Seasonal Influenza Vaccine Market: Global Industry Share to Reach USD 9,801.8 Million by 2030
Influenza (also terms as “flu”) is one of the serious diseases that can lead to hospitalization and even death. Influenza vaccines are widely used in order to protect an individual against infection by influenza viruses which are also known as flu shots or flu jabs. These vaccines act by developing antibodies that provide protection against circulating influenza virus infections.
According to the report published by the Facts & Factors Research, the global Seasonal Influenza Vaccine market was estimated at approximately USD 5,638.3 Million in 2020 and is expected to generate revenue of around USD 9,801.8 Million by the end of 2030, growing at a CAGR of around 5.6% between 2021 and 2030.
Several factors such as increasing incidences of influenza worldwide coupled with the recent COVID-19 outbreak have supported the industry growth. For instance, as per the various research, the risk of severe Covid-19 effects may reduce post vaccination against Influenza. Due to this fact, the demand for influenza vaccines has witnessed significant growth during the year 2020-2021. According to the Centers for Disease Control and Prevention (CDC) tracking of flu vaccine distribution, as of December 2020, in the 2020-2021 flu season, 189.4 million influenza vaccines have been distributed in the U.S., compared to 174 million in the 2019-2020 season. Such factors would, in turn, support the overall industry growth to a great extent. On the flip side, high development costs and side effects are expected to hamper the influenza vaccine market growth over the study period.
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The global seasonal influenza vaccine market is broadly divided into product types, sectors, and end-user segments. Under the product types segment, the industry is categorized into quadrivalent and trivalent vaccine types. The trivalent segment is projected to grow at a promising growth rate. A trivalent flu shot is prepared using an adjuvant which is an ingredient helping to make a stronger immune response to vaccination.
On the basis of regional analysis, the Seasonal Influenza Vaccine market is classified into North America, Europe, Asia-Pacific, Russia & CIS, Middle East, And Africa, and Latin America. Globally, developed regions such as North America and Europe are capturing lion’s share. Whereas, Asia Pacific region is growing at the fastest growth rate during the study period. The market of seasonal influenza vaccines in the Japan, China, and India is anticipated to grow at a considerable CAGR owing to the large population base coupled with the growing awareness level.
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Top Market Players
Key players namely Biodiem, AstraZeneca, Emergent BioSolutions, CSL Limited, Gamma Vaccines, F. Hoffmann-La Roche Ltd, Merck, Novartis, Pfizer, Sanofi, GlaxoSmithKline, Abbott, Sinovac, Hualan, Serum Institute of India, Mitsubishi Tanabe Pharma, and Mylan are operating in this market.
The worldwide seasonal influenza vaccine market is highly consolidated with the presence of small-scale and large-scale players. Sanofi, GSK, and CSL Limited are the top three players operating in this market, collectively accounting for more than 85% share of the worldwide market.
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