Vaccines Market

The global vaccines market in terms of revenue was estimated to be worth $74.8 Billion in 2023 and is poised to reach $85.2 Billion by 2028, growing at a CAGR of 2.6% from 2023 to 2028. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. Similarly the global vaccines (excluding covid-19 vaccines) in terms of revenue was estimated to be worth $45.3 Billion in 2023 and is poised to reach $69.4 Billion by 2028, growing at a CAGR of 8.9% from 2023 to 2028. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. Growth in the vaccines market can be attributed to factors such as the expanding immunization programs and robust government support & funding for vaccine development.

Attractive Opportunities in the Vaccines Market

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Global Vaccines Market Dynamics

Driver: Rising prevalence of infectious diseases

The prevalence of infectious diseases such as dengue fever, influenza, tuberculosis, malaria, Zika virus, chikungunya, and HIV, has increased significantly. According to the WHO, TB was the 13th leading cause of death worldwide and the second-leading infectious killer after COVID-19 in 2021. globally there were almost 1.6 million deaths reported including 187,000 people with HIV. Also as per European Centre for Disease Prevention and Control data in 2023, around 3.7 million cases of dengue reported and out of which 2000 deaths have been confirmed from 70 countries globally. The rising cases has ultimately built a pressure on vaccine production since more vaccines would be required to cure such contagious disease and resulting in increase in the growth of vaccines market.

Restraint: High Development Cost

The Vaccines have various limitations, such as high development cost, which can hinder the overall market growth. For instance Vaccine development is a costly endeavor, typically spanning a decade to 15 years and incurring expenses ranging from USD 800 million to USD 1 billion. The creation of vaccines demands substantial investments in research, development, and state-of-the-art production facilities. Moreover, it necessitates specialized expertise that is not readily accessible. Achieving success is a rare outcome, posing formidable obstacles for manufacturers seeking financial support to sustain their operations.

Opportunity: Increased focus on therapeutic vaccines

Advancements in immunology have opened doors to therapeutic vaccines, these therapeutic vaccines hold promise for addressing illnesses like cancer, allergies, physiological disorders, and infectious diseases, benefiting a substantial patient base seeking alternative treatments. Scientist are actively involved in developing innovative therapeutic vaccines for conditions such as hypertension, dyslipidemia, Alzheimer's disease, cancer, and inflammatory diseases, targeting specific self-antigens. For instance in 2023, Pfizer received US FDA approval for ABRYSVO which is a (Respiratory Syncytial Virus Vaccine), the company’s bivalent RSV prefusion F (RSVpreF) vaccine, for the prevention of lower respiratory tract disease caused by RSV in individuals 60 years and older.

Challenge: Stringent Regulatory Processes

Differences in regulatory rules and procedures between developed and emerging markets are causing delays in vaccine approvals. Developing and emerging countries often have divergent regulatory requirements and processes this variation can hinder the registration of vaccines, making it difficult for vaccine developers to navigate multiple sets of rules and standards to overcome such obstacles regulatory correction are required for instance, International Council for Harmonisation (ICH) which is an international group formed in 1990 by the European Union, Japan, and the United States which is known for developing and promoting the use of a Common Technical Document (CTD), which serves as a standardized dossier for regulatory submissions in ICH member countries.

Vaccines Market – Ecosystem

The conjugate vaccines (excluding covid-19 vaccines) segment of Vaccines Industry is projected to hold the dominant position during the forecast period

On the basis of technology, the vaccines market (excluding covid-19 vaccines) is divided into various segments: conjugate vaccines, recombinant vaccines, inactivated & subunit vaccines, live attenuated vaccines, toxoid vaccines, and other vaccines. Growing public-private partnership and increased investments by pharmaceuticals companies for the development of conjugate vaccines are driving the growth of vaccines market.

North America was the largest regional market for vaccines Industry for both (excluding & including covid-19 vaccines in 2023.

The market is segmented into five major regions namely, North America, Europe, the Asia Pacific, Latin America, Middle East and Africa. In 2023, North America accounted for the largest share of the vaccines market (both excluding & covid-19 vaccines), and this trend is expected to continue during the forecast period. high incidence of infectious diseases and augmented investments from both governmental and non-governmental organizations in vaccine development are major factors contributing to the growth of vaccines market.

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Key players in of Vaccines market include GSK plc (UK), Merck & Co Inc (US), Pfizer Inc (US), Sanofi (France), CSL (Australia), Emergent (US), Johnson and Johnson Services, Inc. (US), Astrazeneca (UK), Serum Institute of India Pvt Ltd (India), Bavarian Nordic (Denmark), Mitsubishi Tanabe Pharma Corporation (Japan), Daiichi Sankyo Company, Limited. (Japan), Panacea Biotec (India), Biological E Ltd. (India), Bharat Biotech (India), Novavax (US), Inovio Pharmaceuticals (US), Sinovac (China), Incepta Pharma (Bangladesh), Valneva Se (France), VBI Vaccines Inc (US), Bio Farma (Indonesia), FSUE NPO MICROGEN (Russia), Zhi Fei Biological (China) and Indian Immunologicals Ltd. (India) .

Scope of the Vaccines Industry

This report categorizes the vaccines market to forecast revenue and analyze trends in each of the following submarkets:

By Technology

• Conjugate Vaccines
• Recombinant Vaccines
• Inactivated and Subunit Vaccines
• Live Attenuated Vaccines
• Toxoid Vaccines
• Viral Vector Vaccines
• m-RNA Vaccines
• Others (Peptide-based Vaccines, DNA Vaccines)

By Type

• Monovalent Vaccines
• Mulitvalent Vaccines

By Disease Indication

• Pneumococcal Disease
• Influenza
• Combination Vaccines
• HPV
• Meningococcal Disease
• Herpes Zoster 
• Rotavirus
• MMR
• Varicella
• Hepatitis
• DTP
• Polio
• Other Disease Indications (Cancer, Covid-19, Dengue, Tuberculosis, Typhoid, Japanese Encephalitis, Rabies, Yellow Fever, And Allergies)

By Route of Administration

• Intramuscular & Subcutaneous
• Oral
• Others Neurology (Intranasal, Intradermal)

By End User

• Pediatric Vaccine
• Adult Vaccine

By Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe (ROE)
• Asia Pacific
  • Japan
  • South Korea
  • China
  • India
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • RoLATAM
• Middle East
• Africa

Recent Developments of Vaccines Industry:

• In August 2022, GSK (UK) acquired Affinivax, Inc. (US) to have access to next-generation 24-valent pneumococcal vaccine candidate.
• In October 2022, Merck & Co, Inc. (US) and Moderna (US) entered into a collaboration to develop and commercialize personalized cancer vaccine (PCV) mRNA-4157/V940.
• In January 2022, Pfizer Inc. (US) and BioNtech (Germany) entered into an agreement to develop first mRNA-based Shingles vaccine for the prevention of shingles (herpes zoster virus, or HZV.

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