Vaccines Market

The vaccines market (excluding COVID-19) is projected to reach USD 71.14 billion by 2031 from USD 55.68 billion in 2026, at a CAGR of 5.0% during the forecast period. An increase in investments in vaccine development, a subsequent rise in product launches, technological advancements in vaccine development, and the growing prevalence of infectious diseases are key factors expected to drive market growth.

The vaccines market is consolidated. The major players operating in this market include Pfizer Inc (US), GSK plc (UK), Merck & Co., Inc. (US), Sanofi (France), CSL (Australia), Emergent (US), Johnson & Johnson Services, Inc. (US), AstraZeneca (UK), Serum Institute of India Pvt Ltd (India), Bavarian Nordic (Denmark), Mitsubishi Tanabe Pharma Corporation (Japan), and Daiichi Sankyo Company, Limited (Japan), among others. The key players in this market are primarily focusing on collaborations, acquisitions, partnerships, agreements, expansion, and advancements in vaccine technology.

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Pfizer Inc (US)

Pfizer Inc. (US) is a leading player in the global vaccines market, supported by its broad portfolio spanning pneumococcal, COVID-19, RSV, meningococcal, tick-borne encephalitis, and meningococcal B vaccines. The company continues to strengthen its market position through sustained investments in vaccine R&D, lifecycle management of the PREVNAR franchise, and expansion of its late-stage pipeline. Its strategic collaborations and focus on next-generation vaccine technologies are expected to reinforce its long-term competitiveness in the global vaccines market.

Merck & Co. Inc (US)

Merck & Co., Inc. (US) maintains a strong position in the global vaccines market through its leadership in HPV and pneumococcal vaccines. The company's vaccines portfolio is anchored by GARDASIL/GARDASIL 9, while newer products such as CAPVAXIVE are strengthening its presence in the adult pneumococcal vaccine market. Merck continues to invest in innovation, manufacturing expansion, and pipeline development to sustain long-term growth despite evolving regional demand dynamics, reinforcing its position as one of the world's leading vaccine manufacturers.

GSK Plc (UK)

GSK Plc (UK) is one of the world's leading vaccine manufacturers, with a diversified portfolio covering shingles, RSV, meningococcal disease, influenza, and other infectious diseases. The company continues to strengthen its competitive position through continuous innovation, global commercialization of SHINGRIX and AREXVY, and expansion of its meningitis vaccine portfolio. Its strong vaccine-focused strategy, coupled with investments in next-generation technologies and geographic expansion, is expected to support sustained growth in the global vaccines market.

Sanofi S.A. (France)

Sanofi S.A. (France) is a major global vaccines company with a comprehensive portfolio spanning seasonal influenza, pediatric combination vaccines, meningococcal, polio, and travel vaccines. Through its Sanofi Vaccines business, the company continues to expand manufacturing capacity, invest in innovative vaccine platforms, and pursue strategic collaborations to strengthen its pipeline and global reach. Its broad product portfolio, strong presence in both developed and emerging markets, and continued focus on innovation are expected to reinforce its leadership position in the global vaccines market.

Market Ranking

The vaccines market is consolidated, with the top four players collectively holding around 68–72% of the total market share. Pfizer Inc. (US) held a leading position in the vaccines market, driven by strong performance of the Prevnar franchise and continued expansion of Abrysvo. Growth was supported by the uptake of adult pneumococcal vaccines and rising RSV immunization across adult and maternal populations. Merck & Co. Inc. (US) also maintains a leading position, supported by its extensive product portfolio and strategic expansion of supply and facilities. The company opened a new vaccine facility in Durham, North Carolina, in 2025, and has previously expanded to boost HPV vaccine production. GSK Plc (UK) has also captured significant market portions by focusing on strong research and development efforts aimed at launching innovative vaccines. Regional and emerging players hold the remaining 28–32% of the market, leading to significant consolidation.

Related Reports:

Vaccines Market by Technology (Conjugate, Recombinant, Inactivated, Live Attenuated, mRNA), Type (Multivalent, Monovalent), Disease (Pneumococcal, Flu, Hepatitis, MMR, Rotavirus, RSV, HPV, Polio), ROA (IM, SC, Oral), Competition - Global Forecast to 2031

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