Flu Vaccine Market

Flu Vaccine Market Study by Trivalent Flu Vaccines and Quadrivalent Flu Vaccines in Intramuscular Injections, Nasal Sprays, and Intradermal Shots from 2024 to 2034

Analysis of Flu Vaccine Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Flu Vaccine Market Outlook (2024 to 2034)

The flu vaccine market size is experiencing a steady and continuous growth rate, with an estimated valuation of US$ 5,831.7 million in 2024. The market is anticipated to grow at a CAGR of 6.7% from 2024 to 2034, reaching a value of more than US$ 11,181.3 million by 2034.

The government's numerous campaigns to encourage vaccination against the flu are stimulating growth in the market. As more individuals take proactive steps to protect themselves and realize how important it is to be vaccinated against influenza, the industry is predicted to see a spike in demand.

Key Market Growth Drivers

  • Vaccinations are recommended to prevent influenza, with various types available, including live attenuated, recombinant, adjuvant, and inactivated vaccines. The rapid global spread of influenza outbreaks necessitates an effective vaccine.
  • Sales of vaccines are anticipated to rise throughout the projection period as a result of increasing seasonal flu cases and more robust recommendations for immunization against the illness.
  • Furthermore, one of the reasons driving the market's growth is the increase in government support and surveillance surrounding vaccination at both national and international levels. These efforts are aimed at monitoring vaccine distribution, supply, and administration.

Throughout the projection period, the flu vaccine market is anticipated to develop rapidly, led mainly by a strong product pipeline. The industry is expected to grow steadily over the next ten years as more and more novel and potent vaccines are being created and made available. This is expected to create significant opportunities for current companies and startups to benefit from the rising demand for flu vaccinations.

Report Attributes Details
Estimated Market Value (2024E) US$ 5,831.7 million
Forecasted Market Value (2034F) US$ 11,181.3 million
Global Market Growth Rate (2024 to 2034) 6.7% CAGR
Quadrivalent Flu Vaccine Segment Growth Rate (2024 to 2034) 6.8%
Intramuscular Injection Segment Growth Rate (2024 to 2034) 6.7%
North America Market Share (2024) 63.3%
East Asia Market Share (2024) 11.7%
Key Companies Profiled
  • Sanofi Pasteur Inc.
  • AstraZeneca
  • Csl Ltd.
  • Abbott
  • GlaxoSmithKline Plc.
  • Serum Institute Of India Pvt.Ltd
  • Seqirus
  • AstraZeneca
  • FluGen, Inc.
  • Moderna, Inc.
  • Biocryst Pharmaceuticals, Inc.
  • CPL Biologicals Pvt. Ltd.
  • CureVac AG
  • Solaris Vaccines

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Which Factors are Driving the Global Surge in the Flu Vaccines Industry?

“Rise in Clinical Studies for New Product Development Fuels Market Growth”

The flu vaccine market is predicted to expand considerably throughout the forecast period. Numerous causes, including the rise in clinical trials that market participants are conducting for the development of new products, contributed to this expansion. Further, the demand is rising due to the expansion of regular immunization programs, including influenza vaccinations, in developed and developing nations.

The market is expanding as a result of government campaigns encouraging the use of influenza vaccinations and the low risk of adverse effects from immunization. Moreover, corporations' financing and expenditures in research and development initiatives support the expansion of the worldwide market. The worldwide influenza vaccine market is anticipated to grow as a result of these combined reasons, making it a viable market for investors and participants in the sector.

“Broadening Inactivated Vaccine Adoption Rate Boosting Market”

The inactivated influenza vaccine is vital for stopping and managing the influenza virus's transmission. The most widely used type of flu vaccination, these shots are considered safe and effective since they are derived from dead forms of the virus. A significant benefit of inactivated influenza vaccinations is their high degree of safety.

A live flu infection cannot be caused by the viral strains used in these vaccinations since they are lifeless. Pregnant ladies, children, and people with depleted immune systems are among the masses who are at risk of developing severe complications from the flu and are good candidates for inactivated immunizations.

Growing awareness of the danger of influenza and a spike in the demand for flu shots are driving the inactivated sector.

What are the Challenges Present in the Flu Vaccine Market?

“Prolonged Duration for Flu Vaccine Preparation to Restrain its Sales”

The development of a new vaccine is complicated and the drawn-out procedure typically takes ten years. The complexity of clinical development, vaccination research, and regulatory compliance are restraining the growth of the market. There are regional variations in the regulatory frameworks about clinical trials, which causes delays in the development of novel vaccinations.

Moreover, data from several nations or areas are frequently needed for regulatory approval. However, the prolonged deadlines and extra labeling requirements in many countries make global clinical research difficult. Therefore, the market expansion is anticipated to be hampered by the stringent regulatory requirements and longer timeframes for performing clinical studies.

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Country-wise Insights

The influenza vaccine market in North America is predicted to grow at an impressive 6.8% CAGR through 2034. The main impetus for the study is the increasing need in significant international markets, such as the United States and Canada, for drugs that reduce cold and flu symptoms. In 2024, flu treatments are expected to account for 95.0% of the United States’ industry.

Currently, the East Asia upper respiratory infection cough medication market is expected to rise at a 7.2% CAGR through 2034. In 2024, Japan is anticipated to dominate the East Asian flu vaccine market with a 53.1% market share.

Why is the United States Dominating the Global Flu Vaccine Market?

“Advanced Government Healthcare Initiatives in the United States”

Attribute Details
Market Value in 2024 US$ 3,508 million
CAGR (2024 to 2034) 6.8%

The demand for influenza-related treatments is expected to increase considerably in the United States, with a projected market value of US$ 3,508 million in 2024. Moreover, the estimated CAGR during the forecast period is 6.8%, which is quite promising. This growth is expected to result in a market value of US$ 6,787 million by 2034.

The market is experiencing a significant boost due to various government programs and initiatives. One major contributor to this trend is the joint research and development efforts of several key organizations in the United States, including the Department of Health and Human Services, BARDA, NIH, CDC, and FDA. To reduce the effects of influenza on public health, several organizations are collaborating to create more potent and effective vaccinations. The advisory council also promotes immunization as a vital tactic for stopping the spread of the flu and lessening its consequences on people and communities. These organizations support a healthier and more resilient population now and in the future by funding research and encouraging universal vaccination.

Why is Japan Considered a Thriving Market for Flu Vaccines?

“Rising Prevalence of Influenza Medicine Drives Japanese Healthcare Industry”

Attribute Details
Market Value in 2024 US$ 361 million
CAGR (2024 to 2034) 7.2%

Japan's market for treating influenza is expected to grow and reach a projected value of US$ 361 million in 2024. Japan is also expected to account for a 53.1% share of the East Asian flu vaccine market in 2024. This market has been steadily growing in recent years. It is expected to increase at a CAGR of 7.2% from 2024 to 2034.

The healthcare industry in Japan is experiencing significant growth due to aspects such as a geriatric population, advanced healthcare infrastructure, and new market entrants. Japan's large population necessitates tailored healthcare services, making it a critical advancement region. The country's high disease transmission rate underscores the need for advanced solutions. As a result, healthcare providers and stakeholders are investing heavily in research and development to improve patient outcomes and healthcare quality. The country’s large population and the need for cutting-edge solutions to prevent and treat diseases effectively drive this growth.

Category-wise Insights

In 2024, the quadrivalent flu vaccine segment dominates the market, constituting 84.0% of the global flu vaccine market share. Meanwhile, the trivalent flu vaccine category is predicted to hold a stable and diversified position, accounting for 16.0% of the market, thereby contributing to the overall growth and sustainability of the industry.

According to industry experts, in 2024, intramuscular injection is predicted to become the dominant mode of administering the influenza vaccine, accounting for 93.6% of the market share, depending upon the specific indication. Moreover, the nasal spray segment is projected to gain a noteworthy market share of 5.4% in 2024, contributing significantly to the global flu vaccination market.

What is Propelling Higher Demand for Quadrivalent Flu Vaccines?

“Cost-effectiveness and Easy Availability of Quadrivalent Flu Vaccines”

Attribute Details
Market Share in 2024 84.0%

In 2024, the quadrivalent flu segment dominated the market with a share of 84.0%, indicating the widespread acceptance and preference of this vaccine among the masses. This segment is projected to grow rapidly over the forecast period, owing to its high efficacy against viral infections. The demand for quadrivalent flu vaccine solutions is also expected to increase, with an estimated consumption value of US$ 4,899.2 million in 2024.

The popularity of this vaccine is due to its cost-effectiveness, easy availability in clinics & hospitals, and a higher preference for quadrivalent vaccines by medical professionals. The quadrivalent flu vaccine is developed to defend against four different influenza virus strains, which makes it more effective than the traditional trivalent flu vaccine that protects against three strains. The quadrivalent flu vaccination is quickly emerging as the public's vaccine of choice for preventing influenza.

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Competitive Landscape

Market players in the healthcare industry are actively investing in research and development to enhance their product offerings for the treatment of influenza. These companies are also strategically expanding their global presence by introducing new products, entering contractual agreements, pursuing mergers and acquisitions, increasing investments, and fostering collaboration.

The flu vaccine sector is facing intense competition, and to thrive in this environment, industry players are focused on providing affordable products. These players prioritize FDA clearance and forging regional distribution partnerships to increase their market share and earnings. Additionally, manufacturers employ local production to reduce operating costs, enhance customer experience, and expand their market reach.

Recent Developments

  • In December 2023, scientists from the University of Pittsburgh discovered that individuals who receive a trivalent flu vaccine produce an antibody that overcomes a viral hurdle, effectively preventing both dominant flu subtypes.
  • In October 2023, Pfizer Inc. and BioNTech SE reported encouraging findings from a phase 1 trial of an mRNA-based COVID-19 and influenza combination vaccine.
  • In May 2023, Novavax, Inc. reported positive phase 2 trial results for three influenza vaccine candidates, demonstrating robust immune responses, safety profiles, and comparable reactogenicity to authorized comparators.

Segmentation of Flu Vaccine Market

  • By Product:

    • Trivalent Flu Vaccine
    • Quadrivalent Flu Vaccine
  • By Dosage Form:

    • Intramuscular Injection
    • Nasal Spray
    • Intradermal Shot
  • By Distribution Channel:

    • Institutional Sales
    • Retail Sales
  • By Region:

    • North America
    • Europe
    • East Asia
    • East Asia
    • South Asia & Oceania
    • Middle East & Africa

- FAQs -

What was the Value of the Flu Vaccine Market in 2019?

The global flu vaccine market was worth US$ 4,166.2 million in 2019.

What is the Sales Outlook for Flu Vaccines in 2024?

The sales outlook for flu vaccines is likely to be valued at US$ 5,831.7 million in 2024.

What is the Demand Forecast for Flu Vaccines over the Coming Decade?

The demand for flu vaccines is projected to reach a market value of US$ 11,181.3 million by the end of 2034.

What is the Growth Projection for Flu Vaccines?

The adoption of flu vaccines is projected to rise at a CAGR of 6.7% through 2034.

At What Rate is the North American Market Predicted to Grow?

The North American market for flu vaccines is forecasted to expand at a CAGR of 6.8% through 2034.

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