The vaccines market is projected to reach USD 93.8 billion by 2028 from USD 77.6 billion in 2023, at a CAGR of 3.9 % during the forecast period. Growth in the vaccines market can be attributed to factors such as strong emphasis on investment and launch of novel vaccines, rising prevalence of infectious disease and expanding immunization programs across developing countries. Furthermore, advancements in vaccine technology and robust government support & funding for the development of vaccines is likely to uplift the market growth in coming years.
The vaccines market is highly competitive. The prominent players operating in this 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), and among others.The key players of this market are mostly focusing on collaborations, acquisition, partnership, agreement, expansion and advancements in vaccines technology.
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GSK Plc (US)
In 2022 GlaxoSmithKline (UK) held a dominant position in the market. The company has focused more on advancing vaccine innovation and is actively engaged in developing novel vaccines through different collaborations and partnerships with biopharmaceutical and biotechnology companies and government bodies. For instance in 2022, GSK (UK) acquired Affinivax, Inc. (US) which will allow the company to have access to next-generation 24-valent pneumococcal vaccine candidate. SK Bioscience (South Korea), Bharat Biotech International Limited (India), Affinivax, Inc. (US), and Government of Canada (Canada) are some of the major partners of the company.
Merck and Co Inc (US)
Merck and Co. Inc. (US) held the leading position in the market in 2022. The company has entered into collaborations and acquisition for developing novel vaccines with a number of vaccines developer. Moderna (US), Themis Bioscience GmbH (Austria), Pfizer (US) are some of the major partners of the company.
Pfizer Inc (US)
Pfizer (US) is also one of the key player in the vaccines market. The company focuses on inorganic growth strategies such as agreement, collaboration and partnerships to strengthen its market position. In 2022, Pfizer (US) and BioNtech (Germany) entered into an agreement to develop first mRNA-based Shingles vaccine for the prevention of shingles. BioNTech (Germany), Valneva (France), Eurofarma Laboratórios SA (Brazil), Biovac Institute (Pty) Ltd. (South Africa), and Zipline (US) are some of the major partners of the company.
Vaccines Market by Technology (Recombinant, Toxoid, Conjugate, RNA), Type (Monovalent, Multivalent), Disease (Pneumococcal, Influenza, DTP, HPV, MMR, COVID-19), Route of Administration (IM, SC, Oral), End user (Pediatric, Adult) - Global Forecast to 2028
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