Vaccines Market – Trends Forecast Till 2030

Market Snapshot

Market Overview

The global Vaccines market size was estimated at USD 76,080 million in 2023 and is projected to reach USD 113,417.7 million in 2030 at a CAGR of 5.87% during the forecast period 2024-2030.

The vaccine market encompasses the development, production, distribution, and administration of vaccines to prevent infectious diseases. Vaccines are essential public health tools that have helped control and eradicate diseases, significantly improving life expectancy worldwide. The market is driven by ongoing research and advancements in immunology, as well as the need to respond to emerging infectious diseases and pandemics. The global vaccine market has expanded in recent years due to the increasing demand for immunization programs, the rise of new pathogens, and heightened awareness about the importance of vaccines in disease prevention.

Vaccines are biological preparations designed to confer immunity against specific diseases by stimulating the body’s immune system to recognize and fight pathogens, such as viruses or bacteria. The vaccine market includes various types of vaccines, such as viral, bacterial, and cancer vaccines, as well as therapeutic vaccines that treat existing infections. It involves research and development (R&D) by pharmaceutical companies, government agencies, and academic institutions. The market also includes distribution channels such as hospitals, clinics, and pharmacies, as well as public health initiatives by governments and international organizations to increase vaccine access, especially in low- and middle-income countries.

The scope of the vaccine market is broad and encompasses a wide range of vaccines for both routine immunization and emergency use in response to outbreaks. It spans vaccines for diseases like influenza, polio, tuberculosis, and human papillomavirus (HPV), as well as more recent developments like COVID-19 vaccines. The market is highly regulated, with approval processes governed by national and international health organizations such as the World Health Organization (WHO) and the U.S. Food and Drug Administration (FDA). With the increasing recognition of the importance of vaccines in controlling global health threats, the scope also extends to partnerships between governments, non-governmental organizations (NGOs), and private companies to improve vaccine access and distribution, particularly in underserved regions.

Several trends are influencing the vaccine market, particularly the shift toward more personalized and targeted vaccine development. Advances in biotechnology, such as mRNA technology used in COVID-19 vaccines, have opened up new possibilities for faster vaccine development and more effective immunity. The demand for vaccines has also surged due to the global response to the COVID-19 pandemic, which demonstrated the critical role of vaccines in controlling infectious diseases. Additionally, growing concerns about vaccine hesitancy, especially in developed countries, are prompting efforts to improve public trust and education about vaccine safety and efficacy. On the other hand, the rise of emerging infectious diseases, along with the threat of pandemics, is creating a continuous need for innovation in the vaccine market. Furthermore, increasing investment in vaccine R&D and public-private partnerships are also accelerating the pace of vaccine development and improving global access.

Delvens Industry Expert's Standpoint

Experts in the vaccine market highlight several key trends driving growth and innovation. The vaccine market involves the development, production, distribution, and administration of vaccines to prevent infectious diseases, playing a critical role in public health and global disease control. Driven by advancements in immunology and the need to address emerging diseases, the market includes a wide range of vaccines, from routine immunization (e.g., for influenza and polio) to specialized vaccines for cancer and therapeutic uses. It is highly regulated by health organizations like the WHO and FDA, with an emphasis on improving vaccine access, particularly in low-income regions. Key trends shaping the market include the rise of personalized vaccine development, the use of mRNA technology, and increased investment in R&D. The global response to COVID-19 has highlighted the importance of vaccines, and ongoing efforts are focused on combating vaccine hesitancy, addressing emerging pathogens, and fostering public-private partnerships to enhance global vaccine accessibility and innovation.

Market Portfolio

Key Findings

• On the basis of Vaccine Type, the vaccine market (excluding COVID-19 vaccines) is divided into monovalent and multivalent vaccines, with the multivalent vaccines segment holding the largest share in 2023. Multivalent vaccines provide significant advantages for healthcare providers and are cost-effective for healthcare systems by reducing the need for multiple separate vaccinations. They also help enhance herd immunity by increasing vaccination coverage across various populations. Examples of multivalent vaccines include combination vaccines like the measles, mumps, and rubella (MMR) vaccine, as well as the pentavalent vaccine, which protects against diphtheria, tetanus, pertussis, Haemophilus influenzae type b (Hib), and hepatitis B.

• On the basis of Disease indication, the vaccine market (excluding COVID-19 vaccines) is categorized by disease indication into pneumococcal disease, influenza, combination vaccines, HPV, meningococcal disease, herpes zoster, rotavirus, MMR, varicella, hepatitis, DTP, RSV, polio, and other disease indications. The HPV vaccine segment held the largest share in 2023. The RSV disease indication segment is expected to experience the highest compound annual growth rate (CAGR) from 2024 to 2029. This growth is driven by the introduction of new RSV vaccines and a robust product pipeline, which are key factors fuelling the segment's expansion.

• On the basis of Route of admiration, the vaccine market (excluding COVID-19 vaccines) is categorized into intramuscular & subcutaneous, oral, and other administration routes. In 2023, the intramuscular & subcutaneous segment held the largest share of the market. This dominance is mainly attributed to the safety, effectiveness, and ease of administration associated with these methods of vaccine delivery.

• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa.  North America region is projected to hold the largest market share. Factors such as the need for disease prevention, advancements in vaccine technology, growing awareness about immunization, government vaccination programs, increasing prevalence of infectious diseases, the emergence of new pathogens, and the expansion of healthcare access vaccine in the region.

Regional Analysis

Asia pacific to Dominate the Market

• In 2023, North America held the largest share of the vaccine market (excluding COVID-19 vaccines), with Europe ranking as the second-largest region. North America's leading position in the vaccine market is driven by factors such as advanced healthcare infrastructure, strong regulatory frameworks, and efficient systems for vaccine development, manufacturing, and distribution. Additionally, significant government support for vaccination programs and favourable reimbursement policies contribute to the high demand for vaccines in the region. The Asia Pacific region is expected to experience substantial growth, with a notable compound annual growth rate (CAGR) from 2024 to 2029.

• In 2023, the vaccine market in the Asia Pacific region held the largest share at 30.86%. This market is expected to experience the fastest growth during the forecast period, driven by factors such as ongoing healthcare reforms. Other key contributors to this growth include an aging population, improvements in healthcare infrastructure, and the entry of new market players. Prominent companies operating in the Asia Pacific vaccine market include GSK plc, AstraZeneca, Sanofi, and the Serum Institute of India (SII). Additionally, the region's large population contributes to a higher rate of influenza transmission. For example, the Singapore Ministry of Health reports that the country faces a greater burden of respiratory infections like influenza compared to other diseases.

• In 2023, the European vaccine market held the second-largest share, following Asia Pacific, and is expected to continue growing during the forecast period. This growth is driven by increased research funding and the presence of prominent local market players. The number of biopharmaceutical companies in Europe is on the rise, fuelled by growing investments. For example, in February 2022, the UK committed USD 192 million to the Coalition for Epidemic Preparedness Innovations (CEPI) to support vaccine development.

• The Latin America vaccine market has experienced significant growth in recent years, driven by a high disease burden and increased demand for vaccines targeting infectious diseases. Mexico, Brazil, and Argentina are key markets for influenza vaccines in the region. Government initiatives and research collaborations are expected to further boost market growth. Additionally, the demand for influenza vaccines has risen due to the current disease burden and strong demand from healthcare providers.

Competitive Landscape

• GSK PLC
• Merck & Co.Inc.
• Pfizer Inc.
• Sanofi
• CSL
• Emergent
• Johnson & Johnson Services, Inc.
• AstraZeneca
• Serum Institute of India Pvt., Ltd.
• Bavarian Nordic
• Mitsubishi Tanabe Pharma Corporation
• Daiichi Sankyo Company, Limited
• Panacea Biotec
• Biological E Limited
• Bharat Biotech
• Novavax
• Inovio Pharmaceuticals

Recent Developments

• In April 2024, Bharat Biotech and Bilthoven Biologicals B.V. formed a strategic partnership to produce and supply oral polio vaccines. This collaboration aims to address the global need for polio eradication efforts by leveraging both companies' expertise in vaccine production. Meanwhile, in the same month, VBI Vaccines Inc. expanded its collaboration with the Government of Canada to fast-track the development of its proprietary MLE platform. This platform utilizes enveloped virus-like particle (eVLP) technology, with mRNA coding capabilities, to enhance the creation of novel vaccines targeting various infectious diseases.

• In early 2024, Indian Immunologicals Ltd (IIL) launched India's first indigenously developed Hepatitis A vaccine, Havisure, marking a significant milestone in the country’s vaccine development capabilities. Additionally, in August 2023, Pfizer Inc. received U.S. FDA approval for its ABRYSVO vaccine, designed to prevent lower respiratory tract disease (LRTD) caused by respiratory syncytial virus (RSV) in infants. This vaccine is administered to pregnant individuals to protect their newborns. GSK plc also gained U.S. FDA approval in May 2023 for Arexvy, an RSV vaccine aimed at preventing LRTD in older adults aged 60 and above, further bolstering its portfolio in the respiratory vaccine segment.

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