Influenza Vaccine Market Size, Share, Growth Analysis, By Type(Inactivated, and Live Attenuated), By Indication(Quadrivalent, Trivalent), By Route of administration(Injection, and Nasal Spray), By Age group(Pediatric, and Adult), By Distribution Channel(Hospital & Pharmacies, Government & Institutional Supply, Others), By Region - Industry Forecast 2024-2031

Global Influenza Vaccine Market size was valued at USD 7.39 billion in 2022 and is poised to grow from USD 7.91 billion in 2023 to USD 13.57 billion by 2031, growing at a CAGR of 6.98% in the forecast period (2024-2031).

The influenza virus circulates continue indefinitely, causing regional epidemics and outbreaks that have resulted in thousands of deaths. For instance, according to data from the Centers for Disease Control and Prevention (CDC), more than 13 million flu cases have been recorded in the 2019-20 timeframe. The changing nature of the virus necessitates an annual change in the vaccine strain to match the influenza virus strain around the world. During the forecasted period, the increasing prevalence of influenza epidemics and seasonal outbreaks is expected to boost product sales.

In the current market scenario, there are numerous licensed seasonal influenza vaccines recommended by the World Health Organization (WHO), Centers for Disease Control and Prevention (CDC), and other governmental organizations to help fight the disease. Governments have focused on encouraging people to get vaccinated as soon as possible to provide the best possible protection during flu season. Furthermore, pharmaceutical companies are constantly confronted with new challenges in developing a suitable vaccine against a specific strain. As a result, rising demand for effective flu vaccines is expected to drive the global market.

US Influenza Vaccine Market is poised to grow at a sustainable CAGR for the next forecast year.