Wilmington, Delaware, United States, March 03, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – Significant rate of adoption of flu vaccines among adults has bolstered the Influenza Vaccine Market size. Acceptance of inactivated influenza vaccines is extensive across the world, and the inactivated segment accounted for leading share in 2022. The global market value stood at US$ 4.0 Bn in 2022, and is projected to exceed US$ 7.2 Bn by 2031.
Pharmacies and hospitals are the most preferred distribution channels, as they are easily accessible to the public, and a wide range of flu vaccines are also available, adding to the convenience. Thus, pharmacies and hospitals play a vital role in extending vaccination coverage rates in several countries. The hospitals & pharmacies segment accounted for leading market share in 2022. Moreover, pharmacists and medical professionals at hospitals are educating the target population about influenza vaccination for preventive healthcare, which is expected to boost the adoption rate and augment the influenza vaccine market value.
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Key Findings of Study
- Significant Adoption of Vaccines Among Adults: The adult population has become aware about effectiveness of influenza vaccines to prevent severe influenza-associated illness. Efforts by governments and several healthcare industry players to collaborate and promote uptake of influenza vaccines are expected to bolster market growth. In terms of valency, quadrivalent vaccines are highly effective in preventing flu. The TMR study on the influenza vaccine market found that the quadrivalent vaccine segment held the major share in 2022. They are preferred over trivalent vaccines owing to the former’s increased effectiveness in providing protection against four influenza strains. Rapidly increasing number of people vaccinated each year against seasonal influenza is anticipated to expand the influenza vaccine market outlook in the next few years.
- Rise in Demand for Influenza Vaccines in High-risk Population: Public and private health programs and campaigns by organizations such as the WHO strive to promote the seasonal influenza vaccination among at-risk groups. Significant R&D activities in flu vaccines in the past few years have helped develop products that can be effective against influenza-associated severe acute respiratory infections. The healthcare industry is improving the uptake of seasonal influenza vaccines by promoting the availability of safe and effective vaccines to people of all age groups. Despite the fact that vaccines can be less effective in the elderly, they are viewed effective in reducing the severity of the disease.
- Surge in economic burden of flu among populations in several countries is a key driver of demand in the influenza vaccine market. Awareness is expected to rise among at-risk populations such as the elderly, pregnant women, and young children. People with weakened immune systems are at high risk of flu complications and are expected to accept vaccination as an effective prevention strategy.
- Continuous R&D in inactivated influenza vaccines has led to the introduction of vaccines with high safety and low production costs. This has bolstered the prospects of the global influenza vaccine industry.
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Regional Growth Dynamics
- North America is one of the prominent markets for influenza vaccines. Extensive adoption of seasonal flu vaccines in the U.S. could be ascribed to people becoming aware of the effectiveness of the vaccines to prevent flu and their efficacy against incidence of serious complications and death. Organizations such as the CDC recommend the importance of flu vaccines as effective in reducing the severity of the disease, especially for people who are at high risk.
- Asia Pacific is a lucrative market. The influenza vaccine market is emerging in Asia Pacific owing to rise in number of flu cases and surge in hospitalizations in China, India, and Australia due to influenza in the past few years. However, the level of awareness about influenza vaccines is still low in several parts of the region. There is thus an untapped revenue opportunity. As a result, healthcare providers are creating knowledge and a positive attitude toward influenza vaccine, which is anticipated to accelerate the market growth in Asia Pacific.
Key players are adopting product launches, mergers and acquisitions, and partnerships in order to expand their customer base or consolidate their market positions. Key players operating in the influenza vaccines market are
- Pfizer, Inc.,
- GSK plc.,
- Merck & Co., Inc.,
- Novartis AG,
- Johnson & Johnson, and Daiichi Sankyo Company, Limited.
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Influenza Vaccine Market Segmentation
- Live Attenuated
- Hospitals & Pharmacies
- Government & Institutional Supply
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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