Influenza Vaccines Market Opportunities and Strategies to 2033

This report describes and explains the influenza vaccines market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global influenza vaccines market reached a value of nearly $7.93 billion in 2023, having grown at a compound annual growth rate (CAGR) of 6.30% since 2018. The market is expected to grow from $7.93 billion in 2023 to $11.41 billion in 2028 at a rate of 7.54%. The market is then expected to grow at a CAGR of 8.11% from 2028 and reach $16.85 billion in 2033.

Growth in the historic period resulted from the increasing healthcare expenditure, expansion of vaccination programs, expansion of healthcare infrastructure and rise in disposable income. Factors that negatively affected growth in the historic period were high cost of vaccine.

Going forward, the increasing geriatric population, favorable governments initiatives, rising incidence of respiratory diseases and strong economic growth in emerging markets will drive the growth. Factor that could hinder the growth of the influenza vaccines market in the future include public perception and vaccine hesitancy.

The influenza vaccines market is segmented by vaccine type into inactivated and live attenuated. The inactivated market was the largest segment of the influenza vaccines market segmented by vaccine type, accounting for 88.44% or $7.01 billion of the total in 2023. Going forward, the recombinant segment is expected to be the fastest growing segment in the influenza vaccines market segmented by vaccine type, at a CAGR of 7.67% during 2023-2028.

The influenza vaccines market is segmented by valency into quadrivalent and trivalent. The quadrivalent market was the largest segment of the influenza vaccines market segmented by valency, accounting for 77.04% or $6.11 billion of the total in 2023. Going forward, the quadrivalent segment is expected to be the fastest growing segment in the influenza vaccines market segmented by valency, at a CAGR of 7.83% during 2023-2028.

The influenza vaccines market is segmented by route of administration into injection and nasal spray. The injection market was the largest segment of the influenza vaccines market segmented by route of administration, accounting for 93.02% or $7.38 billion of the total in 2023. Going forward, the nasal spray segment is expected to be the fastest growing segment in the influenza vaccines market segmented by route of administration, at a CAGR of 7.63% during 2023-2028.

The influenza vaccines market is segmented by distribution channel into hospitals and pharmacies, government and institutional supply and other distribution channels. The hospitals and pharmacies market was the largest segment of the influenza vaccines market segmented by distribution channel, accounting for 57.94% or $4.59 billion of the total in 2023. Going forward, the government and institutional supply segment is expected to be the fastest growing segment in the influenza vaccines market segmented by distribution channel, at a CAGR of 8.21% during 2023-2028.

The influenza vaccines market is segmented by age group into pediatric and adult. The adult market was the largest segment of the influenza vaccines market segmented by age group, accounting for 65.85% or $5.22 billion of the total in 2023. Going forward, the adult segment is expected to be the fastest growing segment in the influenza vaccines market segmented by age group, at a CAGR of 8.34% during 2023-2028.

North America was the largest region in the influenza vaccines market, accounting for 41.42% or $3.28 billion of the total in 2023. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the influenza vaccines market will be Asia Pacific and South America where growth will be at CAGRs of 9.04% and 8.77% respectively. These will be followed by Middle East and Africa where the markets are expected to grow at CAGRs of 8.56% and 8.09% respectively.

The global influenza vaccines market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up to 90.54% of the total market in 2023. Sanofi SA was the largest competitor with a 36.60% share of the market, followed by Seqirus (CSL Limited) with 22.79%, GlaxoSmithKline Plc with 8.01%, Daiichi Sankyo Co Ltd with 7.25%, Pfizer Inc with 7.21%, Abbott Laboratories with 3.19%, AstraZeneca PLC with 2.72%, Sinovac Biotech Ltd with 1.13%, Serum Institute of India Pvt Ltd with 0.85% and BioDiem Ltd with 0.79%.

The top opportunities in the influenza vaccines market segmented by vaccine type will arise in the inactivated segment, which will gain $3.06 billion of global annual sales by 2028. The top opportunities in the influenza vaccines market segmented by valency will arise in the quadrivalent segment, which will gain $2.79 billion of global annual sales by 2028. The top opportunities in the influenza vaccines market segmented by route of administration will arise in the injection segment, which will gain $3.23 billion of global annual sales by 2028. The top opportunities in the influenza vaccines market segmented by age group will arise in the adult segment, which will gain $2.57 billion of global annual sales by 2028. The top opportunities in the influenza vaccines market segmented by distribution channel will arise in the hospitals and pharmacies segment, which will gain $1.95 billion of global annual sales by 2028. The influenza vaccines market size will gain the most in the USA at $1.12 billion.

Market-trend-based strategies for the influenza vaccines market include focus on technological advancement to drive innovation in the influenza vaccine, focus on expansion of influenza vaccine production capacity, focus on advancements in influenza vaccine development and focus on strategic partnerships and collaborations among market players.

Player-adopted strategies in the influenza vaccines market include focus on new launches to enhance business offerings and focus on strengthening business operations through strategic partnerships.

To take advantage of the opportunities, the analyst recommends the influenza vaccines companies to focus on advanced quadrivalent vaccines to enhance market position, focus on expanding vaccine production capacity, focus on MRNA influenza vaccine development, focus on recombinant vaccines, focus on quadrivalent vaccines, focus on nasal spray segment, focus on adult market, expand in emerging markets, focus on expanding strategic partnerships, focus on pricing strategies to enhance market position, focus on digital marketing channels, focus on collaborating with healthcare professionals and focus on hospitals and pharmacies.