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Vaccines Market Size, Share, Competitive Landscape and Trend Analysis Report, by Technology Type, by Indication, by End User : Global Opportunity Analysis and Industry Forecast, 2024-2035

LS : Pharmaceuticals

✷  Report Code: A00168

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Vaccines Market Research, 2035

The global vaccines market was valued at $43.2 billion in 2023, and is projected to reach $90.7 billion by 2035, growing at a CAGR of 6.4% from 2024 to 2035. Vaccines are essential tools for preventing infectious diseases and reducing their burden on public health. Government-led immunization programs, public health campaigns, and vaccination initiatives prioritize disease prevention, driving demand for vaccines and sustaining market growth. For instance, according to the World Health Organization (WHO), in January 2023, a total of 64 infectious diseases were reported globally, affecting 235 countries and regions. In addition, WHO estimated that more than 25 million outpatient visits and more than 2 million hospitalizations were attributable to rotavirus infections each year. 

A vaccine is a biological preparation that stimulates the immune system to recognize and protect against specific infectious diseases. It typically contains weakened or inactivated forms of pathogens (such as viruses or bacteria) or their components, which trigger an immune response without causing the disease itself. Vaccines help the body develop immunity to a particular disease by priming the immune system to recognize and fight off the pathogen if encountered in the future, thereby preventing, or reducing the severity of illness. 

Key Takeaways 

By technology, the recombinant and conjugate vaccines segment dominated the global vaccines market share in terms of revenue in 2023 and is expected to register the highest CAGR during the forecast period. 

 By indication, the human papilloma virus segment dominated the global market in terms of revenue in 2023 and is expected to register the highest CAGR during the forecast period. 

By end user, the pediatric segment dominated the global vaccines market in terms of revenue in 2023. 

By region, North America dominated the market in terms of revenue in 2023. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period. 

Market Dynamics

The vaccines market trends includes rise in prevalence of infectious diseases worldwide, and growing emphasis on preventive healthcare measures, including vaccination. Governments and healthcare organizations are investing in vaccination programs to reduce the incidence of diseases and minimize their impact on public health. This emphasis on prevention is driving the demand for vaccines across different demographics and geographies. The Advisory Committee on Immunization Practices (ACIP) is a group of medical and public health experts that develops recommendations on use of vaccines in the civilian population in the U.S. The committee members of ACIP meet Centers for Disease Control and Prevention (CDC) three times each year and discuss vaccine research, as well as various developments in vaccine technology. Such initiatives aid in increasing the demand for vaccines by acknowledging different vaccinations which is expected to drive the vaccines market growth. 

In addition, advancements in biotechnology and vaccine development technologies have significantly contributed to the growth of the vaccines industry. New techniques, such as recombinant DNA technology and adjuvant formulations, have enabled the development of more efficacious and safer vaccines. Furthermore, innovations in vaccine delivery systems, such as needle-free injections and microneedle patches, are improving vaccine administration and patient compliance. Recent advances in vaccine technology are now providing an vaccines market opportunity to target new diseases. There has been a development of a wide array of new vaccination technologies ranging from targeted attenuation techniques of live pathogens to the delivery of biologically engineered protein and peptide antigens as well as viral vector and nucleic-acid based antigens. Many of these technologies have yielded highly promising results. Moreover, there has been a significant increase in spending for the development of vaccine technology. This further drives the growth of the vaccines market. 

Furthermore, government-led immunization programs, aimed at increasing vaccine coverage among populations, are driving the demand for vaccines. Initiatives such as the Expanded Program on Immunization (EPI) by the World Health Organization (WHO) and national vaccination campaigns in various countries are expanding access to vaccines, especially in low- and middle-income countries. Despite the benefits of vaccination, vaccine hesitancy remains a significant challenge globally. Misinformation, distrust in vaccines, and concerns about safety and efficacy can undermine immunization efforts and contribute to disease outbreaks. Addressing vaccine hesitancy requires comprehensive communication strategies, community engagement, and efforts to build trust in vaccination. In contrast, advances in vaccine technology, such as mRNA vaccines and viral vector platforms, are paving the way for the development of novel vaccines against a wide range of infectious diseases and other health conditions which provides opportunity to market growth. 

Segments Overview 

The global vaccine market report is segmented into technology type, indication, end user, and region. On the basis of the technology type, the market is segregated into recombinant and conjugate vaccines, live attenuated vaccines, inactivated vaccines, toxoid vaccines, and others. By indication, the market is divided into pneumococcal disease, influenza, human papilloma virus, meningococcal disease, rotavirus, varicella, measles, mumps, and rubella, diphtheria, pertussis, and tetanus (DTP), polio, hepatitis, and other indications. As per end user, the market is categorized into pediatric, adults, and travelers. Region wise, it is analyzed across North America, Europe, Asia-Pacific, LAMEA. 

By Technology Type

The recombinant and conjugate vaccines segment dominated the global vaccines market size in 2023, owing to their efficacy, safety, broad application, and support from public health initiatives and international organizations. In addition, recombinant and conjugate vaccines are utilized for preventing a wide range of infectious diseases, including bacterial infections such as pneumococcal disease and meningococcal disease, as well as viral infections like hepatitis B and human papillomavirus (HPV). Their versatility in targeting various pathogens contributes to their dominance in the global vaccine market. 

By Indication 

The human papilloma virus segment dominated the global vaccines market share in 2023 and is expected to register the highest CAGR during the forecast period, owing to the effectiveness of HPV vaccines in preventing HPV-related diseases, the implementation of vaccination programs, awareness campaigns, and support from global health initiatives. In addition, inclusion of HPV vaccination in national immunization schedules and reimbursement policies further boosts the market share of the human papilloma virus segment. 

By End User 

The pediatrics segment dominated the global vaccines market size in 2023, owing to universal immunization programs, routine vaccination schedules, vaccine mandates, disease prevention efforts, investments in vaccine development, global health initiatives, and pediatric vaccine innovation. However, travelers segment is expected to register the highest CAGR during the forecast period. This is attributed to the increasing international travel, emerging infectious diseases, travel medicine services, mandatory vaccination requirements, health and safety concerns among travelers, and the expansion of the travel vaccine portfolio. 

The global vaccine market report 2024 is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for a major share of the vaccine market in 2023 and is expected to maintain its dominance during the forecast period. North America hosts several major vaccine manufacturers and distributors, supplying vaccines to domestic and international markets. The region's vaccine production capacity, supply chain infrastructure, and distribution networks support global vaccine supply and distribution. North American vaccine manufacturers play a pivotal role in meeting global vaccine demand, further consolidating the region's dominance in the vaccine market. 

However, Asia-Pacific offers profitable opportunities for key players operating in the vaccine market and is expected to register the fastest growth rate during the vaccines market forecast period, owing to rising prevalence of infectious diseases, government initiatives, emerging markets, technological advancements, and health security priorities. Asia-Pacific presents attractive market entry opportunities for vaccine manufacturers seeking to expand their global footprint. Emerging markets in the region, including China, India, and the Pacific Islands, offer untapped potential for vaccine sales and market penetration. Strategic partnerships, collaborations, and investments in local manufacturing and distribution networks enable vaccine companies to capitalize on growth opportunities in Asia-Pacific. 

Competitive Analysis

The global vaccine market report 2024 includes key players such as Pfizer and Merck & Co., Inc. have adopted product approval and clinical trials as key developmental strategies to improve the product portfolio of the vaccine market. For instance, in August 2023, Pfizer Inc. announced that the U.S. Food and Drug Administration (FDA) has approved ABRYSVO (Respiratory Syncytial Virus Vaccine), the company’s bivalent RSV prefusion F (RSVpreF) vaccine, for the prevention of lower respiratory tract disease (LRTD) and severe LRTD caused by RSV in infants from birth up to six months of age by active immunization of pregnant individuals at 32 through 36 weeks gestational age. 

Recent Developments in the Vaccines Industry 

In April 2024, Bavarian Nordic A/S announced that JYNNEOS, the only FDA-approved mpox vaccine, is now commercially available in the U.S., marking a significant expansion for access to JYNNEOS by establishing additional pathways for vaccine procurement, distribution, and reimbursement by both public and private payers. 

In April 2024, Pfizer Inc. announced positive top-line immunogenicity and safety data from the ongoing pivotal Phase 3 clinical trial (NCT05842967) MONeT (RSV IMmunizatiON Study for AdulTs at Higher Risk of Severe Illness),evaluating a single dose of ABRYSVO versus placebo in adults 18 to 59 years of age at risk of developing severe respiratory syncytial virus (RSV)-associated lower respiratory tract disease (LRTD). 

In October 2024, GSK plc announced that it has reached an exclusive agreement with Chongqing Zhifei Biological Products, Ltd. (Zhifei) to co-promote GSK’s shingles vaccine, Shingrix, in China for an initial three-year period, with the potential to extend the partnership should all parties agreement. 

In March 2024, Pfizer Inc. announced that the European Commission (EC) has granted marketing authorization for the company’s 20-valent pneumococcal conjugate vaccine, marketed in the European Union under the brand name PREVENAR 20, for active immunization for the prevention of invasive disease, pneumonia, and acute otitis media caused by Streptococcus pneumonia in infants, children, and adolescents from 6 weeks to less than 18 years of age. 

In August 2023, Pfizer Inc. announced that the European Commission (EC) has granted marketing authorization for ABRYSVO, the company’s bivalent respiratory syncytial virus (RSV) prefusion F (RSVpreF) vaccine, to help protect both infants through maternal immunization and older adults. 

In March 2024, Merck, known as MSD outside of the United States and Canada, announced plans to initiate clinical development of a new investigational multi-valent HPV vaccine designed to provide broader protection against multiple HPV types. 

In December 2021, Merck announced the European Commission (EC) has approved VAXNEUVANCE (Pneumococcal 15-valent Conjugate Vaccine) for active immunization for the prevention of invasive disease and pneumonia caused by Streptococcus pneumoniae in individuals 18 years of age and older. 

Key Benefits for Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the vaccines market analysis from 2023 to 2035 to identify the prevailing market opportunities.

The market research is offered along with information related to key drivers, restraints, and opportunities.

Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.

In-depth analysis of the vaccines market segmentation assists to determine the prevailing market opportunities.

Major countries in each region are mapped according to their revenue contribution to the global market.

Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.

The report includes the analysis of the regional as well as global vaccines market trends, key players, market segments, application areas, and market growth strategies.

  Vaccines Market Report Highlights

Analyst Review

Rise in prevalence of infectious diseases and increase in awareness about the benefits of vaccination leading to higher vaccination rates are the major factors which drive the market growth. As per the CXOs, vaccines are anticipated to witness high adoption in the near future, owing to growth in number of immunization programs across the globe. In addition, the market exhibits high growth rate, owing to surge in advances in biotechnology, genomics, and vaccine platforms, which enable the development of novel vaccines with improved safety, efficacy, and scalability.  

Furthermore, North America is expected to remain dominant during the forecast period, due to local presence of large in-house vaccine manufacturers such as GSK, Merck & Co., Inc., and Pfizer. In addition, advanced healthcare infrastructure, government funding, and regulatory support further support the market growth in this region. Moreover, Asia-Pacific registered highest CAGR and is expected to continue this trend throughout the forecast period, owing to improvement in healthcare facilities, surge in adoption of vaccination awareness programs, and rapid improvement in economic conditions. 

• Pneumococcal Disease
• Meningococcal Disease

The total market value of vaccines market is $43.2 billion in 2023.

The market value of vaccines market in 2035 is $90.7 billion.

The forecast period for vaccines market is 2024 to 2035.

The base year is 2023 in vaccines market.

North America is accounted for the largest market share in 2023 owing to well established healthcare infrastructure, rise in investments in research and development, and the easy availability of vaccines.

GSK, Merck, Sanofi, Pfizer, and CSL Limited, held a high market position owing to the strong geographical foothold in different regions.

Pediatric vaccines segment dominated the global market, owing to increase in the prevalence of numerous diseases, such as pertussis, influenza, diphtheria, and tetanus, pertussis, rise in government and non-government funding for the development of novel vaccines and surge in initiatives for raising awareness.

The growth of the vaccines market is primarily driven by increasing prevalence of chronic diseases such as cancer and cardiovascular disorders, advancements in radiopharmaceutical research and development, rising demand for personalized medicine, and supportive regulatory frameworks and reimbursement policies

Vaccinations play a key role in sustaining people's health across different countries; hence, they are used in various national disease-prevention strategies

Vaccines are biological substances designed to stimulate the body's immune system to recognize and fight against specific pathogens, such as viruses or bacteria, without causing the disease itself.

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Vaccines Market

Global Opportunity Analysis and Industry Forecast, 2024-2035

• Pharmaceutical
• U.S. Vaccines Market

"Designing Growth Strategies is in our DNA"

U.S. Vaccines Market Size, Share & COVID-19 Impact Analysis, By Type (Live Attenuated, mRNA, Viral Vectors, Toxoid, and Others), By Route of Administration (Parenteral and Oral), By Disease Indication (Viral Diseases {Hepatitis, Influenza, Human Papillomavirus, Herpes Zoster, and Others}, and Bacterial Diseases {Meningococcal Disease, Pneumococcal Disease and Others}), By Age Group (Pediatrics and Adults), By Distribution Channel (Hospital & Retail Pharmacies, Government Suppliers, and Others), and Country Forecast, 2023-2030

Last Updated: December 09, 2024 | Format: PDF | Report ID: FBI109196

• Segmentation
• Methodology
• Infographics
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KEY MARKET INSIGHTS

The U.S. vaccines market size was worth USD 34.37 billion in 2022 and is projected to grow at a CAGR of 8.2% during the forecast period.

Vaccines refer to a pharmaceutical or a biological preparation that is administered to enable immunity against a malignant or infectious disease. According to the World Health Organization (WHO), vaccination prevents an estimated 3.5-5 million deaths per year from diseases such as measles, influenza, tetanus, and others. The growing incidence of infectious diseases in the country is one of the predominant factors raising the demand for effective vaccines . Furthermore, rising awareness among the population regarding immunization, and growing government efforts to increase vaccination rates are increasing the demand for vaccination, thereby propelling market growth. 

• According to the 2023 data published by the Centers for Disease Control and Prevention (CDC), approximately 8,916 and 34,945 new cases of tuberculosis and Lyme disease were reported in the U.S. in 2019.

In addition, the rising investment by key players in research and development for the development and launch of new products, increasing funding by the government and non-government organizations to support the development of products, proper reimbursement scenarios in the country, and others are a few factors contributing to the market’s growth.

The COVID-19 pandemic had a positive impact on the vaccines market. All the manufacturing companies shifted their focus to developing products to combat the pandemic. Furthermore, emergency authorizations of the COVID-19 vaccines and mass vaccination programs spiked the uptake of products, thereby augmenting the growth of the U.S. vaccines market during the COVID-19 pandemic.

U.S. Vaccines Market Trends

Shifting Preference toward mRNA-Based Products

Manufacturers are shifting their preferences toward developing mRNA-based products. These vaccines have various benefits, such as shorter manufacturing time and no risks of developing side effects when compared to other vaccines. The government of the country is investing extensively in the development of mRNA-based products. In addition, key players are developing mRNA-based products for various infectious diseases apart from COVID-19, which is leading to the U.S vaccines market growth.

• For instance, in February 2023, Pfizer Inc. and BioNTech commenced phase 1/2 of the clinical trial to study the immunogenicity, safety, and tolerability of its mRNA vaccine against shingles.

U.S. Vaccines Market Growth Factors

Large Production of Products Coupled with New Approvals and Launches to Propel Market Growth

Rising awareness and campaigns have led to an increasing demand for products among the patient population. To cater to the rising demand, the manufacturers are increasing their vaccine production capacity, which is anticipated to bolster the market growth during the forecast period.

• According to the CDC 2023 report, the vaccine manufacturers in the U.S. will manufacture and supply an estimated 156 million to 170 million doses of influenza vaccine in the country for the 2023-2024 season.

In addition, a conducive environment for the research and development of products and their approval further promotes U.S. vaccines market growth.

• For instance, in July 2023, Emergent BioSolutions received the U.S. FDA approval for Cyfendus, an adjuvant anthrax vaccine for use in patients aged 18 years to 65 years.

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According to an article published by the CDC in 2023, the total number of reported cases in the U.S. suffering from hepatitis A infection in 2021 was 5,728. The state with the highest rate of reported hepatitis A cases was Arkansas (15.5 cases per 100,000 population).

RESTRAINING FACTORS

Long Production Cycle Coupled With High Cost of Production May Hinder Market Growth

Despite the rising burden of infectious diseases, certain factors, such as the long duration required for developing and launching new products and the high cost of vaccines, are a few factors likely to limit the vaccine market growth. Manufacturing a vaccine is a critical and complex process, generally taking 10 to 15 years.

Furthermore, meeting regulatory requirements, such as quality, safety, and clinical efficacy, requires a long timeframe for vaccine development, which makes it a lengthy process. In addition, the high cost of per dose products in the country is likely to hamper the adoption of vaccine supplies and market growth.

• According to the 2023 CDC updated vaccine price list, the private sector cost per dosage of Respiratory Syncytial Virus (RSV) vaccine is USD 495.0.

U.S. Vaccines Market Segmentation Analysis

By type analysis.

Based on type, the market is segmented into recombinant/conjugate/subunit, inactivated, live attenuated, mRNA, viral vectors, toxoid, and others.

The recombinant/conjugate/subunit segment dominated the market in 2022. Recombinant vaccine s are able to induce a more specific and stronger immune response when compared to other traditional products. In addition, they are safer as they do not contain attenuated or live organisms, which raises their demand among the population.

Furthermore, the government of the country is providing a conducive environment to research, develop, and launch new recombinant products for various diseases, thereby increasing their adoption and is expected to continue the growth of the market.

• For instance, in July 2021, GSK plc. received the U.S. FDA approval for its recombinant, adjuvanted zoster vaccine, Shingrix. The vaccine is indicated to prevent shingles in adults aged 18 years and above.

By Route of Administration Analysis

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

The parenteral segment accounted for the largest share of the U.S. vaccines market in 2022. Most of the products are based on the parenteral route of administration. Through the parenteral route, the drugs bypass the liver's first-pass metabolism and are easily absorbed quickly and have a faster onset of action.

Furthermore, the increase in vaccine procurement by government agencies is anticipated to raise the demand for parenteral doses of products. To meet the growing demand, manufacturers are developing products based on the parenteral route of administration, which is expected to result in high revenue generation in the forthcoming years.

By Disease Indication Analysis

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

The bacterial diseases segment accounted for the largest U.S. vaccines market share in 2022 due to the rising prevalence of various diseases caused by bacteria. Moreover, increasing vaccination coverage for bacterial diseases is raising the demand for the product, thereby contributing to the segment’s growth.

• For instance, according to the Centers for Disease Control and Prevention 2022 data, around 23.9% of adults aged 18 years and above at increased risk of pneumococcal disease in the U.S. had received pneumococcal vaccination.

By Age Group Analysis

On the basis of age group, the market is categorized into pediatrics and adults.

The pediatrics segment accounted for the lion’s share in 2022. The rising number of infectious diseases among the small age group, the rising emphasis of key players on launching vaccine products specific to younger age groups, and the increase in pediatric vaccination rate, among others, are a few factors supporting the segment growth.

• According to the American Academy of Pediatrics 2022, the immunization rate of DTaP is 81.6% in Oregon, 86.4% in North Carolina, and 84.9% in Florida.

Furthermore, the launch of new products indicated for pediatrics and the increase in research and development expenses by the government of the country to launch vaccines for pediatric patients also support the segment growth.

By Distribution Channel Analysis

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

The hospital & retail pharmacies segment dominated the market in 2022. These pharmacies are most often conveniently located and allow easy access to medicines, thus becoming a popular distribution channel among patients. Furthermore, new partnerships among these pharmacies to make vaccines accessible to patients also promote the segment growth.

• For instance, in February 2021, the U.S. government launched the Federal Retail Pharmacy Program (FRPP), a public-private partnership among 21 national pharmacies to help and expand COVID-19 vaccine access among the population.

List of Key Companies in U.S. Vaccines Market

The U.S. vaccines market is highly consolidated with the presence of a few players such as Pfizer, Inc., Merck & Co., Inc., GSK plc., and others. The presence of a strong product portfolio, rising initiatives by the companies to expand their product portfolio by launching new products, and shifting focus toward inorganic business activities to strengthen the geographical presence, among others, are a few factors contributing to the market share of these companies.     

• For instance, in June 2022, Merck & Co., Inc. received the U.S. FDA clearance for VAXNEUVANCE, a pneumococcal 15-valent conjugate vaccine, to prevent infants and children from invasive pneumococcal disease.

Some other players, such as Emergent BioSolutions, Inc., Inovio Pharmaceuticals, Inc., and others, are also present in the market. The growing investment by these players to seek approval for novel products and shifting focus to mergers, acquisitions, and collaborations is strengthening their market position.

An Infographic Representation of U.S. Vaccines Market

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LIST OF KEY COMPANIES PROFILED:

• GSK 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:

• October 2023: Sanofi entered an agreement with Janssen Pharmaceuticals, Inc. to develop and commercialize a phase III vaccine product indicated against extraintestinal pathogenic E. coli.
• March 2023: CSL Limited established a new state-of-the-art vaccine R&D center in Massachusetts. The R&D facility is equipped with 54,000 square feet of lab space, comprising BSL-3 safety level.
• October 2022: GSK plc. received approval from the U.S. FDA for its vaccine, Menveo, with single vial presentation for individuals suffering from invasive meningococcal disease. The vaccine is intended for patients aged 10 years to 55 years.

REPORT COVERAGE

The U.S. vaccines market research report provides a detailed analysis of the market. It focuses on key aspects such as market dynamics, leading companies, vaccine type, and route of administration. 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 market in recent years.

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Report Scope & Segmentation

Frequently asked questions.

Fortune Business Insights says that the U.S. market was worth USD 34.37 billion in 2022.

The market is expected to exhibit a CAGR of 8.2% during the forecast period (2023-2030).

By type, recombinant/conjugate/subunit accounted for the highest share of the market in 2022.

Pfizer, Inc., Merck & Co., Inc., GSK plc., and others are the major players in the market.

• PUBLISHED ON: Mar, 2024
• STUDY PERIOD: 2019-2030
• BASE YEAR: 2022
• HISTORICAL DATA: 2019-2021
• NO OF PAGES: 90

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Related Reports

• Vaccines Market
• Viral Vaccines Market
• Shingles Vaccine Market
• Influenza Vaccine Market
• Recombinant Vaccines Market

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The U.S. vaccines market size was worth $34.37 billion in 2022 and is projected to grow at a CAGR of 8.2% during the forecast period

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Vaccines - Worldwide

• The Vaccines market worldwide is projected to reach a revenue of US$74.12bn by 2024.
• It is expected to show an annual growth rate (CAGR 2024-2029) of 3.64%, resulting in a market volume of US$88.61bn by 2029.
• In global comparison, United States is anticipated to generate the highest revenue in the Vaccines market, with US$29,120.00m in 2024.
• Worldwide, there is a growing demand for vaccines as countries prioritize public health and work towards achieving herd immunity.

Key regions: Australia , Italy , France , South Korea , Brazil

Definition: This market covers vaccines against infectious diseases. They help to prevent diseases, usually through active immunization. Vaccines against infectious diseases transmitted by viruses (e.g., hepatitis A and B or COVID-19) and bacteria (e.g., typhoid fever or meningococcus) are included.

Additional information: Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Pfizer, GlaxoSmithKline, Merck & Co, Sanofi, Moderna, AstraZeneca

• Vaccines against infectious diseases
• Prophylactic and therapeutic vaccines
• Flu vaccines
• COVID-19 vaccines

out-of-scope

• Sera and gammaglobulins
• Antibiotics

Pharmaceuticals

• Oncology Drugs
• Anti-Diabetes Drugs
• Anti-Rheumatic Drugs
• COVID-19 Vaccines
• Other Vaccines
• Dermatological Drugs
• Antiviral Drugs
• Immunosuppressants
• Bronchodilator Drugs
• Sensory Organ Drugs
• Anti-Hypertensive Drugs
• Anti-Coagulants
• Anti-Fibrinolytic Drugs
• Multiple Sclerosis Drugs
• Lipid-Lowering Agents
• Other Pharmaceuticals
• Analyst Opinion

The Vaccines market has been witnessing significant growth worldwide due to the increasing prevalence of infectious diseases and the rising demand for immunization. Customer preferences: Customers are becoming more aware of the importance of vaccines in preventing diseases, leading to a higher demand for vaccination. Additionally, governments are promoting vaccination programs to prevent the spread of diseases, especially in developing countries. A few new players have entered the market due to COVID-19 vaccines, and these vaccines have led to a major growth boost. They were developed under high time pressure but prove to be highly effective, and billions of doses have been produced. Demand for COVID-19 vaccines is expected to continue throughout the coming years. The mRNA-based COVID-19 vaccines are the first approved drugs of their kind, boosting this research area. There are very promising prospects regarding a large range of diseases, such as cancer, psoriasis, malaria, HIV, osteoarthritis, and Alzheimer's disease, but also when it comes to vaccines against other infectious diseases. Local special circumstances: In China, the government plays a significant role in vaccine distribution. The Indian vaccines market is witnessing growth due to the increasing demand for affordable vaccines and the rising prevalence of infectious diseases. In Brazil, the vaccines market is expected to grow due to the government's efforts to increase vaccination coverage. Underlying macroeconomic factors: The increasing healthcare expenditure, rising prevalence of chronic diseases, and the growing awareness about the importance of vaccination are the key macroeconomic factors driving the growth of the vaccines market worldwide. Additionally, the increasing government initiatives to promote vaccination programs and the rising demand for preventive healthcare are also contributing to the growth of the vaccines market.

• Methodology

Data coverage:

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• Vaccines Market

Global Vaccines Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report – Segmented By Technology, Administration, Age, Type, Indication and Region (North America, Europe, APAC, Latin America, Middle East and Africa) – Industry Forecast (2024 to 2032)

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Global Vaccines Market Size (2024 to 2032)

The global vaccines market was worth US$ 70.40 billion in 2023 and is anticipated to reach a valuation of US$ 101.95 billion by 2032 from US$ 73.36 billion in 2024, and it is predicted to register a CAGR of 4.2% during the forecast period 2024-2032.

MARKET DRIVERS

Vaccines have been an integral part of the healthcare system for a long time now and the outbreak of covid-19 once again highlighted their significance in the international market..

The deteriorating health conditions that are leading to several infectious diseases, epidemics, and pandemics are the primary factors driving the global vaccine market. In addition, the government campaigns emphasizing the role of vaccines coupled with supporting investments from both public and private sectors are also driving the demand in this business. Children and elderly people are more prone to infectious and seasonal diseases, becoming the largest contributors to the vaccines market. The increasing purchasing power along with the rising awareness about the benefits of vaccines in both rural and urban areas is also boosting the vaccine market. The recent advances in preventive medicine and vaccine methods like vector-based and mRNA further promote the adoptions in this business. Besides, the improving healthcare conditions in developing and under-developed nations and access to affordable treatments are further supporting the global vaccines market. With the increasing globalization, international travel, and access to world-class treatment have increased tremendously. In addition, with the increased travel options, new kinds of epidemics have surfaced lately that require vaccines to improve the immunity system. The people in Western countries face harsh cold conditions that can lead to influenza and pneumonia, which requires timely flu shots to prevent the spread and effects. Moreover, the continuous developments in medical technologies, such as synthetic vaccines and recombinant DNA techniques, expanding applications of vaccines in the treatment of HIV, Hepatitis, dengue, chickenpox, diphtheria, and others, and collaborations among service providers and research centers are further likely to create lucrative opportunities for the global vaccines market.

MARKET RESTRAINTS

The primary challenge to the vaccine market is the high expenses related to the research and development activities to produce new formulations..

Although the governments are supporting the development of new vaccines, the long approval process and safety complexities are acting as a challenge for the quick movement in this business. In addition, the lack of proper standardization and distribution channels like cold-chain logistics is limiting the sales in the vaccine market. Besides, the slow process involved in the development of new vaccines to handle rapidly spreading infectious diseases is a concerning aspect of the vaccine business. Also, the concerns among consumers about the side effects and long-term impact of the vaccines are a negative factor for the worldwide market. Moreover, the intense competition among market players that increases the end user pricing, changing mutations in viruses, slow-paced adoption of new vaccine technologies, and challenges with the large-scale production and distribution of vaccines further pose a serious threat to the global vaccine market.

Impact of COVID-19 on the Global Vaccines Market

The COVID-19 pandemic had a promising impact on the global vaccine market. The outbreak of this pandemic emphasized the need for powerful vaccines to combat new viruses and strengthen the immune system. All the pharmaceutical and biotechnology companies fastened the research and development activities to develop an effective vaccine to control the rapid spread of coronavirus and mortality in all parts of the world. In addition, governments across the globe shifted priorities towards control of the pandemic and supported the market players in this industry to continue their research towards advanced vaccines and mRNA technology. The international partnerships within medical facilities, research centers, and biotechnology firms promoted rapid developments in the vaccine business during COVID-19. The need for booster shots along with the required dosages further supported the sales of vaccines. On the flip side, the emphasis on the pandemic control temporarily halted the production and distribution of new vaccines for other infections. Also, the competition in the market led to increased prices of vaccination due to the immediate need to address the pandemic. On the whole, COVID-19 changed the perception among a large section of people about the use of vaccines, positively influencing the international marketplace.

REPORT COVERAGE

Segmental analysis, global vaccines market vaccines market analysis by technology.

The recombinant and conjugate vaccines segment accounted for a significant portion of the vaccine market owing to supportive government regulations, investments in the pharmaceutical sector, and the rising incidence of chronic ailments. The surge in the cases of allergies, autoimmune diseases, cancers, and other diseases is also promoting the growth in this segment. The mRNA vaccines recorded a notable growth rate in the previous years due to the applications of these vaccines in COVID-19 treatment. Also, the spike in the number of influenza patients is supporting the adoption of mRNA vaccines.

Global Vaccines Market Vaccines Market Analysis  By Administration

The intramuscular and subcutaneous segment accounted for the leading portion of the vaccine market due to the various advantages offered by this method such as easy absorption into the body, less risk of contamination, and less possibility of degradation. Besides, oral administration is touted to expand with a notable growth rate in the following years due to the increasing use of vaccines in pediatric treatment.

Global Vaccines Market Vaccines Market Analysis  By Age

Adults accounted for the lion’s share of the vaccine market because of the high volumes of vaccines administered during the COVID-19 pandemic. Besides, the booming number of influenza patients is further promoting sales in this segment. However, pediatric vaccines are predicted to register the highest growth due to the demand for oral dosages like polio and rotavirus in children.

Global Vaccines Market Vaccines Market Analysis  By Type

Multivalent vaccines, with their functionality to offer protection against multiple microorganisms and different diseases, are likely to witness the highest growth in this market in the future.

Global Vaccines Market Vaccines Market Analysis  By Indication

The viral disease vaccines accounted for the dominant portion of the global vaccines market and are likely to continue their dominion over the forecast period. The COVID-19 pandemic mainly fuelled the sales of the viral vaccines, followed by influenza, hepatitis, HIV, rotavirus, and so on. On the other hand, bacterial diseases are equally anticipated to grow considerably in the following years owing to the prevailing bacterial infections in work sites and industrial settings.

REGIONAL ANALYSIS

North America registered the highest share of the global vaccine market. The United States of America is the leading nation in the North American region. With the presence of some of the market giants, North America offers huge innovation opportunities for the growth of the vaccine market. The advanced healthcare infrastructure, awareness among people about the use of vaccines, and rising number of infectious disease cases are fuelling the business growth in this area. In addition, the spike in research and development activities in the medical sector and favorable government policies are supporting the market demand in this locale.

The Asia Pacific is predicted to grow at the highest rate over the forecast period due to the increasing population and need for preventive medicines. The continuous developments in the healthcare industry and investments in innovative technologies are supposed to fuel this local market. In addition, the rising awareness and modernization of the healthcare sector are encouraging more patients to prefer vaccines for treatment. China is the leading country in the APAC with advances in the pharmaceutical sector, awareness among the local population, and growth in the use of meningococcal vaccines in the area.

Europe is also a significant market for the vaccines market because of the availability of state-of-the-art medical facilities and specialized treatment options. The favorable insurance policies and more cases of influenza and pneumonia in countries like the United Kingdom, Germany, Norway, etc., are boosting business growth in this area.

Latin America has a relatively smaller presence in the global vaccine market compared to the above regions. However, the spike in demand for advanced treatments, established regulations, and growing investments in research activities are likely to create a huge opportunity for the Latin American market in the future.

The Middle East and Africa region has also been a smaller player in the vaccines market. The recent changes in countries like South Africa, Saudi Arabia, and the United Arab Emirates to improve the conventional healthcare infrastructure and easy availability of raw materials can act positively for the vaccine business in these nations.

KEY PLAYERS IN THE VACCINES MARKET

Companies playing a prominent role in the global vaccines market include Johnson & Johnson, Pfizer Inc., GlaxoSmithKline plc., Merck & Co Inc., CSL, Sanofi, AstraZeneca, Bharat Biotech, Mitsubishi Tanabe Pharma Corp, Bio Farma, Inovio Pharmaceuticals, Daiichi Sankyo Company, Ltd., Sinovac, Valneva SE, Oxford Biomedica, Thermo Fisher Scientific, Fujifilm Corporation, Bavarian Nordic A/S, Emergent Biosolutions, Inc., Serum Institute of India Private Ltd, Moderna Inc., Sinovac, and Takeda Pharmaceutical Company Ltd., and Others.

RECENT MARKET DEVELOPMENTS

• In May 2023, GlaxoSmithKline plc notified the approval of its adjuvanted respiratory syncytial virus vaccine named Arexvy to treat people aged 60 years and above with the condition of lower respiratory tract disease.
• In September 2023, Pfizer Inc. and BioNTech SE confirmed the approval of the supplemental Biologics License Application (COMIRNATY 2023-2024 Formulation) by the US’s Food Drug and Administration (FDA) to be used for individuals 12 years and older, as part of the COVID-19 vaccination.
• In October 2023, Novavax, Inc., a leading company in protein-based vaccines, proclaimed that its Adjuvanted (2023-2024 Formula) (NVX-CoV2601) COVID vaccine was approved by the FDA to support active immunization in people aged 12 years and above.

DETAILED SEGMENTATION OF THE GLOBAL VACCINES MARKET INCLUDED IN THIS REPORT

This research report on the global vaccines market has been segmented and sub-segmented based on technology, administration, age, type, indication, and region..

By Technology

• Recombinant Vaccines
• Conjugate Vaccines
• Inactivated Vaccines
• mRNA Vaccines
• Viral Vector Vaccines
• Toxoid Vaccines
• Live Attenuated Vaccines

By Administration

• Intramuscular & Subcutaneous
• Multivalent

By Indication

• Bacterial Vaccines
• Viral Vaccines
• Allergy Vaccines
• Cancer Vaccines
• North America
• Asia Pacific
• Latin America
• The Middle East and Africa.

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Anil Kumar P is the lead author of this report and the manager of the team responsible for authoring healthcare reports at Market Data Forecast. He holds a Bachelor’s degree in Pharmacy (Hons.) from BITS Pilani, one of India’s premier institutions. Over the past seven years, Anil has gained extensive experience working with multiple market research companies, where he has collaborated with a diverse range of clients—from innovative startups to Fortune 500 companies—delivering data-driven insights and strategic advice that drive business growth.

Frequently Asked Questions

What role does innovation play in the vaccines market? +

Innovation is critical in the vaccines market, leading to the development of safer, more effective, and easier-to-administer vaccines. Technologies such as mRNA platforms and advancements in adjuvants are transforming vaccine development and improving efficacy.

What challenges does the vaccines market face? +

Challenges in the vaccines market include vaccine hesitancy, which affects vaccination rates, especially in some communities. Additionally, logistical hurdles in distribution, high research and development costs, and manufacturing complexities can pose challenges.

Are there specific regions dominating the vaccines market? +

The vaccines market is globally distributed, but certain regions like North America, Europe, and Asia-Pacific are key contributors due to their advanced healthcare infrastructure, extensive research capabilities, and large population bases.

What factors influence the growth of the vaccines market? +

Several factors impact the growth of the vaccines market, including technological advancements in vaccine development, increasing prevalence of infectious diseases, government initiatives promoting vaccination, rising awareness about preventive healthcare, and expanding research and development activities.

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In his current role, Anil’s expertise in the healthcare sector is particularly evident. He excels at analysing complex market trends and producing comprehensive, actionable reports that help companies foster innovation and enhance end user experience. Also, his ability to tailor research solutions to the specific needs of healthcare clients, combined with his collaborative approach with industry stakeholders, has made him an invaluable resource in navigating the intricate healthcare market. Anil’s work empowers companies to seize emerging opportunities and achieve sustainable success.

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• Pharmaceuticals /
• Biopharmaceuticals /

United States Vaccine Market Report and Forecast 2024-2032

• December 2023
• Region: United States
• Expert Market Research
• ID: 5926360
• Description

Table of Contents

Companies mentioned, methodology, related topics, related reports.

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Market Outlook

Market segmentation, market breakup by technology.

• Recombinant and Conjugate Vaccine
• Inactivated Vaccines
• Live Attenuated Vaccines
• Toxoid Vaccines

Market Breakup by Indication

• Pneumococcal Disease
• Human Papilloma Virus
• Meningococcal Disease
• Varicella, Measles, Mumps, and Rubella
• Diphtheria, Pertussis, and Tetanus (DPT)

Market Breakup by End Use

• Paediatric Vaccine
• Adult Vaccine
• Travellers Vaccine

Market Breakup by Region

• New England
• Great Lakes
• Rocky Mountain

Competitive Landscape

• GlaxoSmithKline plc
• Merck & Co., Inc.
• Novartis AG
• Pfizer Inc.
• AstraZeneca plc
• Johnson & Johnson Services, Inc.
• Merck & Co. Inc.
• Johnson & Johnson Services Inc.

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North America Travel Vaccines Market Report by Composition (Mono Vaccines, Combination Vaccines), Disease (Hepatitis A, DPT, Yellow Fever, Typhoid, Hepatitis B, Measles and Mumps, Rabies, Meningococcal, Varicella, Japanese Encephalitis, and Others), and Country 2024-2032

About the vaccines market.

The Vaccines market is a sector of the pharmaceutical industry that focuses on the development, production, and distribution of vaccines. Vaccines are used to prevent and treat infectious diseases, and are an important part of public health initiatives. Vaccines are typically developed by pharmaceutical companies, and then approved by regulatory bodies such as the US Food and Drug Administration (FDA). The Vaccines market is highly competitive, with many large pharmaceutical companies competing for market share. Some of the major players in the market include Merck & Co., GlaxoSmithKline, Sanofi, Pfizer, and Johnson & Johnson. These companies are involved in the development, production, and distribution of a wide range of vaccines, including those for influenza, measles, mumps, rubella, and hepatitis. Smaller companies are also involved in the Vaccines market, such as Emergent BioSolutions and Bavarian Nordic. Show Less Read more

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