Vaccines Market to Grow at a CAGR of 7.8% over 2024 to 2032; Substantial Government Funding and Investments in R&D to Impel Market Growth

The global vaccines market size was valued at USD 90.28 billion in 2023. The market 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. Fortune Business Insights™ presents this information in its report titled “Vaccines Market Size, Share & Industry Analysis, By Type (Recombinant/Conjugate/Subunit, Inactivated, Live Attenuated, Viral Vector, mRNA, Toxoid, and Others), By Route of Administration (Parenteral and Oral), By Disease Indication (Viral Diseases {Hepatitis, Influenza, Human Papillomavirus, Measles/Mumps/Rubella, Rotavirus, Herpes Zoster, and Others}, and Bacterial Diseases {Meningococcal Disease, Pneumococcal Disease, Diphtheria/Tetanus/Pertussis, and Others}), By Age Group (Pediatric and Adults), By Distribution Channel (Hospital & Retail Pharmacies, Government Suppliers, and Others), and Regional Forecast, 2024-2032”.

Vaccines offer a powerful and economical solution to safeguard billions globally, capable of transforming health by eradicating severe infectious diseases in wealthy countries. Support from organizations such as WHO, PAHO, and UNICEF in providing vaccines to low and middle-income countries, along with government immunization programs.

The COVID-19 pandemic led to expanded manufacturing but halted regular immunization by UNICEF and WHO. PAHO created a platform for Latin American vaccine production. Non-COVID-vaccine adoption fell, especially in low-income countries, but R&D investments boosted market growth in 2020. The market surged in 2021 with COVID-19 vaccines but declined in 2023 due to reduced sales. Post-pandemic, growth normalized with new vaccine launches and resumed programs.

Bavarian Nordic Joined Forces with CEPI to Advance Development of its MPox Vaccine in Africa

Bavarian Nordic collaborated with Coalition for Epidemic Preparedness Innovations (CEPI) in March 2024 to advance the development of its mpox vaccine in children in Africa. Through this partnership, CEPI awarded USD 6.5 million to support the Phase 2 clinical trial of the vaccine. The study plans to enroll approximately 460 healthy individuals subject to regulatory approvals in endemic regions without previous mpox infection or poxvirus vaccination.

Strong Product Supply Along with Robust Investments in R&D to Amplify Product Demand

The robust supply of diverse vaccines and the initiation of government immunization programs to remove endemic diseases are fueling market growth. Hospitals, government foundations, and pharmaceutical companies are committed to ensuring a consistent product supply for effective immunization campaigns. Moreover, the rising demand for the product, such as those for diphtheria, tetanus, and pertussis, along with substantial government funding and investments in R&D, is fostering the development and introduction of vaccine products, driving market expansion. 

However, expensive vaccine manufacturing and lengthy clinical development processes, including complex research and regulatory requirements, limit vaccines market growth.

Key Players are Emphasizing on Prioritizing R&D Efforts to Meet Complex Disease Needs

GlaxoSmithKline, Sanofi, Pfizer, and Merck are key players in the global vaccine market, known for their extensive product ranges and strategic expertise. They prioritize R&D and the development of new vaccines to meet complex disease needs. Notable products include Pfizer’s Prevnar 13 and Sanofi’s Polio/Pertussis/Hib. The increasing need for the product is expected to drive their growth, highlighted by Pfizer's recent FDA approval for an RSV vaccine.

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List of Key Players Mentioned in the Report:

• 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 Development:

• August 2022: GSK completed the acquisition of Affinivax, Inc. to fortify its product portfolio and develop a novel next generation pneumococcal vaccine.

Further Report Findings:

• North America’s market size accounted for USD 37.57 billion in 2023 and is poised to capture the key vaccines market share during the forecast period. Strong public awareness and robust health policies drive vaccine adoption. Moreover, secure health welfare policies and investment in immunization programs boost market expansion.


• Latin America and the Middle East & Africa are slated to grow due to rising demand for immunization against chronic diseases and government-led vaccination programs, particularly in Africa.


• By type, the market is segregated into inactivated, live attenuated, viral vector, mRNA, toxoid, recombinant/conjugate/subunit, and others. The recombinant/conjugate/subunit is poised to exhibit the highest CAGR during the study period. Innovations such as GSK’s Arexvy and the University at Buffalo’s recombinant flu vaccine using Nano-liposome technology in May 2023 highlight ongoing advancements and support the growth of this segment.

Table of Segmentation