Influenza Vaccine Market to Expand at a CAGR of 8.7%, Driven by Increasing Efforts and Support From Government, Marketresearch.biz

Marketresearch.biz highlights that the influenza vaccine market is on the rise due to a growing focus on preventive healthcare, with increased awareness of the importance of vaccination. Government initiatives, healthcare organizations' efforts, and advances in vaccine technology are driving growth.

New York, Oct. 30, 2023 (GLOBE NEWSWIRE) -- The global influenza vaccine market, valued at *US$ 8.2 billion* in 2022, is projected to experience substantial growth, reaching an estimated *US$ 18.5 billion* by 2032, with an impressive *CAGR of 8.7%* from 2023 to 2032. Influenza, a worldwide health concern, results in significant annual fatalities due to regional outbreaks.

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To combat this issue, vaccines are administered via injection or nasal spray, activating the immune system to produce antibodies, thus decreasing the risk of infection and severity of symptoms. The main recipients are typically young children, the elderly, and individuals with underlying health conditions. The WHO's report of 3.0 to 5.0 million severe cases and 650,000 deaths worldwide in 2022 accentuates the gravity of the issue. With the anticipation of more frequent outbreaks and epidemics, the demand for influenza vaccines is expected to escalate in the coming years.

The market presently offers a range of licensed seasonal influenza vaccines recommended by authoritative bodies such as the CDC and WHO. Early vaccination is strongly advocated by government agencies to ensure peak protection during flu season. However, the ongoing challenge for pharmaceutical companies lies in developing vaccines targeting specific strains. The increasing prevalence of influenza epidemics and seasonal outbreaks is expected to drive product sales. Moreover, robust government support and vigilant surveillance at both national and global levels for influenza vaccination programs play a crucial role in market expansion. Substantial investments by major market players, coupled with heightened government funding, have facilitated the development and launch of therapeutically effective vaccines, further propelling growth in the influenza vaccine market.

While the coronavirus pandemic has impacted immunization programs, flu vaccination rates reached their zenith during this period. Various healthcare organizations and governments actively promoted and provided free flu vaccinations, heightening awareness among the population due to concerns about both the flu and COVID-19.

*Key Takeaways*· *Quadrivalent vaccine*s, offering extended protection against a broader range of virus strains, are driving demand and segment growth.
· *Egg-based production* remains paramount. Despite advancements in vaccine production technology, egg-based production retains its dominance. This trusted method ensures safe, scalable, and cost-effective vaccine production.
· The *pediatric sector* plays a crucial role in advancing the influenza vaccine market. Protecting young children is paramount to reducing the virus's spread and preventing severe complications. Pediatric vaccines not only provide robust protection but also contribute significantly to herd immunity, ultimately reducing the overall burden of influenza.
· *North America's* dominant position in the influenza vaccine market is a result of its robust healthcare infrastructure, substantial investment in healthcare, and advanced research capabilities.

*Driving Factors*

*Growing Emphasis on Preventive Healthcare*

As awareness of the crucial role vaccinations play in preventing seasonal flu outbreaks increases, individuals are taking a more proactive approach to immunization. Government initiatives and concerted efforts by healthcare organizations to promote vaccination campaigns have also significantly boosted vaccine uptake. Moreover, advancements in vaccine development technologies have resulted in the production of more effective and readily accessible vaccines, further bolstering market growth.

*Robust Presence of Market Players and Pharmaceutical Companies*

Their active involvement in research and development activities plays a pivotal role in propelling the market. Continuous endeavors to enhance vaccine formulations, improve efficiency, and expand production capabilities are substantial contributors to the growth of the influenza vaccine market.

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*Restraining Factors*

*Ongoing Demand for Strain Prediction and Selection*

The continual need for strain prediction and selection is a pivotal factor in the influenza vaccine market. This arises from the ever-evolving nature of the influenza virus, necessitating annual adjustments to vaccine formulations. However, this process demands significant time and resources, posing a substantial challenge and limitation to the market's growth potential.

*Growth Opportunities*

*Enhancing Preparedness for Potential Pandemics*

Being ready for potential pandemics emerges as a critical growth avenue in the influenza vaccine market. The COVID-19 pandemic emphasized the significance of robust pandemic preparedness plans encompassing swift vaccine development, production, and distribution. Proactive investments in research, manufacturing capacity, and global collaboration can ensure a prompt response to emerging influenza threats. This opportunity is of paramount importance as it safeguards public health during unforeseen health crises and underscores the pivotal role of influenza vaccines in global health security.

*Broadening market reach in developing regions*

Another pivotal growth prospect involves extending the market's reach to developing regions. There is substantial untapped potential for influenza vaccination programs in areas where accessibility and awareness are limited. By allocating resources to infrastructure, education, and outreach initiatives, pharmaceutical companies and healthcare organizations can bring the benefits of influenza vaccination to a broader population. This expansion is crucial, as it not only contributes to public health on a global scale but also creates new markets for influenza vaccines, fostering economic growth.

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*Report Scope*

*Report Attribute* *Details*
Market Value (2022) US$ 8.2 Billion
Market Size (2032) US$ 18.5 Billion
CAGR (from 2023 to 2032) 8.7% from 2023 to 2032
Historic Period 2016 to 2022
Base Year 2022
Forecast Year 2023 to 2032

*Regional Analysis*

North America leads in market share due to robust healthcare infrastructure, significant expenditures, and advanced research capabilities. The region's proactive government initiatives and heightened public awareness contribute to increased vaccine uptake, addressing the seasonal influenza burden. Manufacturers are investing in research and production facilities, aligning with North America's specific healthcare needs and highlighting a commitment to public health.

*Segment Analysis*

Quadrivalent vaccines lead the market, providing extended protection against a broader range of influenza strains compared to traditional trivalent vaccines. They include an additional influenza B strain crucial to addressing antigenic variations. This comprehensive shield proves more effective in preventing influenza infections and alleviating their impact. The preference for quadrivalent vaccines among healthcare providers and individuals is driving demand and segment growth, becoming a standard in vaccination programs worldwide.

Egg-based production remains the dominant method, known for its safety, scalability, and cost-effectiveness. It involves refining influenza virus strains within chicken eggs, ensuring a reliable global supply of vaccines.

The pediatric segment takes precedence, focusing on safeguarding infants and young children from influenza, thereby reducing virus transmission within communities. Vaccinating children also significantly contributes to herd immunity, curtailing virus spread to vulnerable populations. This highlights the pivotal role of pediatric influenza vaccination acknowledged by healthcare providers, governments, and parents.

The availability of both injection and nasal spray options accommodates individual preferences, further enhancing vaccine uptake across various age groups. The nasal spray offers a needle-free alternative that is particularly appealing to children and those with needle-related concerns, contributing to higher vaccination rates. Additionally, it enables more efficient vaccine administration, especially in large-scale campaigns or community-based settings. Manufacturers are investing substantially in both administration methods, recognizing their crucial role in advancing public health and mitigating the impact of influenza.

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*Segments Covered in the Report*

*By Vaccine*

· Quadrivalent
· Trivalent

*By Technology*

· Egg-based
· Cell-based

*By Age Group*

· Paediatric
· Adult

*By Route of Administration*

· Injection
· Nasal Spray

*By Geography*

· North America
· Europe
· Asia-Pacific
· Latin America
· Middle East and Africa

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*Competitive Landscape Analysis*

The market is surging due to manufacturers' proactive adoption of innovative strategies focused on enhancing vaccine effectiveness, accessibility, and convenience. The development of advanced, broadly protective vaccines is a pivotal factor propelling expansion. Progress in production techniques, including cell-based and recombinant technology, enables faster and more scalable vaccine supply, which is crucial during seasonal spikes and pandemics. Efforts to refine delivery methods, like needle-free options, address vaccine hesitancy, broadening coverage. Anticipated trends include new industry players, heightened collaborations, and ongoing innovations, fostering a climate of healthy competition and advancing solutions for influenza prevention.

*Key market players*

· Abbott Laboratories
· AstraZeneca plc
· CSL Limited
· Daiichi Sankyo Company Limited
· Emergent BioSolutions, Inc.
· Hoffmann-La Roche AG
· Gamma Vaccines Pty Ltd.
· GlaxoSmithKline plc
· Merck & Co., Inc.
· Novartis AG
· Pfizer Inc.
· Sanofi
· SINOVAC

*Recent Developments*

· In March 2023, the FDA's Vaccines and Related Biological Products Advisory Committee (VRBPAC) played a crucial role in selecting specific influenza virus strains for the vaccine formulation. This decision holds significant importance in shaping the effectiveness of upcoming influenza vaccines.
· Mylab and the Serum Institute of India made a ground-breaking introduction in October 2023 with Nasovac S4, India's first needle-free nasal influenza vaccine. This innovative vaccine, designed for individuals aged 2 and above, incorporates four distinct influenza virus strains. Currently, the vaccine is available in private markets across India.
· Seqirus, a subsidiary of CSL Ltd., a prominent pharmaceutical company with expertise in manufacturing influenza vaccines and other pharmaceutical products, is in Phase I of clinical development for the Influenza [strain A/H2N3] vaccine. This phase focuses on evaluating the vaccine's safety and determining appropriate dosage levels. Approval for this vaccine is anticipated in October 2023, marking a significant advancement in influenza prevention.

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