Global Vaccines Market, By Composition (Combination Vaccines and Monovaccines), Type (Subunit, Recombinant, Polysaccharide, and Conjugate Vaccines, Live-Attenuated Vaccines, Inactivated Vaccines, Toxoid Vaccines, and DNA Vaccines), Kind (Routine Vaccine, Recommended Vaccine, and Required Vaccine), Age of Administration (Pediatric Vaccine and Adult Vaccine), Diseases (Pneumococcal Disease, Measles, Mumps and Varicella, DPT, Hepatitis, Influenza, Typhoid, Meningococcal, Rabies, Japanese Encephalitis, Yellow Fever, and Others), Route of Administration (Injectable, Oral, and Nasal), End User (Community Hospitals, Hospitals, Specialty Centres, Clinics, and Others), Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy) – Industry Trends and Forecast to 2031.
Vaccines Market Analysis and Size
According to the World Health Organization (WHO), In 2021, around 16 billion doses of 47 distinct vaccines were distributed globally, amounting to an estimated value of USD 141 billion. This substantial increase compared to the market volume in 2019, nearly tripling, and the market value, increasing 3.5 times, was largely due to the introduction of COVID-19 vaccines.
The global vaccines market size was valued at USD 74.80 billion in 2023 and is projected to reach USD 168.69 billion by 2031, with a CAGR of 10.7% during the forecast period of 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016 - 2021)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Composition (Combination Vaccines and Monovaccines), Type (Subunit, Recombinant, Polysaccharide, and Conjugate Vaccines, Live-Attenuated Vaccines, Inactivated Vaccines, Toxoid Vaccines, and DNA Vaccines), Kind (Routine Vaccine, Recommended Vaccine, and Required Vaccine), Age of Administration (Pediatric Vaccine and Adult Vaccine), Diseases (Pneumococcal Disease, Measles, Mumps and Varicella, DPT, Hepatitis, Influenza, Typhoid, Meningococcal, Rabies, Japanese Encephalitis, Yellow Fever, and Others), Route of Administration (Injectable, Oral, and Nasal), End User (Community Hospitals, Hospitals, Specialty Centres, Clinics, and Others), Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy)
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Countries Covered
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U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina, and Rest of South America
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Market Players Covered
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Merck & Co., Inc. (U.S.), Pfizer Inc. (U.S.), GSK plc (U.K.), Sanofi (France), Serum Institute of India Pvt. Ltd. (India), AstraZeneca (U.K.), Johnson & Johnson Private Limited (U.S.), Indian Immunologicals Ltd. (India), Novasep (France), MerckKGaA (Germany), Charles River Laboratories (U.K.), uniQure N.V. (Netherlands), Waisman Biomanufacturing (U.S.), Creative Biogene (U.S.), Aldevron (U.S.), Addgene (U.S.), Oxford Biomedica PLC (U.K.), Thermo Fisher Scientific (U.S), Fujifilm Corporation (Japan), and Spark Therapeutics Inc. (U.S.)
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Market Opportunities
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Market Definition
A vaccine is a biological preparation that provides active acquired immunity to a particular diseaseIt usually includes a weakened or inactive form of the microorganism, its toxins, or surface proteins which helps the immune system recognize and remember the pathogen. This recognition enables the immune system to mount a rapid and effective response if the individual is exposed to the actual pathogen in the future, thereby preventing or reducing the severity of the disease. Vaccines are a critical tool in public health for preventing the spread of infectious diseases and have significantly reduced morbidity and mortality worldwide.
Vaccines Market Dynamics
Drivers
- Rising Incidence of Infectious Diseases
The escalating global incidence of infectious diseases significantly drives the demand for vaccines. Recent outbreaks of diseases such as measles, influenza, and COVID-19 have underscored the critical role of vaccination in curbing the spread of infectious diseases and mitigating their impact on public health. According to data released by the World Health Organization (WHO) in July 2023, the coverage of a third dose of the vaccine protecting against diphtheria, tetanus, and pertussis (DTP3) improved from 81% in 2021 to 84% in 2022. the proportion of children receiving the first dose of the measles vaccine slightly increased from 81% in 2021 to 83% in 2022, These findings highlight the progress in global vaccination efforts and growing emphasis on immunization programs worldwide, further boosting the market for vaccines.
- Increased Funding for Vaccine Research
The surge in funding for vaccine research from government agencies and private organizations is propelling the development of new vaccines and expanding the market. Under the U.S. Department of Health and Human Services (HHS), Project NextGen aims to accelerate and streamline the rapid development of the next generation of vaccines and treatments through public-private collaborations. This initiative involves an initial investment of USD 5 billion. This increased funding is catalyzing research efforts targeting a wide array of diseases, including emerging infectious diseases and cancer. The result is a robust pipeline of new vaccines, addressing unmet medical needs and driving growth in the market.
Opportunities
- Expansion of Vaccination Programs
There is an opportunity for expanding vaccination programs, particularly in developing countries where access to vaccines is limited. According to WHO, data from various countries indicate that constraints and uneven access to pediatric vaccines persist, and the rotavirus vaccine is utilized in only 58% of self-procuring middle-income countries. Similarly, the human papillomavirus vaccine is used in only 41% of lower-income countries, despite these countries bearing a significant burden of cervical cancer and having limited access to other preventive and curative services. Increasing investments in healthcare infrastructure and vaccination campaigns can help improve vaccine coverage and reduce the burden of vaccine-preventable diseases in these countries, creating a significant market opportunity for vaccine manufacturers.
- Development of Next-Generation Vaccines
The development of next-generation vaccines, such as mRNA vaccines and recombinant vaccines, presents an opportunity for innovation and growth in the market. These vaccines offer advantages such as rapid development timelines, increased efficacy, and improved safety profiles. The acquisition of Affinivax, Inc. by GSK plc exemplifies the opportunities presented by next-generation vaccines in the market. Affinivax's innovative work in developing next-generation pneumococcal vaccines, including AFX3772, demonstrates the potential of such vaccines to offer significant advancements over traditional vaccine technologies. Companies such as GSK invest in developing next-generation vaccines which meet the evolving needs of healthcare systems worldwide and also create new opportunities for growth and innovation in the vaccine market.Top of Form
Restraints/Challenges
- Lack of Trust in Vaccines
Vaccine hesitancy refers to the reluctance or refusal to vaccinate despite the availability of vaccines. It is influenced by factors such as complacency, convenience, and confidence in vaccines, as well as misinformation and lack of trust in healthcare systems. The lack of awareness and support from the general public can be challenging for the adoption of vaccines and market growth.
- Operational Challenges for Vaccines
The distribution and storage present significant logistical challenges, particularly in resource-limited settings and during mass vaccination campaigns. Maintaining the cold chain, ensuring proper storage conditions, and managing supply chains are crucial to preserving vaccine efficacy and preventing wastage. These logistical challenges can prove to be restraints for the market growth.
This vaccines market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Developments
- In February 2023, Gavi, the Vaccine Alliance, and the Government of India forged a new three-year partnership to immunize millions of children nationwide with vital vaccines. Under this collaboration, Gavi will allocate US$ 250 million to identify and vaccinate children who have not yet received any routine vaccines, help existing health systems, and support the introduction of the human papillomavirus (HPV) vaccine and typhoid conjugate vaccine (TCV) into India's national routine immunization schedule
- In January 2023, Bharat Biotech introduced iNCOVACC, an immunization administered in drop form, which triggers an immune response in the nasal cavity's tissue
- In June 2022, Pfizer Inc. and BioNTech SE released positive findings from their study assessing the safety, tolerability, and immunogenicity of two COVID-19 vaccine candidates adapted for the Omicron variant. Results from the Phase 2/3 trial showed that a booster dose of both Omicron-adapted vaccines elicited a significantly higher immune response against Omicron BA.1 compared to their existing COVID-19 vaccine
Vaccines Market Scope
The vaccines market is segmented on the basis of composition, type, kind, age of administration, diseases, route of administration, end user, and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Composition
- Combination Vaccines
- Monovaccines
Type
- Subunit
- Recombinant
- Polysaccharide
- Conjugate Vaccines
- Live-Attenuated Vaccines
- Inactivated Vaccines
- Toxoid Vaccines
- DNA Vaccines
Kind
- Routine Vaccine
- Recommended Vaccine
- Required Vaccine
Age of Administration
- Pediatric Vaccine
- Adult Vaccine
Diseases
- Pneumococcal Disease
- Measles
- Mumps
- Varicella
- DPT
- Hepatitis
- Influenza
- Typhoid
- Meningococcal
- Rabies
- Japanese Encephalitis
- Yellow Fever
- Others
Route of Administration
- Injectable
- Oral
- Nasal
End User
- Community Hospitals
- Hospitals
- Specialty Centres
- Clinics
- Others
Distribution Channel
- Hospital Pharmacy
- Retail Pharmacy
- Online Pharmacy
Vaccines Market Regional Analysis/Insights
The vaccines market is analyzed and market size insights and trends are provided by country, composition, type, kind, age of administration, diseases, route of administration, end user, and distribution channel as referenced above.
The countries covered in the market are U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina, and Rest of South America.
North America is expected to dominate the market due to its robust healthcare infrastructure and the presence of key players. Introducing new vaccines, such as those for rotavirus, pneumococcal conjugate, and human papillomavirus, offers opportunities for cost savings and the creation of new supply chains and distribution networks.
Asia-Pacific is expected to witness significant growth during the forecast period due to a growing patient population, increased investments in the healthcare sector, and expanding government support.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure Growth Installed Base and New Technology Penetration
The vaccines market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for vaccines market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the vaccines market. The data is available for historic period 2011-2021.
Competitive Landscape and Vaccines Market Share Analysis
The vaccines market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the market.
Some of the major players operating in the vaccines market are:
- Merck & Co., Inc. (U.S.)
- Pfizer Inc. (U.S.)
- GSK plc (U.K.)
- Sanofi (France)
- Serum Institute of India Pvt. Ltd. (India)
- AstraZeneca (U.K.)
- Johnson & Johnson Private Limited (U.S.)
- Indian Immunologicals Ltd. (India)
- Novasep (France)
- MerckKGaA (Germany)
- Charles River Laboratories (U.K.)
- uniQure N.V. (Netherlands)
- Waisman Biomanufacturing (U.S.)
- Creative-Biogene (U.S.)
- Aldevron (U.S.)
- Addgene (U.S.)
- Oxford Biomedica PLC (U.K.)
- Thermo Fisher Scientific (U.S.)
- Fujifilm Corporation (Japan)
- Spark Therapeutics Inc. (U.S.)
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