Influenza and COVID-19 Vaccine Market
Number of pages: 100 | Report Format: PDF | Published date: February 20, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
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Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 108 billion |
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Revenue Forecast in 2030 |
US$ 278.5 billion |
|
CAGR |
11.10% |
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Base Year For Estimation |
2021 |
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Forecast Period |
2022-2030 |
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Historical Year |
2020 |
|
Segments Covered |
Type, Age group, Distribution Channel, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global influenza and COVID-19 vaccine market was valued at US$ 108 billion in 2021 and is expected to register a revenue CAGR of 11.10% to reach US$ 278.5 billion by 2030.
Influenza and COVID-19 Vaccine Market Fundamentals
Influenza and coronaviruses belong to the same family of viruses known as Orthomyxoviridae. Influenza is a highly contagious, airborne virus transmitted through contact with infected individuals. It spreads mainly through contact with droplets from an infected person’s coughs or sneezes. Influenza is especially dangerous for young children, the elderly, pregnant women, and those with underlying medical conditions. Symptoms of influenza include fever, chills, sore throat, headache, muscle aches, and fatigue. The infection is generally mild but can become severe, especially in people with weakened immune systems.
In 2020, the world was hit with the SARS-CoV-2 virus, also known as COVID-19. This is a novel coronavirus, and it is a much more dangerous virus than the flu. The virus spreads through person-to-person contact and is believed to be highly contagious. Symptoms of COVID-19 include fever, chills, shortness of breath, and fatigue. The treatments available for both viruses, including antiviral medications and supportive care, can help manage symptoms and reduce the risk of serious complications.
Increasing research and development activities are leading to the launch of many products in the market. Recently, several top players have been researching the combination of Influenza and SARS-CoV-2 co-infection vaccine. This is because influenza and COVID-19 infections are becoming increasingly common. It is believed that this may be because the viruses share common transmission routes and symptoms, which could lead to a higher rate of dual infection. A person’s immune system may weaken from one virus, making it easier for the other to take hold. People who have already been infected with influenza may be at a higher risk of contracting COVID-19 due to the virus’s nature of mutating.
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Influenza and COVID-19 Vaccine Market Dynamics
The fear of the novel coronavirus and its potential to cause serious illness and death has increased the demand for vaccines. According to early data from Johns Hopkins University, more than 267,000 people died from COVID-19 in 2022 in the U.S. In 2020, around 350,000 deaths were reported; in 2021, around 475,000 deaths were reported. Similarly, the uptake of influenza vaccines has been on the rise. This is due to various factors, including increased awareness of the risks of the flu. Many countries have recently implemented campaigns encouraging people to get the flu vaccines. For instance, the Western Australia Department of Health started free influenza vaccination campaigns in June and July 2022 to encourage all West Australians to protect themselves against influenza.
During pregnancy, physicians recommend taking influenza vaccination. This is attributed to high contagious nature of the virus, which is difficult to treat in pregnant women. The flu shot can help protect the mother and the fetus from the virus, reducing the risk of serious complications. In addition, the flu shot can help the mother’s body build up immunity to the virus, which can protect her during future flu seasons.
Research and development initiatives by many market players are leading to the introduction of new and advanced products. With the widespread success seen during the COVID-19 pandemic, the mRNA platform is approaching the influenza vaccine with the promise to create a new generation of highly effective vaccines for various causes. For instance, in September 2022, Pfizer initiated a phase-3 study for an mRNA-based influenza vaccine. Additionally, mRNA technology is expected to be highly adapted in the coming years as it allows speedy production. Moreover, research on combined COVID and flu vaccines may boost the market revenue growth in the coming years. For instance, the Gaithersburg-based biotechnology company, Novavax, Inc., is working on Nanoflu. A combination vaccine of investigational flu vaccine with the COVID-19 vaccine shot NVX-CoV2373. The vaccine has entered a phase-3 clinical trial. Similarly, in November 2022, Pfixer and BioNTech initiated a phase-1 study for their single dose mRNA -based combined vaccines for influenza and COVID-19.
Influenza and COVID-19 Vaccine Market Ecosystem
The global influenza and COVID-19 vaccine market has been analyzed from four perspectives: type, age group, distribution channel, and region.
Influenza and COVID-19 Vaccine Market by Type
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Based on type, the global influenza and COVID-19 vaccine market is segmented into influenza and COVID-19.
The influenza segment accounted for the majority of the market revenue share in 2021. This is attributed to the increased prevalence of flu. Every year, regional epidemics and outbreaks that result in thousands of deaths are caused by influenza viruses. According to the data published by the World Health Organization (WHO) in 2022, around 3.0-5.0 million severe influenza cases were recorded, leading to 650,000 deaths across the globe. An annual change in the vaccine strain is required to keep up with the global influenza virus strain attributed to the virus’s mutating nature. Moreover, as the prevalence of influenza and COVID rises, healthcare professionals’ awareness and recommendations are also increasing. For instance, according to the data published by American Medical Association (AMA) in 2021, around a 9.0% increase has been observed in flu vaccinations during the COVID-19 pandemic in New York and 10 other states in the U.S. compared to the previous years.
Influenza and COVID-19 Vaccine Market by Age Group
Based on age group, the global influenza and COVID-19 vaccine market is segmented into pediatric and adult.
The pediatric segment dominates the global market with the highest revenue share. This is primarily due to immature immune systems in children. The infection can worsen, resulting in pneumonia and aggravating pulmonary and cardiac disorders. Due to such major consequences, recommendations by physicians about influenza vaccinations in pediatric patients are supporting the market growth. Any child older than 6 months, especially those with underlying medical issues, is advised to have an annual influenza vaccination.
The adult age group segment is projected to continue to grow with a high revenue CAGR during the forecast period. Older adults are far more likely to get influenza and COVID-19 infections, as immunity decreases with age. Hence, vaccination is important to reduce the risk of contracting COVID-19 and influenza. In the U.S., three flu vaccines are preferentially recommended for people 65 years and older for the 2022-23 flu season. These are the Flu Zone High-Dose Quadrivalent Vaccine, the Flu Blok Quadrivalent Recombinant Vaccine, and the Fluid Quadrivalent Adjuvanted Vaccine. All flu shots for the 2022–2023 season are quadrivalent, protecting against two Influenza A viruses and two influenza B viruses, among four other distinct flu viruses.
Influenza and COVID-19 Vaccine Market by Distribution Channel
Based on distribution channel, the global influenza and COVID-19 vaccine market is segmented into hospital pharmacy, retail pharmacy, and online pharmacy.
The hospital pharmacy is the most preferred distribution channel. Hospital pharmacies are ideal for receiving the COVID-19 and influenza vaccines. These pharmacies offer a secure location to store and distribute vaccines. In addition, hospitals can offer faster access to the required medical personnel in the event of any unexpected side effects or negative responses.
Influenza and COVID-19 Vaccine Market by Region
Regionally, the global influenza and COVID-19 vaccine market have been segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America led the market with the largest revenue share in 2021. Influenza and COVID-19 vaccine are becoming increasingly important in North America as the number of cases associated with these diseases continues to rise. For instance, according to the CDC, there were 9 million flu cases, 4 million flu-related doctor visits, 100,000 flu-related hospitalizations, and 5,000 flu-related fatalities during 2021–2022. The demand for vaccines has increased significantly as people become more aware of the risks of these viruses. Moreover, the easy availability of the COVID-19 and influenza vaccines in this region is also increasing the market revenue growth.
Increased government grants and funding for research & development activities support the Europe market. European Union has passed a law that requires all EU citizens to be vaccinated against certain diseases, including influenza and COVID-19. With this, Europe is expected to continue to see an increase in influenza and COVID vaccinations in the coming years.
The market in Asia Pacific is believed to show growth with a high revenue CAGR during the forecast period. The availability of the vaccine in Asia Pacific has increased in recent years. This is due to the efforts of governments and health organizations to ensure easy accessibility to vaccines. Furthermore, increasing research and development activities for the development of new and effectual vaccines is also supporting market revenue growth in this region.
Influenza and COVID-19 Vaccine Market Competitive Landscape
The prominent players operating in the global Influenza and COVID-19 vaccine market are:
Influenza and COVID-19 Vaccine Market Strategic Developments
Increasing prevalence of Influenza and COVID-19, rising initiatives by government bodies to spread awareness about the prevention of these diseases, and growing research and development efforts by prominent players are expected to boost the market’s overall growth.
GlaxoSmithKline plc, Pfizer Inc., Merck & Co., Inc., Sanofi S.A., and AstraZeneca plc are among the leading market players.
The global influenza and COVID-19 vaccine market is expected to register a revenue CAGR of 11.10 % during the forecast period from 2022 to 2030.
Based on the age group, the pediatric segment accounts for the highest revenue share of the global Influenza and COVID-19 vaccine market.
*Insights on financial performance are subject to the availability of information in the public domain