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What is Seasonal Influenza Vaccine Market?
The Seasonal Influenza Vaccine is manufactured to protect against the flu. It contains inactivated flu viruses that stimulate immune system to produce antibodies that can recognize and fight off the virus. The vaccine is typically given once a year, before flu season begins, and recommended for everyone over the age 6 months, especially those who are at higher risk. The vaccine is usually available as an injection or nasal spray. The most common vaccines include trivalent (protect against three flu strains) and quadrivalent vaccines (protect against four flu strains).
Seasonal Influenza Vaccine Market Overview
The Seasonal Influenza Vaccine market witnessed a growth at a CAGR of 4.41% during 2019-2022. The market was valued at USD 5790.83 Million in 2022 which is expected to reach USD 9333.96 Million in 2029. Increasing awareness among parents about the importance of child health and hygiene has fuelled the demand for Seasonal Influenza Vaccine.
The Global Seasonal Influenza Vaccine Market is expected to grow in the forecast period and register a market value of USD 9333.96 Million in 2029 at a CAGR of 7.61% during the forecast period. Seasonal Influenza Vaccine market is propelled by changing weather conditions, rapid transmissions of respiratory diseases, increasing awareness, and increasing demand for retail.
The global seasonal influenza vaccine market has been experiencing steady growth over the years. Factors contributing to market growth include increasing awareness about flu prevention, rising healthcare expenditure, and growing government initiatives for immunization programs. Increased awareness about the benefits of vaccination and the potential severity of influenza contribute to a higher demand for vaccines. Also, technological advancements have led to the development of alternative vaccine delivery systems that offer advantages over traditional injection methods, such as Nasal Spray vaccine, resulting in high production.
Changing weather conditions and rapid transmissions of diseases
According to World Health Organization (WHO), the annual epidemics are estimated to result in about 3 to 5 million cases of severe illness, and about 290 000 to 650 000 respiratory deaths worldwide by seasonal influenza. Influenza is a contagious respiratory illness that tends to be more prevalent during certain seasons, particularly in colder climates. As the weather changes, and the winter season approaches, there is typically an increase in the transmission of influenza viruses.
High production cost
Developing seasonal influenza vaccines involves extensive research and development (R&D) efforts, including identifying and selecting the most appropriate strains, conducting clinical trials, and ensuring safety and efficacy. These R&D activities require significant investment in terms of financial resources, infrastructure, and expertise.
Segment-Wise Insights
Inactivated Influenza Vaccine (IIV) accounts for USD 4256.26 Million in 2022
Inactivated influenza vaccines are suitable for a wide range of age groups. They are approved and recommended for infants as young as six months old, children, adults, and older adults. This broad age group coverage allows for universal vaccination strategies and increases the overall demand for IIV.
Hospitals contribute the maximum share in Seasonal Influenza Vaccine Market
Hospitals prioritize infection control practices to prevent the spread of infectious diseases, including influenza. By vaccinating patients and healthcare workers, hospitals can minimize the risk of influenza transmission among individuals in close proximity, such as inpatient units, emergency departments, and other healthcare settings.
Regional Insights
In Seasonal Influenza Vaccine Market, Americas accounts for largest share with market value USD 2721.69 Million in 2022. The United States has a well-developed public health infrastructure that includes federal agencies like the Centers for Disease Control and Prevention (CDC) and state and local health departments. These entities play a crucial role in promoting and coordinating influenza vaccination campaigns, disseminating information, and implementing immunization programs.
Competitive Landscape
The Global Seasonal Influenza Vaccine Market is highly competitive, with Leading 5 companies in the market are CSL Seqirus, GlaxoSmithKline, Sanofi, AstraZeneca, Abbott Laboratories. CSL Seqirus has a strong global presence and held approximately 33% of the global market share, in year 2022.
CSL Seqirus, GlaxoSmithKline, Sanofi, AstraZeneca, Abbott Laboratories, Viatris, Sinovac Biotech, Serum Institute of India, Daiichi Sankyo, and Dalian Aleph Biomedical are the leading companies in the Global Seasonal Influenza Vaccine Market.
Leading Companies in the Global Seasonal Influenza Vaccine Market include:
CSL Seqirus
GlaxoSmithKline
Sanofi
AstraZeneca
Abbott Laboratories
Viatris
Sinovac Biotech
Serum Institute of India
Daiichi Sankyo
Dalian Aleph Biomedical
Recent Developments in the Seasonal Influenza Vaccine Market
Segmentations in the Report
By Vaccine Type
By Valency
By Age Group
By Distribution Channel
By Region
Frequently Asked Questions:
What is the expected market value of Seasonal Influenza Vaccine Market in 2029?
Global Seasonal Influenza Vaccine Market is expected to be valued at USD 9333.96 Million in 2029.
At what growth rate is Seasonal Influenza Vaccine Market expected to grow in the forecast period?
During 2024-2029, Seasonal Influenza Vaccine Market is expected to grow at CAGR of 7.61%
Which Region dominates the Seasonal Influenza Vaccine Market?
Americas contributes the largest revenue share in the Seasonal Influenza Vaccine Market.
Which are the leading companies in the Seasonal Influenza Vaccine Market?
The leading companies in Seasonal Influenza Vaccine Market are CSL Seqirus, GlaxoSmithKline, Sanofi, AstraZeneca, Abbott Laboratories, Viatris, Sinovac Biotech, Serum Institute of India, Daiichi Sankyo, and Dalian Aleph Biomedical.
At what rate will Unites States Seasonal Influenza Vaccine Market Grow?
During 2024-2029, United States Seasonal Influenza Vaccine Market is expected to grow at a CAGR of 7.17%.
Scope of the Report:
• The report analyses the Seasonal Influenza Vaccine Market by Value (USD Million).
• The report presents the analysis of Seasonal Influenza Vaccine Market for the historical period of 2019-2022, the estimated year 2023 and the forecast period of 2024-2029.
• The report analyses the Seasonal Influenza Vaccine Market by Vaccine Type (Inactivated Influenza Vaccine (IIV), Live Attenuated Influenza Vaccine (LAIV)).
• The report analyses the Seasonal Influenza Vaccine Market by Valency (Quadrivalent, Trivalent).
• The report analyses the Seasonal Influenza Vaccine Market by Age Group (Pediatrics, Adults, Elderly).
• The report analyses the Seasonal Influenza Vaccine Market by Distribution Channel (Hospitals, Pharmacies, Government Supply).
• The key insights of the report have been presented through the frameworks of SWOT and Porter’s Five Forces Analysis. Also, the attractiveness of the market has been presented by region, by services, by mode of operation & by end users.
• Also, the major opportunities, trends, drivers and challenges of the industry has been analyzed in the report.
• The report tracks competitive developments, strategies, mergers and acquisitions and new product development. The companies analysed in the report include CSL Seqirus, GlaxoSmithKline, Sanofi, AstraZeneca, Abbott Laboratories, Viatris, Sinovac Biotech, Serum Institute of India, Daiichi Sankyo, and Dalian Aleph Biomedical.
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