by Influenza vaccines also known as flu shots are vaccines that protect against influenza virus by causing the immune system to make antibodies against the virus. There are four types of flu viruses that cause seasonal epidemics namely influenza A, B, C and D. The influenza vaccines available in the market protect against influenza A and B viruses that are responsible for seasonal flu outbreaks every year. These vaccines help in reducing the risk of flu illness, hospitalization, and can also prevent flu-related complications. They are recommended for people at higher risk including young children, adults over 65 years of age, pregnant women, and those who have chronic illnesses like heart disease, lung disease, and diabetes. With rising knowledge regarding the benefits of vaccination and efforts by healthcare organizations to increase immunization coverage globally, the influenza vaccines market is expected to witness significant growth over the forecast period.
The global influenza vaccines market is estimated to be valued at US$ 6216.47 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing immunization rates is expected to boost the influenza vaccines market over the forecast period. With rising knowledge regarding the benefits of vaccination and efforts by healthcare organizations and governments of various countries to increase immunization coverage globally, more people are opting for vaccination every year. This is increasing the demand for influenza vaccines year on year. For instance, according to the WHO, seasonal influenza vaccine coverage among the elderly population increased from 10% in 2000 to over 60% in some developed countries by 2020. The growing awareness regarding the severity of influenza infection and efficacy of vaccines in prevention is a key factor driving this market. Moreover, annual vaccination requirement owing to mutations in influenza viruses also ensures recurrent demand for vaccines, thereby fueling market growth. However, stringent regulatory approvals for new products and high R&D costs required for development of quadrivalent vaccines may hinder market growth over the forecast period.
Segment Analysis
The global influenza vaccines market is dominated by the pediatric/children segment. Around 45% of the influenza vaccines distributed annually are consumed by the pediatric population. This is because governments across many countries have made vaccination mandatory for children. Additionally, children are at a higher risk of contracting the influenza virus. The elderly population is another major segment in this market. Over 60% of seasonal flu-related deaths occur among the elderly. This age group has weaker immune systems making them more susceptible to infections. Hence, many developed nations recommend annual flu shots for all adults over 65 years of age.
PEST Analysis
Political: Governments play a key role in driving the adoption of influenza vaccines. Many offer vaccination programs free of cost or at subsidized rates. Additionally, some nations have made flu shots mandatory for vulnerable groups like children, healthcare workers etc.
Economic: As the global economy grows, per capita healthcare expenditures are rising. This allows for higher investments in preventive care like vaccination programs. Additionally, the economic burden of influenza outbreaks in terms of productivity losses and medical costs also boosts the case for widespread immunization.
Social: Influenza has high disease visibility as outbreaks are widely reported. This increases health consciousness around immunization. Additionally, greater accessibility to healthcare also supports broader vaccine uptake. Governments provide free vaccination drives to boost coverage rates.
Technological: Continued R&D has led to the development of more effective vaccine production techniques. Cell-based and recombinant technologies have enhanced yield and supply consistency helping meet growing global demand. Quadrivalent vaccines targeting additional flu strains have also been introduced.
Key Takeaways
The Global Influenza Vaccines Market Size is expected to witness high growth over the forecast period supported by initiatives like mandatory vaccination programs for high-risk groups in many countries. The market is projected to reach a value of over US$ 11 Bn by 2030.
Regional analysis
North America currently dominates the influenza vaccines market led by the United States. This is because the CDC recommends annual flu vaccination for everyone over 6 months of age. Additionally, the region has a well-established healthcare system and favourable reimbursement policies supporting widespread vaccine uptake. Europe is another major market driven by government-funded vaccination programs targeting both children and senior citizens.
Key players
Key players operating in the influenza vaccines market are DuPont de Nemours, Inc., Lenzing AG, Kelheim Fibres GmbH, Asahi Kasei Corporation, Grasim Industries Limited (Aditya Birla Group), Sateri Holdings Limited, Tangshan Sanyou Group Co., Ltd., Birla Cellulose (Aditya Birla Group), Indo Bharat Rayon (Aditya Birla Group), China Bambro Textile Co., Ltd. These companies have dominant market shares attributed to their strong brand equity and pan-regional distribution networks.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
