Influenza Vaccine Market Size, Share & Trends Analysis Report By Vaccine Type, By Indication, By Route Of Administration, By Age Group, By Distribution Channel, By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global influenza vaccine market size was valued at USD 7.28 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 6.83% from 2023 to 2030. The rise in the incidences of seasonal influenza and increasing recommendations for vaccination against the disease is anticipated to increase the sales of vaccines. According to the CDC’s estimates of December 2022, there have been at least 15 million new cases of influenza with around 9,300 deaths and over 150,000 hospitalizations. In addition, the surge in surveillance and government support regarding influenza vaccination at country and global levels for monitoring the distribution, supply, and administration of the vaccine is one of the key drivers of growth in the market.

The increasing government initiatives to support influenza vaccination is one of the major factors propelling the global market growth. In association with other government bodies, the WHO steadily monitors the demand and conducts vaccination programs across the globe to manage the unmet need for vaccination. For instance, in July 2022, the government of Manitoba, Canada announced an expansion of eligibility for the high-dose influenza vaccine to include adults aged 65 years and above for enhanced protection from a life-threatening infection.

Moreover, there are many licensed seasonal influenza vaccines put forward by CDC, WHO, and other regulatory bodies to combat the infection in the current market scenario. In addition, governments around the world recommend people get immunized to attain maximum protection against diseases like the flu. Moreover, in September 2022, the Advisory Committee on Immunization Practices (ACIP) recommended the influenza vaccine to all people aged above 6 months, especially people with acute COVID-19 disease.

In addition, the increase in R&D investments by leading vaccine manufacturers and the presence of robust investigational pipeline products are anticipated to support market growth. For instance, the key pipeline products in various stages of development include mRNA-1010, OVX836, INNA-051, DAS181, OVX836, UniFlu, AV5080, ALVR106, GSK3206641A, and others.

The investigational candidates are showing promising effects with enhanced safety and protection against infection. For instance, in April 2022, Novavax, Inc. announced phase I/II results of its COVID-19 and influenza combination vaccine. The results show the vaccine is well tolerated and feasible.

Increasing investment to expand the production of influenza vaccines across the globe will boost the adoption of the vaccine. For instance, in June 2022, CSL Seqirus announced the completion of a USD 156 million expansion at its production facility in the U.S. This expansion is expected to support the formulation of its cell-based influenza vaccines in pre-filled syringes. Moreover, in March 2021, Sanofi invested USD 679 million in a new vaccine manufacturing facility in Toronto. This investment facilitated the filling capacity for Sanofi’s quadrivalent flu vaccine and boosted the supply chain in Canada, and Europe.

Vaccine Type Insights

The inactivated vaccine segment held the largest share of 91.86% in 2022 and is anticipated to grow at a lucrative rate during the projected period. The high prevalence of diseases, the surge in demand for effective vaccines, and the presence of a large number of manufacturers are contributing to the high segment share of the market. Moreover, the inactivated vaccine given to children in the age group 6-35 months produced a satisfactory antibody response. Even after a long period after the initial vaccination, it reduced the probability of developing influenza A & B infection.

However, the live attenuated vaccine segment is projected to register a flat growth rate in coming years owing to the cost-effectiveness of the vaccines. Moreover, various challenges faced by companies in vaccine production & approvals and restrictions for the live attenuated vaccines for asthma patients, pregnant women, and people with weak immune systems are affecting the market uptake.

Indication Insights

The quadrivalent segment dominated the market and is projected to grow at the fastest rate of 7.11% during the projected period. The high growth rate of the segment is due to their high efficacy against viral infections, cost-effectiveness, and easy availability in clinics and hospitals. In addition, the higher preference for quadrivalent vaccines by medical professionals is also expected to support segment growth. For instance, according to a survey conducted in June 2022, pharmacists and physicians recommend vaccines like Fluzone-high-dose quadrivalent for people over 65 years.

Moreover, the surge in product approvals has fueled the uptake of this segment. For instance, in October 2021, CSL Sequirus received U.S. FDA approval for FLUCELVAX, a quadrivalent influenza vaccine for six-month-old children. In addition, in June 2020, SINOVAC obtained a production license for a quadrivalent vaccine for influenza from NMPA. This approval allowed the company to produce vaccines as per its production capacity and distribute the product in the market.

Age Group Insights

The adult segment held a significant revenue share of more than 78.0% in 2022  owing to favorable efforts to increase immunization and high vaccine dose procurement by UNICEF, GAVI, and PAHO. Moreover, the immunization coverage provision further led to a surge in the geriatric population getting immunized. In addition, vaccination for adults has become crucial to minimize the hospitalizations and deaths caused by influenza. According to the CDC in 2021, around 70-85% of influenza-related deaths occurred in people over 65 years of age.

The pediatric segment is expected to exhibit a lucrative growth rate owing to the high vaccinations provided to infants and newborns for tackling influenza disease. The CDC, WHO, and other regulatory bodies have implemented immunization strategies such as the provision of vaccines at an early age as well as to every child, globally.

In addition, the surge in research activities to develop novel products and expansion of age indication of existing vaccines are anticipated to support segment growth. For instance, in November 2022, Penn scientists developed a 20-subtype mRNA flu vaccine for protection against future flu pandemics. Furthermore, the surge in population in countries like India and China created a higher demand for pediatric vaccines thereby propelling the segment growth.

Route Of Administration Insights

The injection was the leading segment in 2022 and is likely to hold its strong market position during the forecast period. The high growth of the segment accounted for a large number of intramuscular vaccine candidates available in the market. Moreover, the availability of a robust range of injectable products portfolio coupled with recent product approvals caters to segment expansion.

The nasal spray segment is anticipated to be the fastest-growing segment due to the increasing adoption of nasal spray or intranasal vaccines at homecare settings, ease of self-administration, and ability of nasal spray to induce systemic as well as mucosal immunity. In addition, the ongoing efforts of researchers to investigate further opportunities in the intranasal flu vaccine is likely to support segment expansion.

For instance, in February 2022, researchers from the Institute for Biomedical Sciences at Georgia State University found that the influenza vaccine administered via nasal route produced an enhanced immune response and offered strong protection against various strains of influenza.

Distribution Channel Insights

The hospitals & pharmacies segment captured the largest revenue share in 2022. Factors such as a large number of hospitals and pharmacies offering flu vaccinations coupled with the fact that the large vaccination drives are conducted at smaller institutions. Moreover, a large quantity of vaccine supply from hospitals is anticipated to generate lucrative revenue opportunities for the segment. Furthermore, the high cases of flu and influenza leading to higher hospital admissions are also expected to propel segment demand forward. For instance, according to the BBC, in December 2021, the U.S. reported an increased number of pediatric admissions in hospitals.

Government & institutional supply segment is likely to be the fastest-growing segment during the coming years. The ongoing vaccination and immunization programs and the inclusion of influenza vaccines in vaccination programs around the world are responsible for the high growth of this segment. For instance, in June 2022, the government of New Zeeland expanded access to free-of-cost flu vaccines for children and people with mental health issues. In addition, global health organizations such as WHO are procuring vaccines in large volumes to supply cost-effective vaccines to emerging economies and people with high unmet needs.

Regional Insights

North America led the overall market at a revenue share of 53.35% in 2022, due to the rapid launch of effective products along with technologically advanced vaccine production facilities across the region. In addition, the increasing prevalence of influenza infection in the U.S. & Canada and the growing sales of influenza vaccines in the region are also expected to fuel the market growth. According to the WHO, about 37.2 million influenza flu cases were found in the U.S. in 2021.

The Asia Pacific region is anticipated to register the fastest growth rate throughout the forecast period. The increasing population in the countries of the APAC region is anticipated to fuel the demand for influenza vaccines thereby driving the region’s market. In addition, rising government initiatives to provide flu vaccines and increasing awareness regarding influenza are also facilitating the region’s expansion. Moreover, the growing investments from leading participants in the APAC region are likely to offer exponential growth opportunities for the market.

Key Companies & Market Share Insights

Key players are adopting strategies such as new product development, merger & acquisition, and partnership to increase their market share. Market players such as Sanofi, Pfizer Inc., GSK plc, and others are actively involved in the development of novel influenza vaccines. For instance, in August 2022, Vaxess Technologies Inc. announced the launch of a phase I trial for the H1 influenza vaccine delivered by Vaxess’s MIMIX patch. Some prominent players in the global influenza vaccine market include:

• GSK plc

• AstraZeneca

• SINOVAC

• Pfizer Inc

• Vaxess Technologies Inc

• CSL Limited

• EMERGENT

• Merck & Co., Inc.

• Viatris Inc.

• OSIVAX

• EMERGEX VACCINES

Influenza Vaccine Market Report Scope

Global Influenza Vaccine Market Segmentation

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this report, Grand View Research has segmented the global influenza vaccine market report based on vaccine type, indication, route of administration, age group, distribution channel, and region:

• Vaccine Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Inactivated

  • Live Attenuated

• Indication Outlook (Revenue, USD Million, 2018 - 2030)

  • Quadrivalent

  • Trivalent

• Age Group Outlook (Revenue, USD Million, 2018 - 2030)

  • Pediatric

  • Adult

• Route of Administration Outlook (Revenue, USD Million, 2018 - 2030)

  • Injection

  • Nasal Spray

• Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)

  • Hospitals & Pharmacies

  • Government & Institutional Supply

  • Other

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • Japan

    • China

    • India

    • South Korea

    • Australia

    • Thailand

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait