According to our latest study, “Influenza Vaccines Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Vaccine Type, Virus Type, Technology, and Route of Administration,” the market was valued at US$ 7,478.53 million in 2021 and is projected to reach US$ 12,272.49 million by 2028. It is estimated to grow at a CAGR of 7.4% from 2022 to 2028. The report highlights the key factors driving the market and prominent players with their developments. The growth of the influenza vaccines market is primarily attributed to increased government support to promote influenza vaccination and investment by top market players and governments worldwide. However, the high cost of vaccine development is hampering the market’s growth.
Companies operating in the influenza vaccines market witnessed a positive impact during the pandemic as global campaigns promoted people to get vaccinated against the influenza virus. For instance, in the US, the National Forum for Heart Disease & Stroke Prevention initiated the ‘Move with the Mayor Flu Vaccination Campaign’ where the mayors are protecting their communities from the dual threat of COVID-19 and flu by encouraging people to get vaccinated for flu. Similarly, to reduce the risk of severe illness that could arise from co-infection with SARS-CoV-2 and influenza, the Public Health Agency of Canada (PHAC) released Guidance on the Delivery of Influenza Vaccination in the Presence of COVID-19 to support the delivery of influenza vaccination programs during the COVID-19 pandemic.
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Based on vaccine type, the influenza vaccines market is segmented into quadrivalent vaccines and trivalent vaccines. In 2021, the quadrivalent vaccines segment held a larger market share; however, the same segment is estimated to grow at a faster CAGR during the forecast period. The quadrivalent influenza (flu) vaccine protects against 4 types of influenza viruses, including 2 influenza A viruses and 2 influenza B viruses. All flu vaccines in the US during the 2021-2022 season have been quadrivalent.
Different vaccines are approved for different age groups. The quadrivalent flu vaccine can be given to children under 6 months of age. Flucelvax Quadrivalent is now approved for people 6 months of age and older. Market players are receiving new product approvals and launching for market expansion. For instance, In Feb 2020, Abbott launched a quadrivalent vaccine for influenza in India.
Moderna, Inc.; SEQIRUS; Sanofi; GlaxoSmithKline plc.; Hualan Biological Engineering Inc.; Emergent BioSolutions Inc.; Mitsubishi Chemical Group Corporation; Serum Institute of India Pvt. Ltd; MYLAN NV; and AstraZeneca are the leading companies operating in the influenza vaccines market.
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