INFLUENZA VACCINES MARKET ANALYSIS

Influenza Vaccines Market Size and Trends

The influenza vaccines market is estimated to be valued at USD 8.30 Bn in 2024 and is expected to reach USD 13.43 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 7.1% from 2024 to 2031.

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Influenza is a contagious respiratory infection caused due to influenza virus. Influenza is marked by fever, cough, muscles and joint pain, headache, and severe weakness. Illness due to influenza ranges from mild to severe, occasionally leading to death. Vaccines are recommended for the prevention of influenza infections. Influenza vaccine can be inactivated influenza vaccine, adjuvant inactivated influenza vaccine, live attenuated influenza vaccine or recombinant influenza vaccine. The rapid spread of influenza virus epidemics worldwide is propelling demands for the development of efficient influenza vaccine. Strong product pipeline is the key factor driving growth of the market during the forecast period.

Increasing clinical trials for new product development

Increasing clinical trials for new product development by market players is expected to drive the global influenza vaccines market growth over the forecast period. For instance, on May 25, 2022, Osivax, a biopharmaceutical company developing vaccines against highly mutating infectious viruses and diseases, announced an update on the clinical development plan of its lead candidate, OVX836. It is Osivax’ T-cell based influenza candidate, developed using the company’s proprietary oligoDOM nanoparticle technology platform and designed to produce immune responses against the nucleoprotein (NP), a highly conserved internal antigen across flu strains. Based on positive safety data from the ongoing Phase 2a trial, the company has initiated two additional Phase 2 clinical trials, a dose-escalation study in elderly subjects and a combination trial with a seasonal Quadrivalent influenza vaccine (QIV), to broaden the scope of OVX836’s application in an effort to provide improved protection against influenza across strains.

Market Concentration and Competitive Landscape

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Increasing awareness by government authorities for influenza vaccine is expected to drive the global influenza vaccines market growth over the forecast period. For instance, on October 8, 2021, the U.K. Government started new campaign supported by charities and healthcare organizations to encourage those eligible to get vital protection with a free flu vaccine and COVID-19 booster vaccine ahead of winter. This campaign by the government has launched the flu program for 2021 to 2022 and the COVID-19 booster campaign to protect as many lives as possible.

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High cost of vaccine development is expected to hinder growth of the market over the forecast period. For instance, on June 22, 2021, an article published in BMJ, a scientific journal stated about high costing higher prices vaccine The Centers for Disease Control and Prevention (CDC) purchased bulk vaccine through agreements for the 2020-21 flu season, the CDC purchased seven million doses directly from manufacturers for US$ 100m each a higher price than it has previous years

Market Opportunities: Initiatives taken by public health organizations

Public health organizations around the world have been taking significant initiatives to promote influenza vaccination, which can greatly benefit the influenza vaccines market. Various awareness campaigns and programs focused on educating people about the importance of annual flu shots have increased vaccination rates in recent years.

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The vaccine type segment includes inactivated and live attenuated. Inactivated segment is estimated to hold 89.6% of the market share in 2024. Inactivated vaccines are created by growing influenza viruses in eggs or cells and then inactivating them with heat or chemicals. This process kills the viruses but keeps their antigens intact to produce an immune response in the body. Compared to live attenuated vaccines, inactivated vaccines are much safer as they cannot replicate or cause infection. They are also considered more suitable for high-risk groups like pregnant women, the elderly and people with weakened immune systems. In addition, inactivated vaccines have an established safety track record and longer shelf-life as they do not require viral growth and special storage conditions like refrigeration. Healthcare providers prefer recommending these vaccines to their patients knowing they would not face complications arising from using a live vaccine. Their advantages have firmly established inactivated vaccines as the preferred type for annual seasonal influenza vaccination programs worldwide.

Insights, By Valency: Shift towards Broader Protection drives Quadrivalent Segment Growth

The valency segment includes quadrivalent and trivalent. Quadrivalent segment contributes the highest share of the influenza vaccines market and is estimated to hold 91.4% of the market share in 2024. Quadrivalent vaccines target two strains of influenza A viruses and two influenza B virus lineages, whereas trivalent vaccines cover only one B virus lineage. Experts have observed that influenza B viruses evolve more rapidly than influenza A viruses and can alternate between two distinct genetic lineages within a season. This can lower the effectiveness of trivalent vaccines which cover only one B lineage. Quadrivalent vaccines offer broader protection as they guard against viruses from both B lineages, thereby reducing the likelihood of influenza disease and spread during mismatched seasons when a different B lineage predominates. Their enhanced coverage matches the current circulating strains in every season more closely and eliminates concerns over B lineage uncertainty. With increasing awareness about these factors, more healthcare providers and patients are opting for quadrivalent vaccines to gain complete defense against all major influenza strains.

Insights, By Route of Administration: Injectables form is more effective than other forms

The route of administration segment includes injection and nasal spray. Injection contributes the highest share of the influenza vaccines market and is estimated to hold 84.2% of the market share in 2024. Injected influenza vaccines are administered via intramuscular or subcutaneous routes into the arm or upper leg muscles. This direct introduction of vaccine antigens into the body enables robust interaction with immune cells and strong activation of both humoral and cellular immunity. In contrast, nasal spray vaccines must first overcome biological barriers in the nasal mucosa before antigen exposure. As a result, injected formulations trigger higher antibody responses that last longer than nasal vaccines. In addition, healthcare payers prefer injection over nasal sprays due to better data on safety, efficacy, and cost-effectiveness with decades of use. Needle-based delivery also better controls the exact dose received. While nasal sprays offer non-invasive delivery, their inconsistent immune responses have prevented widespread uptake, restricting this administration route to a smaller segment in the influenza vaccines market.

Regional Insights

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North America has dominated the global influenza vaccines market for many years due to strong healthcare infrastructure and awareness among people regarding the importance of vaccination and is estimated to hold 49.5% of the market share in 2024. The U.S. accounts for the largest share within the region owing to the presence of major vaccine manufacturers and adoption of mandatory vaccination programs by healthcare facilities. Several manufacturers have their headquarters in the U.S. and undertake large scale production to meet domestic demand. In addition, vaccination rates have been steadily rising both among pediatric and adult populations.

However, Asia Pacific region is emerging as the fastest growing market for influenza vaccines worldwide. Expanding healthcare infrastructure, growing per capita healthcare expenditure and increasing focus of governments on immunization programs are some key factors driving market growth. Countries like China, India and Japan are at the forefront due to their large population base and initiatives by public health organizations to spread awareness. Vaccine sales are rising sharply in Asia driven by changing lifestyles and growing cases of influenza-related illnesses in recent years.

Market Report Scope

Influenza Vaccines Industry News

• On March 06, 2024, CSL Seqirus, a global leader in public health protection, announced that it is fully prepared to deliver its influenza vaccine portfolio for the 2024/25 season in the U.S., based on the trivalent strains recommended by the FDA's Vaccines and Related Biological Products Advisory Committee (VRBPAC).
• On February 15, 2024 Osivax, a biopharmaceutical company, stated that the first person had been vaccinated in its new Phase 1 study (NCT06128382) of OVX033, a broad-spectrum sarbecovirus vaccine candidate. The single-center trial is a randomized, double-blind, placebo-controlled Phase 1 clinical investigation to evaluate the safety and immunogenicity of OVX033 at three dose levels (100 µg, 250 µg, and 500 µg).
• In October 2023, Pfizer Inc., a pharmaceutical and biotechnology company, and BioNTech SE, a biotechnology company, announced positive topline results from a Phase 1/2 study (NCT05596734) that assessed the safety, tolerability, and immunogenicity of mRNA-based combination vaccine candidates for influenza and COVID-19 in healthy adults aged 18 to 64.
• In October 2023, AstraZeneca, a science-led biopharmaceutical company, announced that the U.S. FDA had accepted its Supplemental Biologics License Application (sBLA) for the approval of a self- or caregiver-administered option for FluMist Quadrivalent, a needleless nasal spray. If approved, FluMist will be the first flu vaccine that may be self-administered by qualified patients or caregivers, providing another way to get vaccinated against influenza.

*Definition:The influenza vaccines market consists of pharmaceutical companies engaged in the research, development, production, and marketing of vaccines for influenza viruses. These vaccines aim to boost immunity against seasonal influenza as well as novel strains of influenza viruses that can cause pandemics. The influenza vaccines market includes both trivalent and quadrivalent vaccines that provide protection against multiple strains of the influenza virus. Key players in this market work on developing newer and more effective formulations of influenza vaccines to prevent the spread of influenza viruses globally.

Market Segmentation

• Vaccine Type Insights (Revenue, USD BN, 2019 - 2031)
  • Inactivated
  • Live Attenuated
•  Valency Insights (Revenue, USD BN, 2019 - 2031)
  • Quadrivalent 
  • Trivalent 
•  Route of Administration Insights (Revenue, USD BN, 2019 - 2031)
  • Injection
  • Nasal Spray
•  Age Group Insights (Revenue, USD BN, 2019 - 2031)
  • Pediatrics 
  • Adults
•  Technology Insights (Revenue, USD BN, 2019 - 2031)
  • Egg-Based Flu Vaccines
  • Cell Culture-Based Flu Vaccines
  • Recombinant Flu Vaccines
•  Distribution Channel Insights (Revenue, USD BN, 2019 - 2031)
  • Public
  • Private
• Regional Insights (Revenue, USD BN, 2019 - 2031)
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East
    • GCC Countries
    • Israel
    • Rest of Middle East
  • Africa
    • South Africa
    • North Africa
    • Central Africa
• Key Players Insights
  • CSL Seqirus
  • GlaxoSmithKline plc
  • Sanofi
  • AstraZeneca
  • FluGen Inc.
  • Moderna Inc.
  • Biocryst Pharmaceuticals Inc.
  • CPL Biologicals Pvt. Ltd.
  • CureVac AG
  • OSIVAX
  • Solaris Vaccines
  • Pfizer
  • Daiichi Sankyo
  • Bharat Biotech
  • Sinovac Biotech