Vaccines Market

The size of global vaccines market (including COVID-19 vaccines) in terms of revenue was estimated to be worth $78.0 billion in 2024 and is poised to reach $94.9 billion by 2029, growing at a CAGR of 4.0% from 2024 to 2029. Similarly The global vaccines market (excluding COVID-19 vaccines) in terms of revenue was estimated to be worth $53.0 billion in 2024 and is poised to reach $80.3 billion by 2029, growing at a CAGR of 8.7% from 2024 to 2029. 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.

The significant growth in the vaccine market is attributable to growing immunization programs in developed & developing countries, strong government support in vaccine development and robut products under clinical trials.

Attractive Opportunities in the Vaccines Market

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Global Vaccines Market Dynamics

Driver: Focus on vaccine development and launches

The field of vaccine development has received increasing attention in recent years due to the complexity of products. Although this makes the development process challenging, it ensures that the resulting product is hard to duplicate. Due to this, market players have intensified research in this sector and focused on building their infrastructure. This factor is anticipated to have a positive impact on market growth. For instance, in 2023, Pfizer Inc (US) received approval from the US FDA for ABRYSVO, its bivalent RSV prefusion F (RSVpreF) vaccine to prevent 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.

Restraint: High cost of vaccine development

Vaccine development is expensive, taking 10 to 15 years and costing between USD 800 million and USD 1 billion. Success is rare, making it tough for manufacturers to secure funds and cover operational expenses. Creating vaccines requires significant investment in R&D, production facilities, and specialized knowledge. Technology transfer depends on strong collaborations between partners, adding to the challenge of entering this field.

These hurdles create significant obstacles for new players in vaccine production. Consequently, there are fewer manufacturers in the vaccines segment than in other parts of the pharmaceutical industry. Moreover, the global vaccines industry is relatively small, accounting for less than 2% of the overall pharmaceutical market, which means fewer suppliers are attracted to it. For example, according to the United Nations Health Agency, as of September 2021, only 3% of people had been vaccinated with at least one dose of the COVID -19 vaccine, compared to 60.18% in high-income countries. According to Duke University’s Global Health Innovation Center, high-income countries have purchased more than half of the COVID -19 vaccine supply to date, and low-income countries, just 9% as of April 2021, thus ultimately close to getting vaccinated half of its population.

Opportunity: Rising focus on therapeutic vaccines

Advancements in immunology have opened doors to therapeutic vaccines, offering corrective treatments for various conditions rather than just prevention. These therapeutic vaccines address illnesses such as cancer, allergies, physiological disorders, and infectious diseases, benefiting a substantial patient base seeking alternative treatments. Scientists have actively explored and created innovative therapeutic vaccines for hypertension, dyslipidemia, Alzheimer’s, cancer, and inflammatory diseases, targeting specific self-antigens. If these vaccines prove as effective and safe as traditional medications, they could replace daily drug regimens for managing lifestyle-related diseases. 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, to prevent lower respiratory tract disease caused by RSV in individuals 60 years and older.

Challenge: Stringent Regulatory Processes

Vaccine development requires identifying suitable antigens, adjuvants, and delivery methods while complying with stringent regulatory requirements. The complexity extends to the entire vaccine development process, from laboratory research to animal studies and clinical trials. Furthermore, differences in regulatory rules and procedures between developed and emerging economies have caused delays in vaccine approvals. Developing and emerging economies 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.

Vaccines Industry Ecosystem

The conjugate vaccines segment is projected to hold the dominant position of vaccines industry during the forecast period.

Based on 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. Conjugate vaccines effectively target challenging pathogens, preventing diseases such as meningitis and pneumonia this is factor is increasing adoption and demand for conjugate vaccines across the globe. Furthermore, expanding government immunization programs and rising awareness of preventive healthcare drive demand. Additionally, ongoing research and development efforts, strategic partnerships, and favorable regulatory environments support market expansion.

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 and expected to retain dominance throughout the forecast period of 2024-2029. Favorable regulatory policies, reimbursement scenario, presence of key market players in the region are some of the major factors uplifting the market growth in the North America. Europe is likely to grow at significant CAGR owing to various factors such as advancements in vaccine research and development, particularly in novel platforms like mRNA vaccines, increasing healthcare expenditure and government initiatives aimed at expanding immunization programs.

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Key players in the 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
• Other Vaccine Technologies

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
• RSV
• Other Disease Indications

By Route of Administration

• Intramuscular & Subcutaneous
• Oral
• Other Route of Administration

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 April 2024, Bharat Biotech and Bilthoven Biologicals B.V. entered into a collaboration to produce and supply oral polio vaccines.
• In April 2024, VBI Vaccines Inc. expanded its stratergic collaboration with government of Canada to accelerate development proprietary MLE platform, enveloped virus-like particle vaccine technology that enables the coding of eVLPs using mRNA.
• In January 2024, Indian Immunologicals Ltd (IIL), launched India’s ‘first’ indigenously developed Hepatitis A vaccine, Havisure.
• In August 2023, Pfizer Inc., received US FDA approval for ABRYSVO (Respiratory Syncytial Virus Vaccine) for the prevention of 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.
• In May 2023, GSK plc, received US FDA approval for Arexvy (respiratory syncytial virus vaccine, adjuvanted) for the prevention of lower respiratory tract disease (LRTD) caused by respiratory syncytial virus (RSV) in individuals 60 years of age and older.

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