiem, Csl Limited (Seqirus GmbH), Emergent Biosolutions, F. Hoffmann-La Roche Ltd., Gamma Vaccines Pty Ltd., Glaxosmithkline Plc.