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Viral Vaccines Market Size, Share & COVID-19 Impact Analysis, By Form (Liquid and Lyophilized), By Container Format (Vials and Prefilled Syringes), By Biosafety Level Type (Biosafety Level 1, Biosafety Level 2, Biosafety Level 3, and Biosafety Level 4), and Regional Forecast, 2022-2029

Region : Global | Format: PDF | Report ID: FBI107531

 

KEY MARKET INSIGHTS

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The global viral vaccines market size was valued at USD 90.02 billion in 2021 and is projected to grow from USD 89.90 billion in 2022 to USD 74.25 billion by 2029, exhibiting a CAGR of 2.7% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with viral vaccines experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global viral vaccines market exhibited a decline of 7.2% in 2020 as compared to 2019.


Viral vaccines are considered to be one of the most effective prevention measures against viral infections caused by viral agents. Viruses cause several familiar infectious diseases such as the common cold, flu and warts, along with other severe viral diseases such as human immunodeficiency virus (HIV/AIDS), Ebola, influenza, COVID-19, and many more. The incidence of these viral diseases varies from region to region as well as from season to season, which fluctuates the demand for these products across the globe. For instance, as per an article published by Physiopedia in 2022, Japanese encephalitis is the most common cause of encephalitis in Asia due to favorable conditions offered by this region for the growth of these viruses. Some other viruses that need geographical and seasonal variation for growth include dengue viruses, Enteroviruses (EV71), rabies, Nipah virus, herpes simplex, West Nile virus, mumps, and many more.


Over decades, the portfolio and availability of these products have been expanding globally, with the development of new products against these diseases, such as hepatitis E, dengue fever, Ebola, and many more, that primarily affect lower-income countries. The outbreak of COVID-19 has proved that vaccines can be developed even faster in a very short time span through significant public investments, joint planning of clinical development, regulations, and manufacturing capacity. Organizations such as the Coalition for Epidemic Preparedness Innovations (CEPI), Serum Institute of India, and many more are leveraging innovative platforms by supporting research projects to develop products against emerging diseases. All these factors are anticipated to drive the growth of the vaccines market in the forecast period.


COVID-19 IMPACT


Decline in Immunization Programs during COVID-19 Outbreak Led to Decline in Market Growth


The COVID-19 pandemic impacted health service delivery, including immunization programs across the globe, as a reduction in vaccination coverage and decline in the total number of vaccines administered were observed. This decline led to children missing out on their vaccine doses, declining the demand for these products. Governments worldwide attempted to regulate the outbreak by implementing population-wide lockdowns, closing borders, and halting mass gatherings, which disrupted the progress of various programs, including immunization campaigns. Moreover, the WHO issued guidelines to temporarily suspend the operations of mass immunization programs across the globe to mitigate the impact of COVID-19.



  • According to the data collected by the WHO in 2020, the United Nations Children’s Fund (UNICEF), the Global Alliance for Vaccines and Immunizations (GAVI), and the Sabin Vaccine Institute reported that the suspension of vaccination services in over 68 countries had put at least 80 million children under the age of one at risk.


However, the pandemic outbreak also accelerated players' R&D activities and manufacturing capacity to introduce a vaccine against COVID-19. At the end of 2020, viral vaccines against COVID-19 were introduced, which is rising the demand for viral vaccines across the globe.  



  • According to the 2021 Global Vaccine Market report of WHO, COVID-19 and seasonal influenza vaccines and Oral Polio Vaccine (OPV) used in supplemental immunization activities (SIAs) had the largest volumes in 2021. There was an increase of 4.0% in market size from 2019 to 2021, mostly driven mainly by the introduction of COVID-19 vaccines that accounted for more than double the volume and value of all other distributed in 2021.  


In 2022, the market witnessed robust growth due to the continuation of the vaccination drive against COVID-19 along with the resumption of everyday activities, ease of the pandemic restrictions, and slow resumption of immunization programs. These factors cumulatively have led several prominent and emerging companies to increase engagement in R&D initiatives to develop these products to fulfill the demand and drive the global viral vaccines market growth at a steady rate during the forecast period.


LATEST TRENDS


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Gradual Shift from Vials to Prefilled Syringes Form to Determine the Market Growth


One of the most prevailing trends witnessed in the global market is the inclination of market players to manufacture these products in prefilled syringe form rather than in vial form, owing to the benefits it offers over the traditional vial form. Compared to vials, PFS offer various advantages in terms of speed, disposal, wastage and patient safety, owing to premeasured accurate doses that reduce dosing errors and risk of microbial contamination. Hence, all these factors cumulatively have continued to gain favor amongst vaccine manufacturers and healthcare providers for new alternative Prefilled Syringes (PFS).



  • According to a 2021 article published by BD Medical Pharmaceutical Systems, using PFS to vaccinate 300 million individuals in the U.S. in the event of a future pandemic could save more than three million hours of healthcare practitioners’ time.


This gradual shift of manufacturers to commercialize products from vials form to prefilled syringes form due to the benefits it provides to the healthcare provider in terms of accuracy in delivering vaccines to patients is expected to favor the market growth in the forecast period.


DRIVING FACTORS


Increasing Incidence of Viral Infections to Propel the Market Growth


A key market driver is the increasing incidence rate of viral infections globally. These viral infections are caused by viruses whose frequency and distribution vary from region to region. A few notable examples that have gathered the attention of the public health community and the population at large include COVID-19, Ebola, SARS, influenza, Zika, yellow fever, human immunodeficiency virus (HIV/AIDS), human papillomavirus (HPV), viral gastroenteritis, varicella, and viral hepatitis.



  • On World Hepatitis Day 2021, the WHO published an article stating that hepatitis B and C are the most common viral infections globally, with 3 million new cases registered per year globally, and 3 million new topics registered annually.


Some of the chronic viral infections constitute a severe public health problem, as they significantly increase the risk of chronic diseases such as cancers.



  • As per a report published by the HPV Information Center in 2021, HPV infection is a well-established cause of cervical cancer, and HPV types 16 and 18 are responsible for about 70% of all cervical cancer cases worldwide. The annual number of cervical cancer cases related to HPV in India is 123,907 for the year 2021, and this number varies from country to country. An increase in the incidence rate of these viral infections will boost the demand for viral vaccines as a preventive measure, driving the market growth during the forecast period.


Surge in Initiatives by Government Authorities for Immunization to Drive Market Growth


Globally, government authorities are actively focused on the introduction of new programs for the eradication and prevention of certain viral diseases. The promotion of vaccination drives is one of the key effective measures to combat these viral diseases.



  • For instance, the Centers for Disease Control and Prevention (CDC) initiated the Viral Hepatitis Program to achieve progress toward global viral hepatitis elimination goals in countries around the world. The CDC has collaborated with partners, including in-country CDC offices, ministries of Health, the WHO, international public health professionals, and foreign government officials, to develop, implement, monitor, and evaluate viral hepatitis-related guidelines, policies, plans, and programs. Such initiatives by various regulatory bodies would lead to adopting early preventative measures and eventually eliminating highly infectious diseases.


RESTRAINING FACTORS


Stringent Pricing Control to Hinder Market Growth in the Forecast Period


Despite the increasing demand for viral vaccines in the global market, the stringent regulatory control over the prices of these products is a substantial restraining factor for the market’s growth. This may prevent many established biopharmaceutical companies from investing in this market to avoid financial loss.



  • For instance, in Japan, the pharmaceutical industry is subject to government-mandated annual price reductions of pharmaceutical products, including certain vaccines. Furthermore, the government can order re-pricings for specific products defined under applicable re-pricing rules if it determines that the use of such products will exceed certain thresholds. Such restrictions from government bodies may influence market players' interest to invest further in this market to prevent business loss and restrict the market growth.


Moreover, several pharmaceutical companies have introduced vaccines against coronavirus during the pandemic outbreak, out of which only a few were approved, which led to a significant difference in pricing across various regions.



  • As per an article published by the SAGE Journals in 2021, AstraZeneca was selling its Oxford-based vaccine without profit during the global pandemic. However, its inter-country price per dose varies USD 2.15 in Europe, USD 3–4 in the U.S., and USD 5.25 in South Africa. These pricing pressures and market access challenges continue to vary, which may slow down the growth of the global market in the forecast period.


SEGMENTATION


By Form Analysis



Liquid Segment Dominates the Market Due to Low Manufacturing Cost in 2021


On the basis of form, the market is divided into liquid and lyophilized.


The liquid segment dominated the global market in 2021 due to various benefits such as the requirement for lesser processing and handling time. Moreover, as it requires minimal manufacturing cost, many viral vaccines are commercialized in liquid form.


The lyophilized segment is estimated to grow with a robust CAGR due to its longer shelf life and better peace than liquid form. As per an article published by the European Pharmaceutical Review in January 2022, U.S.-based scientists from the University of Massachusetts Lowell (UMass Lowell) were granted USD 930,000.0 to develop a freeze-drying technique for mRNA-based COVID-19 vaccines. These products can be transported and stored at room temperature. The benefits provided by lyophilized form are expected to drive the segment’s growth during the forecast period.


By Container Format Analysis


Robust Usage of Conventional Vials will Propel the Segment’s Growth during 2022-2029


Based on container format, the market is bifurcated into vials and prefilled syringes.


The vials segment held the maximum global viral vaccines market share throughout the forecast period due to its cost effectiveness over prefilled syringes. This has significantly influenced the focus of market players in terms of the manufacturing and commercialization of these products in vials form. All these factors cumulatively have contributed to the segment’s growth in the global market. For instance, in June 2022, GSK plc received the U.S. FDA approval for Priorix (Measles Mumps and Rubella Vaccine, Live) for 12 months and older individuals. In the market, the vaccine is commercialized in the vial format with a subcutaneous route of administration. Such new product launches in the market propel the segment’s growth.


The Prefilled Syringes (PFS) segment offers multiple advantages over the conventional vial format, such as simplified vaccine administration and reduction in dosage errors. It also minimizes the potential for microbial cross-contamination and pathogen transmission, which can happen when multiple doses are withdrawn from a single vial. Therefore, the segment will grow with the highest CAGR during the forecast period.


By Biosafety Level Type Analysis


Introduction of COVID-19 Vaccine Led to the Biosafety Level Type 3 Segment’s Growth in 2021


By biosafety level type, the market is classified into biosafety level 1, biosafety level 2, biosafety level 3, and biosafety level 4.


The biosafety level 3 segment generated the highest revenue in 2021, and the growth is majorly driven by the surge in COVID-19 vaccinations across the globe from 2020 onwards. For instance, according to an article published by the World Health Organization (WHO) in 2021, vaccine manufacturers supplied approximately 16.0 billion vaccine doses for COVID-19. Such huge utilization of COVID-19 vaccines strongly contributed to the segment’s growth.


The biosafety level 2 segment is anticipated to grow with a significant CAGR during the forecast period. The segment includes products against viral diseases such as chickenpox, measles, mumps, rotavirus, hepatitis, influenza, and many more. The rising incidence of these diseases will increase the demand for vaccines during the forecast period.


Biosafety level 1 and biosafety level 4 segments accounted for a comparatively smaller market share in 2021 and are estimated to grow steadily during the forecast period, owing to increased focus of key players to introduce novel products by accelerating the research and development of pipeline candidates.


REGIONAL INSIGHTS


Asia Pacific Viral Vaccines Market Size, 2021 (USD Billion)

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In terms of region, the global market is studied across North America, Europe, Asia Pacific, and the Rest of the World.


The Asia Pacific viral vaccines market size was valued at USD 26.03 billion in the 2021 and is likely to remain dominant throughout the forecast period. The rising prevalence of key viral diseases, such as hepatitis, HIV, HPV, COVID-19, and many more, is the key factor for market growth. In addition, the growing support of government bodies through vaccination drives to control the incidence rate and eventual eradication is strongly contributing to the market growth across the region. For instance, in December 2021, the government of Japan announced a USD 4.3 million grant for the procurement of essential oral polio vaccines as part of its continued support to Pakistan. This latest grant will be utilized to procure 24.0 million oral doses of these products.


The North American market held the second-largest market share in 2021. The robust usage of these products and the growing number of initiatives about vaccination plans for viral diseases are expected to drive the market growth in this region. In January 2021, the Viral Hepatitis National Strategic Plan (2021–2025) was launched in the U.S. This plan aims to provide goal-oriented objectives and strategies that can be implemented by a broad mix of stakeholders at all levels and sectors. Under this plan, awareness regarding hepatitis vaccination uptake and vaccine development will be conducted.


Europe held a significant market share, owing to the rising R&D initiatives for these products and growing government expenditure for preventing these infectious diseases, leading to market growth across this region. According to an article published by the National Institutes of Health (NIH) in 2022, it was observed that the acceptance toward vaccination programs against coronavirus disease 2019 was increasing. Furthermore, it also states that countries, such as France, amongst the world’s most vaccine-hesitant countries, were opting for COVID-19 vaccination. This rising adoption rate in the general population augments the regional market growth.


The rest of the world is estimated to grow at a comparatively lower CAGR, including Latin America, the Middle East, and Africa. Some factors lowering the adoption rate of viral vaccines are the limited supply and lack of manufacturers in low-income countries, such as Iran, Iraq, and Kenya, leading to comparatively slower growth in this region.


KEY INDUSTRY PLAYERS


Strong COVID-19 Vaccines Sales by Pfizer, Inc. to Pivot the Company to Peak Position in 2021


In terms of the competitive landscape, the market is consolidated, with a few market players holding a majority share of the market. Pfizer, Inc. has a dominant market position owing to the strong sales of its COVID-19 vaccine, Comirnaty, which received regulatory approvals from the U.S. FDA in August 2021. Moderna, Inc. also held a substantial share of the global market in 2021 owing to its high sales of the Spikevax vaccine indicated for COVID-19.


Merck & Co. Inc. is one the major players in the market due to its diversified range of products for prolonged long-term viral infections such as hepatitis, seasonal influenza, measles, mumps, rubella, human papillomavirus, chicken pox, and herpes zoster. Sanofi and GSK plc also had a considerable market share, owing to their strong portfolio and robust pipeline of candidates.


Other prominent players in the market include AstraZeneca, Johnson & Johnson, CSL SEQIRUS, Novavax, Bavarian Nordic, and others. These companies strongly focus on introducing technologically advanced products, such as combination vaccines, which will contribute to market growth.


LIST OF KEY MARKET COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS:



  • November 2022: The U.S. FDA granted a Priority Review for GSK’s Respiratory Syncytial Virus (RSV) older adult vaccine candidate.

  • July 2022: CSL SEQIRUS entered into a multi-year influenza research partnership with the University of Liverpool Pandemic Institute to advance influenza protection and pandemic preparedness.

  • June 2022: Bavarian Nordic A/S entered into a five-year contract with the government of Canada to procure the IMVAMUNE smallpox vaccine.

  • November 2021: VBI Vaccines Inc. received the U.S. FDA approval for PreHevbrio to prevent infection caused by all known subtypes of Hepatitis B virus (HBV) in adults aged 18 years and older.

  • July 2020: EMERGENT signed an agreement to provide CDMO services for large-scale commercial drug substance manufacturing for AstraZeneca’s COVID-19 vaccine candidate, AZD1222.


REPORT COVERAGE


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The research report provides qualitative and quantitative insights into the global market and a detailed analysis of the global market size & growth rate for all possible segments in the market. Along with this, the report elaborates on the global market opportunities, market dynamics, and competitive landscape. Various key insights presented in the report are new product launches, key recent industry developments such as mergers, acquisitions, and partnerships, epidemiology: key viral diseases by key countries, pipeline analysis, and the impact of COVID-19 on the global market.


Report Scope & Segmentation


























































  ATTRIBUTE



  DETAILS



Study Period



2018-2029



Base Year



2021



Estimated Year



2023



Forecast Period



2022-2029



Historical Period



2018-2020



Growth Rate



CAGR of 2.7% from 2022 to 2029



Unit



Value (USD billion)



Segmentation



By Form, Container Format, Biosafety Level Type, and Region



By Form




  • Liquid

  • Lyophilized



By Container Format


 




  • Vials

  • Prefilled Syringes



By Biosafety Level Type




  • Biosafety Level 1

  • Biosafety Level 2

  • Biosafety Level 3

  • Biosafety Level 4



By Region




  • North America (By Form, By Container Format, By Biosafety Level Type, By Country)

    • U.S.

    • Canada



  • Europe (By Form, By Container Format, By Biosafety Level Type, By Country/Sub-Region)

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Scandinavia

    • Rest of Europe



  • Asia Pacific (By Form, By Container Format, By Biosafety Level Type, By Country/Sub-Region)

    • Japan

    • China

    • India

    • Australia

    • South Korea

    • Rest of Asia Pacific



  • Rest of the World (By Form, By Container Format, By Biosafety Level Type)



Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 90.02 billion in 2021 and is projected to reach USD 74.25 billion by 2029.

In 2021, the Asia Pacific market stood at USD 26.03 billion.

The market will exhibit a CAGR of 2.7% in the forecast period (2022-2029).

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

The growing prevalence of viral infections and robust investment by market players to accelerate the development of pipeline candidates are some of the major driving factors in the global market.

Pfizer, Inc., Moderna, Inc., and Merck & Co., Inc. are some of the leading market players in the global market.

Asia Pacific region dominated the market in 2021.

Annual vaccination drives, immunization programs, and the outbreak of novel infectious diseases are expected to drive the demand for these products.

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