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Vaccines Market Size, Share & Industry Analysis, By Type (Recombinant/Conjugate, Inactivated, Live Attenuated, Viral Vector, mRNA, Toxoid), By Route of Administration (Parenteral and Oral), By Disease Indication (Viral Diseases {Hepatitis, Influenza, Human Papillomavirus, Measles/Mumps/Rubella, Rotavirus}, and Bacterial Diseases {Meningococcal Disease, Pneumococcal Disease, Diphtheria}), By Age Group (Pediatric & Adults), By Distribution Channel (Hospital & Retail Pharmacies, Government Suppliers), & Regional Forecast, 2024-2032

Last Updated: June 03, 2024 | Format: PDF | Report ID: FBI101769

 

KEY MARKET INSIGHTS

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The global vaccines market size was valued at USD 78.27 billion in 2023. The market is projected to grow from USD 83.98 billion in 2024 to USD 139.17 billion by 2032, exhibiting a CAGR of 6.5% during the forecast period.


Vaccines are the most powerful and cost-effective way to protect billions of people across the globe. Their development has the potential to transform health by eliminating the burden of life-threatening infectious diseases among the population of affluent nations. World Health Organization (WHO) states that immunization awareness and government initiatives have helped prevent 2-3 million deaths annually. Greater investments coupled with mergers and partnerships of companies are boosting the manufacturing and sales of products globally.


One of the biggest challenges faced by organizations and companies across the globe is the ongoing trial and error for an effective fight against diseases, such as malaria, HIV, and tuberculosis. Pharmaceutical companies and governments are making huge efforts to establish arrangements for the product’s development for such diseases.


Moreover, the growing prevalence of endemic and infectious diseases is anticipated to propel the industry growth during the forecast period. For instance, the global COVID-19 pandemic in 2020-2021 recorded more than 479 million cases globally.


The COVID-19 pandemic pushed producers to expand manufacturing capabilities and increase the supply of products and other commodities needed to fight the pandemic. The COVID-19 outbreak brought a halt to the regular immunization programs conducted by the United Nations Children's Fund (UNICEF), World Health Organization (WHO), Pan American Health Organization (PAHO), and other organizations.



  • For instance, the Pan American Health Organization (PAHO) introduced a new platform to facilitate the severe shortage of COVID-19 inoculations in Latin America and the Caribbean by producing them within the region.


To sum up, the COVID-19 outbreak reduced the adoption of non-COVID vaccines. There had been a relatively slower vaccination rate in the low and middle-income countries. However, the market witnessed a positive growth in the year 2020 owing to a rise in investments for R&D against diseases. Moreover, the launch and approval of potential products is also anticipated to contribute to the growth of the market during the forecast period. In 2021, the market especially witnessed explosive growth trends owing to the strong adoption of the COVID-19 vaccines. However, the market will face some negative trends in 2023, owing to the decline in the sales of the COVID-19 vaccines.


During the post-pandemic period, the market returned to a normal growth rate owing to the launches and approval of vaccines for other diseases along with the commencing of various vaccination and immunization programs.



  • In September 2022, the government of India launched the first indigenously developed vaccine, “Cervavac”, for cervical cancer.


Vaccines Market Trends


Growing Supply of Products by UNICEF, WHO, and PAHO to Aid Immunization Process


With the increasing incidence of several infectious and endemic diseases, there is an exponentially growing demand for vaccine products to combat these diseases. International organizations, such as PAHO, WHO, and UNICEF, are actively coping with these high market demands. These entities offer support in supplying millions of vaccine doses to several countries, especially the low- and middle-income countries. The occurrence of pneumonia in about 175,000 Americans each year has brought an alarming situation and needs adequate doses to avoid the disease. The geriatric and children population is more prone to deadly diseases, which increases the demand for rapid immunization all over the world.



  • For instance, as of November 2022, UNICEF, in collaboration with Gavi, the Vaccine Alliance, WHO, PAHO, and CEPI, delivered 1.80 billion COVAX vaccine to 146 countries.


Furthermore, initiatives by the governments of different nations to provide easy access to vaccination through the launch of immunization programs also contribute to market growth.



  • In February 2023, GAVI partnered with the Government of India for three years to provide a single routine vaccine to all the children of the country. Also, the vaccine alliance will fund USD 250.0 million and help the country strengthen its healthcare system by introducing the Human Papillomavirus (HPV) vaccine and Typhoid Conjugate Vaccine (TCV) into the national routine immunization programs.


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Vaccines Market Growth Factors


Strong Supply Backed Up by Robust R&D to Fuel Market Growth


One of the prominent factors driving market growth is the strong supply of different vaccines to meet immunization needs. With several governments launching immunization programs to eradicate these endemic diseases, various entities, such as hospitals, government foundations & major pharmaceutical companies, are emphasizing the regular supply of vaccines for effective immunization campaigns. The increased global supply of products to meet the needs of immunization policies to eradicate endemic diseases is supporting market growth. Government foundations, hospitals and pharmaceutical companies are strongly focusing on regular immunizations and offering affordable immunization to people globally. To ensure that every person is vaccinated at a minimum or no cost, government surveillance in all countries has become active.



  • For instance, according to a press release published by the World Health Organization (WHO) in 2023, an estimated 18 million doses of malaria vaccine are allocated to twelve African countries under the Malaria Vaccine Implementation Programme (MVIP) for 2023-2025.


The increasing demand for shots, such as diphtheria, tetanus, pertussis, and others, is one of the key factors for industry growth. Moreover, government funding and company investments are boosting the R&D sector for launching novel products.


Competitive Pipeline to Expand Market Value


With the strong demand for vaccines, pharmaceutical companies are also focusing on developing new, innovative products. The strong pipeline for vaccine products is another major factor responsible for the market growth. The competitive pipeline, including products of emerging as well as major players is augmenting market growth. As the market is heterogeneous and vast, these companies are struggling for approvals from the regulatory bodies for their products. Moreover, increasing investments in R&D activities and launching of new products also bolster market growth.


Companies, such as Inovio Pharmaceuticals, Novavax, and Bavarian Nordic are among the top ten players expected to have opportunities for their product pipeline during the forecast period. Pfizer, GSK, Sanofi, and Merck are also potential pipeline candidates that are expected to contribute positively to the global vaccines industry growth.



  • For instance, Pfizer has various vaccine candidates in its pipeline. These vaccine candidates include a prophylactic vaccine in phase 3 for Lyme disease and Clostridioides difficile infection, a prophylactic mRNA vaccine for influenza, and others.


RESTRAINING FACTORS


High Costs Associated with Vaccine Dose to Hinder Market Growth


The growing incidence of chronic and infectious diseases is driving market growth. However, high costs associated with the per-dose vaccine volume are hampering market expansion. Though international organizations are supplying millions of volume doses to every corner of the world, many parts are yet to receive vaccination due to their high cost. Additionally, the cost of vaccine manufacturing and longer timelines to complete the manufacturing process limits market growth. Complex clinical development processes, research, and regulatory requirements lead to lengthy timelines.


According to the CDC’s updated vaccine price list for 2023, the cost of dengue tetravalent vaccine single dose is around USD 100, and the Hepatitis A-Hepatitis B 18 was to around USD 121 in the private sector. Therefore, the high cost of products can be a major challenge for the market in low-income nations.


Vaccines Market Segmentation Analysis


By Type Analysis


Recombinant/Conjugate/Subunit Segment to Lead the Market Due to Its Effectiveness


The type segment of the market is categorized into recombinant/conjugate/subunit, inactivated, live attenuated, viral vector, mRNA, toxoid, and others.


The recombinant/conjugate/subunit is anticipated to have a higher CAGR during the forecast period owing to the availability of various delivery system options.  The ability to elicit an appropriate immune response, long-term protection, and simplified large-scale manufacturing are responsible for recombinant/subunit/conjugate’s higher production, sales, and demand. These are also generally preferred as they pose no risk of pathogenicity.



  • In May 2023, GSK received U.S. FDA approval for Arexvy, a recombinant vaccine indicated for lower respiratory tract disease (LRTD) caused by respiratory syncytial virus (RSV) among the population aged 60 years and above.


Additionally, the research community is also involved in the development of innovative recombinant vaccines. For instance, in February 2024, researchers from the University at Buffalo in the U.S. developed a promising recombinant flu vaccine using Nano-liposome technology.


The inactivated segment marks the second dominant position in the market owing to the surge in demand for influenza and hepatitis A & B. The increasing prevalence of seasonal influenza in emerging countries is likely to contribute to the generation of higher revenue for inactivated types.


Live attenuated and toxoid segments are predicted to witness steady growth during the forecast period owing to lower revenue generation as compared to other types.


By Route of Administration Analysis


Increasing Prevalence of Bacterial and Viral Diseases Boosted Parenteral Segment Growth


Based on route of administration, the market is segmented into parenteral and oral.


The maximum supply and sales of the parenteral route across the globe have led to the generation of larger revenue by parenteral products in 2023. This dominance is likely to remain constant throughout the forecast period owing to the increasing prevalence of bacterial and viral diseases. Moreover, higher procurement volume by governmental organizations is likely to boost parenteral dose’s demand for reflecting higher revenue generation in the coming years.


The oral segment is predicted to witness a comparatively slower growth rate over the forecast period owing to challenges faced in developing countries. These are required to overcome the harsh gastrointestinal environment and avoid tolerance induction to achieve effectiveness. This is the current pharmaceutical challenge for all the companies before planning to launch into the market.


By Disease Indication Analysis


Launch of Viral Vaccines to Boost Viral Diseases Segment Growth 


Based on disease indication, the market is segmented into viral diseases and bacterial diseases.


The viral diseases segment is further sub-segmented into hepatitis, influenza, human papillomavirus, measles/mumps/rubella, rotavirus, herpes zoster, and others. The bacterial diseases segment can be sub-segmented into meningococcal disease, pneumococcal disease, diphtheria/tetanus/pertussis, and others.


The viral diseases segment holds the leading position in the market due to the forthcoming introduction of viral vaccines and increasing HPV and influenza product sales. Additionally, the increasing number of product approvals further boosted the segment growth. For instance, in November 2023, the U.S. FDA approved the first chikungunya vaccine – Ixchiq- to prevent disease caused by the Chikungunya virus.


The bacterial diseases segment is estimated to have the highest CAGR owing to higher sales of pneumococcal, meningitis, and DTP across the globe. These are the first-line immunization for newborns as well as booster doses for pediatrics.


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By Age Group Analysis


Increase in Pediatric Injection Doses Fueled Segment Growth


Based on age group, the market is classified into pediatric and adults.


The pediatric segment held the highest global vaccines market share in terms of value. The potential size of these is mainly dependent on two factors: a worldwide growing birth cohort and increasing pediatric vaccination doses.



  • According to the WHO, in 2021, about 81% of infants worldwide and about 105 million infants received 3 doses of the Diphtheria-Tetanus-Pertussis (DTP3) vaccine, which protects them against infectious diseases that can cause serious illness, disability, or be fatal.


The adults segment is anticipated to register a higher CAGR owing to a rise in research & development of this segment and a strong pipeline. Upcoming product launches are likely to increase the growth of the segment during the forecast period.


By Distribution Channel Analysis


Growing Demand for Smaller Institutions for Vaccinations to Fuel Hospital & Retail Pharmacies Segment Growth


Based on distribution channel, the market is segmented into hospital & retail pharmacies, government suppliers, and others.


In terms of revenues generated, the hospital & retail pharmacies segment is anticipated to have a dominant revenue share as vaccinations are a shorter-duration procedure often conducted at smaller institutions. Increasing preference for nearby vaccination access is driving segment expansion. Hospital and retail pharmacies globally are under government surveillance to ensure the demand is met and the retailers have adequate volume stock.


On the other hand, government suppliers, such as the Global Alliance for Vaccines and Immunization (GAVI), The United Nations Children's Fund (UNICEF), the Pan American Health Organization (PAHO), and others are collectively focused on achieving a sustainable supply of products globally. These organizations procure the volume dose from the manufacturers in millions and mainly focus on supplying to countries having a lesser reach.



  • For instance, in 2021, UNICEF procured approximately 2.30 billion vaccine doses for children in order to protect them against diarrhea, measles, pneumonia, polio, tetanus, and others.


Organizations are in full swing to expand their reach in Africa, the Middle East, lower regions of Asia Pacific, Latin America, and Europe. This is anticipated to boost the market value of government suppliers' distribution channels in the coming years.


REGIONAL INSIGHTS


The market is analyzed across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.


North America Vaccines Market Size, 2023 (USD Billion)

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North America generated revenue of USD 33.36 billion in 2023 and is set to emerge dominant in the global market over the forecast period. Vaccination awareness, the presence of strong manufacturers, and secure government policy regarding health welfare are the key factors contributing to market growth in the region. Growing focus on implementing immunization across North American countries through adequate financing policies is also assisting market growth.


Asia Pacific is projected to witness tremendous growth in the market. The countries in Asia Pacific have heterogeneous classes of economic development, which results in varied approaches to immunization. Japan dominates the Asia Pacific market with the highest market share due to the increasing population in China and India. This factor is the major parameter responsible for injections’ rising demand.


Europe is expected to register steady growth in the market. High-growth countries, such as Germany and France, are likely to contribute to the expansion of the market in the region.


Latin America and the Middle East & Africa are expected to register growth prospects owing to the increasing demand for immunization to cater to the prevalence of chronic diseases that require vaccination, specifically in African countries. Moreover, the launch of immunization implementation programs by the government is also likely to boost market growth.


List of Key Companies in Vaccines Market


Sanofi and Pfizer Hold Prominence in the Market due to their Strong Portfolio


Key providers dominate the global market. Leading companies, including GlaxoSmithKline plc, Sanofi, Pfizer Inc., and Merck & Co., Inc., hold prominence in the market. These companies have a strong product portfolio and the capability of strategic decisions. They emphasize resolving the unmet requirements in eradicating complex diseases through vaccination.



  • For instance, potential products, such as Prevnar 13 of Pfizer and Polio/Pertussis/Hib of Sanofi, are leading in the market.


Key companies focus on continuous R&D initiatives for approvals and launches of new products globally to maintain their positions in the market. Surging need for injection doses for viral as well as bacterial diseases is projected to boost the company's growth and market value in the human industry. For instance, in June 2023, Pfizer received the U.S. FDA approval for RSV vaccine in older adults.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS:



  • February 2024: UNICEF expanded its collaboration with the Ministry of Health in Azerbaijan to enhance vaccination of children.

  • February 2024: The UNICEF and Africa CDC expanded their collaboration to strengthen supply chain management, primary healthcare, and immunization in African children.

  • January 2023: Bharat Biotech launched an indigenously made nasal COVID-19 vaccine, iNCOVAC, for people older than 18 years.

  • August 2022: GSK acquired Affinivax, Inc., a clinical-stage biopharmaceutical company, predominantly developing novel next generation pneumococcal vaccine. Through this acquisition, the company aims to strengthen its product portfolio.

  • August 2022: Takeda Pharmaceutical Company Limited received the Indonesia National Agency for Drug and Food Control approval for its dengue tetravalent vaccine, QDenga for individuals six years to 45 years of age.

  • July 2022: Bavarian Nordic, a Danish biotechnology company, received EU approval for Imvanex for protection against monkeypox disease.

  • September 2021: The Serum Institute of India Pvt planned to launch at least one vaccine every quarter, beginning with Covishield, which is licensed from AstraZeneca.

  • September 2020: The Serum Institute of India collaborated with Gavi and the Bill & Melinda Gates Foundation to accelerate the manufacture and delivery of up to an additional 100 million doses of safe and effective COVID-19 vaccines for Low and Middle-Income Countries (LMICs) as part of the Gavi COVAX AMC, which is a mechanism within the COVAX Facility.


REPORT COVERAGE


An Infographic Representation of Vaccines Market

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The global vaccines market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the advanced market over recent years.


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Report Scope & Segmentation

























































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Growth Rate



CAGR of 6.5% from 2024-2032



Unit



Value (USD Billion)



Segmentation



By Type



  • Recombinant/Conjugate/Subunit

  • Inactivated

  • Live Attenuated

  • Viral Vector

  • mRNA

  • Toxoid

  • Others



By Route of Administration



  • Parenteral

  • Oral



By Disease Indication



  • Viral Diseases


    • Hepatitis

    • Influenza

    • Human Papillomavirus

    • Measles/Mumps/Rubella

    • Rotavirus

    • Herpes Zoster

    • Others


  • Bacterial Diseases


    • Meningococcal Disease

    • Pneumococcal Disease

    • Diphtheria/Tetanus/Pertussis

    • Others




By Age Group



  • Pediatric

  • Adults



By Distribution Channel



  • Hospital & Retail Pharmacies

  • Government Suppliers

  • Others



By Region



  • North America (By Type, Route of Administration, Disease Indication, Age Group, Distribution Channel, and Country)


    • U.S. (By Type)

    • Canada (By Type)


  • Europe (By Type, Route of Administration, Disease Indication, Age Group, Distribution Channel, and Country/Sub-region)


    • U.K. (By Type)

    • Germany (By Type)

    • France (By Type)

    • Italy (By Type)

    • Spain (By Type)

    • Scandinavia (By Type)

    • Rest of Europe (By Type)


  • Asia Pacific (By Type, Route of Administration, Disease Indication, Age Group, Distribution Channel, and Country/Sub-region)


    • China (By Type)

    • Japan (By Type)

    • India (By Type)

    • Australia (By Type)

    • Southeast Asia (By Type)

    • Rest of Asia Pacific (By Type)


  • Latin America (By Type, Route of Administration, Disease Indication, Age Group, Distribution Channel, and Country/Sub-region)


    • Brazil (By Type)

    • Mexico (By Type)

    • Rest of Latin America (By Type)


  • Middle East & Africa (By Type, Route of Administration, Disease Indication, Age Group, Distribution Channel, and Country/Sub-region)


    • GCC (By Type)

    • South Africa (By Type)

    • Rest of the Middle East & Africa (By Type)







Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 78.27 billion in 2023 and is projected to reach USD 139.17 billion by 2032.

In 2023, the market in North America stood at USD 33.36 billion.

Growing at a CAGR of 6.5%, the market will exhibit remarkable growth over the forecast period (2024-2032).

The viral vaccines segment is expected to be the leading segment in this market during the forecast period.

Strong supplies of the products in emerging nations, robust R&D for the introduction of novel products, competitive pipeline candidates, and powerful government support and funding are factors driving the market.

GlaxoSmithKline plc., Merck & Co., Inc., Sanofi, and Pfizer, Inc., Novartis AG, Emergent BioSolutions, Inc., CSL Limited, Inovio Pharmaceuticals, Inc., Bavarian Nordic and Mitsubishi Tanabe Pharma Corporation are the major players in the market.

North America dominated the market by holding the largest share in 2023.

Increased awareness about the importance of immunization among the population, implementation of vaccination programs across the nations, and rising vaccination coverage are expected to drive the adoption of volume doses.

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  • 2019-2022
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