Vaccines Market Size, Share & Industry Analysis, By Type (Recombinant/Conjugate/Subunit, 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, Herpes Zoster}, and Bacterial Diseases {Meningococcal Disease, Pneumococcal Disease, Diphtheria/Tetanus/Pertussis}), By Age Group (Pediatric and Adults), By Distribution Channel (Hospital & Retail Pharmacies, Government Suppliers), and Regional Forecast, 2024-2032

The global vaccines market was valued at USD 90.28 billion in 2023 and is projected to grow from USD 87.57 billion in 2024 to USD 159.28 billion by 2032, exhibiting a CAGR of 7.8% during the forecast period. The size of the North America vaccines market is projected to grow from USD 37.57 billion in 2023 to USD 38.75 billion in 2024.

Major Players in the Vaccines Market

GlaxoSmithKline plc, Sanofi, Pfizer Inc., Merck & Co., and Moderna Inc are the largest players in the market. The global vaccines market is consolidated, with the top five players accounting for around 65% of the market share.

Key companies focus on continuous R&D initiatives for approvals and launches of new products globally to maintain their positions in the market. The soaring need for injection doses for viral and 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 an RSV vaccine for older adults.

Vaccines Market Growth Drivers

Competitive Pipeline to Expand Market Value

Pharmaceutical companies' focus on developing new, innovative products has resulted in a strong pipeline for vaccines, which is expected to be a key market driver in the forecast period. Companies such as Inovio Pharmaceuticals, Novavax, and Bavarian Nordic are among the key players expected to have opportunities for their product pipeline during the forecast period. Pfizer, GSK, Sanofi, and Merck have potential pipeline candidates that are expected to contribute positively to the growth of the global vaccines industry.

• Pfizer’s vaccine candidates include a prophylactic vaccine in phase 3 for Lyme disease and Clostridioides


• Novovax has a vaccine candidate for stand-alone influenza in the phase 2 trial

Increasing investment in R&D activities by major players and emerging companies has developed a competitive pipeline, which will augment the vaccine market growth.

• Moderna, which primarily focuses on developing mRNA vaccines, increased its R&D spending to USD 4.8 billion in 2023, which is a 47% increase over 2022.


• BioNTech, which has a strong focus on vaccine development, spent USD 1.78 billion on R&D in 2023

Vaccines Market Growth Restraints

Low Adult Vaccination Rate Hinders Market Growth

There are significant benefits of adult vaccination, which reduces the risk of hospitalization and improves the quality of life among adults, especially the elderly. Low vaccination among adults is caused by low awareness among the population and a lack of recommendations by healthcare providers.

• In the U.S., the annual vaccination rate against shingles is less than 9% among adults over 50,, and the annual vaccination rate against pneumococcal disease is less than 20% among adults over 65.

The adult vaccination rate, which was a cause for concern before the pandemic, fell by almost 47% in the U.S. during the pandemic. Adopting it as a standard of care and implementing national immunization programs are required to improve adult vaccination uptake.

Vaccines Market Trends

Gradual Shift of Manufacturers from Vials to Prefilled Syringes Vaccine Form 

One of the most prevalent trends witnessed in the global vaccine market is the gradual shift of manufacturers from a vial form of vaccine to a Prefilled Syringe (PFS) form. This gradual shift is due to the benefits that prefilled syringes offer over the traditional vial form. Compared to vials, Prefilled Syringes (PFS) offers diverse advantages in 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, medical technology companies, and healthcare providers for the new alternative Prefilled Syringes (PFS).

• For instance, in September 2022, BD launched the next-generation glass Prefillable Syringe (PFS) designed in collaboration with leading pharmaceutical companies to meet the complex and evolving needs of vaccine manufacturing.

Some of the currently approved vaccines that are available in prefilled syringe form are:

• Merck Co, Inc.'s PCV15 (Vaxneuvance) received U.S. FDA approval in June 2022 for active immunization to prevent pneumococcal disease in children aged six weeks through 17 years. This vaccine is available in a single-dose prefilled syringe, a 0.5-mL dose administered intramuscularly.

This gradual shift of manufacturers to commercialize vaccines from vials to prefilled syringes, due to the benefits of improved accuracy in vaccine delivery to patients, is expected to drive market growth during the forecast period.

Impact of COVID-19 on the Vaccines Market

The COVID-19 pandemic had a huge, positive impact on the vaccines market as all major pharmaceutical companies scrambled to develop a vaccine against the coronavirus. In 2021, the global vaccines market witnessed over 120% growth due to the large number of approvals for COVID-19 vaccines to combat the rising number of COVID-19 cases through the immunization of individuals during the pandemic

• For instance, in December 2020, the Pfizer-BioNTech COVID-19 vaccine was made available under EUA to individuals 16 years of age and older. Furthermore, in May 2021, the authorization was expanded to include those 12 through 15 years of age.

Pipeline Analysis

Strong Focus on Respiratory Diseases

Vaccines Europe, an alliance of 15 companies, publishes a pipeline review every year. Based on the assessment of 103 vaccine candidates in August 2023, they concluded that the member companies' focus was primarily on viral diseases.

Also, around 64 vaccine candidates were focused on respiratory diseases.

Sanofi currently has 12 vaccine candidates in the pipeline, focusing on conditions such as respiratory syncytial virus, rabies, meningitis, influenza, flu, yellow fever, and pneumococcal disease.

Investment Analysis

Investment in vaccine development is severely lacking at present, even with the success of companies such as Moderna and BioNTech, which were at the forefront of the development of COVID-19 vaccines. In the last decade, companies involved in vaccine development received only 3.4% of the venture capital funding for biopharmaceutical companies. In comparison, companies involved in developing cancer drugs received 38% of the funding.

• In July 2024, Maxvax Biotechnology, a Chinese company developing vaccines, received USD 82.5 million in Series C funding.

Vaccines Market Segmentation Analysis

By Type Analysis 

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

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

In terms of value, the recombinant/conjugate/subunit segment accounted for the largest share of the global vaccines market in 2023 and is anticipated to have a higher CAGR during the forecast period owing to the availability of various delivery systems. 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.

mRNA vaccines are the second largest segment and are projected to grow at the highest CAGR in the forecast period.

By Route of Administration Analysis

Stronger Focus on the Development of Oral Vaccines to Drive the Growth of this Segment 

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

Regarding value, the parenteral segment accounted for the largest share of the global vaccines market in 2023. Although the parenteral segment is projected to be the larger segment in 2032, the CAGR of the oral segment is expected to be higher in the forecast period.

Companies are paying attention to oral vaccines due to their various benefits, including ease of administration, better safety, and lower cost.

• iosBio, a U.K.-based biotechnology company, is focusing on developing oral vaccines for diseases such as influenza, Zika, and Nipah.

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.

In terms of value, the viral diseases segment held the leading position in the market in 2023 due to the strong pipeline of viral vaccines under development.

• Based on the data published by Vaccines Europe in 2023, around 75% of the vaccines under development by the members are against viral diseases.

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 disease segment is projected to grow at a higher CAGR in the forecast period owing to higher sales of pneumococcal, meningitis, and DTP globally.

By Age Group Analysis

Strong Focus on the Development of Adult Vaccines to Drive Market Growth

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

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

• Based on the data published by Vaccines Europe in 2023, the target of more than 80% of the vaccines in development by association members were adults.

In terms of value, the pediatric segment accounted for the largest global vaccines market share in 2023, and this trend is expected to continue during the forecast period as well. The growing number of new vaccines being added to national immunization programs will expand the market for pediatric vaccines.

WHO has stated that around 84% of infants worldwide, which is around 108 million, received 3 doses of the Diphtheria-Tetanus-Pertussis (DTP3) vaccine in 2023.

By Distribution Channel Analysis

Government Suppliers Play a Key Role in Distribution of Vaccines, especially in Underdeveloped and Developing Countries

The market is segmented by distribution channel into hospital and retail pharmacies, government suppliers, and others.

In terms of value, government suppliers accounted for a marginally higher share in the global vaccines market in 2023 than hospital and retail pharmacies, and this trend is expected to continue during the forecast period as well.

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.

• In 2021, UNICEF delivered 2.8 billion vaccine doses to 105 countries.

Organizations are in full swing to expand their reach in Africa, the Middle East, Asia Pacific, and Latin America, which is anticipated to boost the market value of government suppliers from a distribution channel perspective 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

North America is the largest region in the global vaccines market, which dominated in 2023 and will continue to dominate the 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 also assists market growth.

• The vaccines market in the U.S. is projected to grow significantly, reaching an estimated value of USD 62.37 billion by 2032, driven by the robust pipeline and increasing R&D investment by major players.

Asia Pacific Vaccines Market

Asia Pacific is projected to witness tremendous growth in the market. The countries in Asia Pacific have heterogeneous classes of economic development, resulting in varied immunization approaches. Japan dominates the Asia Pacific market with the highest share, however China and India are projected to grow at a higher CAGR due to the increasing population.

• In India, the coverage of the Diphtheria, Pertussis, and Tetanus (DPT) vaccine among children is around 95%.

Europe Vaccines Market

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

Vaccination coverage in Europe is comparatively higher than in other regions due to factors such as enforcing mandatory vaccination and better awareness among the population.

• The Haemophilus influenzae type b (Hib) vaccine coverage in Europe is 94% compared to the global coverage, estimated to be around 77%. 

Rest of the World Vaccines Market

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

Brazil is the largest market in Latin America and the Middle East & Africa which dominated in 2023 and will continue to sustain its position in the vaccines market over the forecast period.

• The Brazilian National Immunization Program, which was established 50 years ago, has been successful in controlling or eliminating many diseases

Key Companies in the Vaccines Industry

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., are prominent in the market. These companies have a strong product portfolio and the capability to make 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.

LIST OF KEY COMPANIES PROFILED:

• GlaxoSmithKline plc. (U.K.)


• Sanofi (France)


• Pfizer Inc.  (U.S.)


• Merck & Co., Inc. (U.S.)


• Novartis AG (Switzerland)


• Emergent BioSolutions, Inc. (U.S.)


• CSL Limited (Australia)


• Inovio Pharmaceuticals, Inc. (U.S.)


• Bavarian Nordic (Denmark)


• Mitsubishi Tanabe Pharma Corporation (Japan)

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 vaccines. With 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.

REPORT COVERAGE

The global vaccines market research report provides a detailed market analysis and focuses on key aspects such as leading companies, product types, and product applications. The report also offers insights into 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.

Report Scope & Segmentation

Global Vaccines Market Scope
Study Period	2019-2032
Base Year	2023
Forecast Period	2024-2032
Historical Period	2019-2022
Growth Rate	CAGR of 6.5% from 2024-2032
Unit	Value (USD Billion)
Segmentation	By Type, Route of Administration, Disease Indication, Age Group, Distribution Channel, and By Region
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)