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The vaccines market (including covid-19 vaccines)  is projected to reach USD 85.2 Billion by 2028 from USD 74.8 Billion in 2023, at a CAGR of 2.6 % during the forecast period. Similarly the vaccines market (excluding covid-19 vaccines) is projected to reach USD 69.4 Billion by 2028 from USD 45.3 Billion in 2023, at a CAGR of 8.9 % 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 2023 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 2023, GSK plc (UK) received approval from the Medicines and Healthcare products Regulatory Agency for Arexvy, the first Respiratory Syncytial Virus (RSV) vaccine for active immunization for the prevention of Lower Respiratory Tract Disease (LRTD) caused by respiratory syncytial virus (RSV) in adults 60 years of age and older.

Merck and Co Inc (US)

Merck and Co. Inc. (US) held the leading position in the market in 2023. The company has entered into collaborations and acquisition for developing novel vaccines with a number of vaccines developer. For instance, in 2023, Merck & Co Inc. (Germany) received approval from the European Commission (EC) for an expanded indication for ERVEBO [Ebola Zaire Vaccine, (rVSVΔG-ZEBOV-GP) live] for active immunization of individuals 1 year of age or older to protect against Ebola Virus Disease (EVD) caused by Zaire ebolavirus. 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 organic & inorganic growth strategies such as product launch, agreement, collaboration and partnerships to strengthen its market position. In 2023,  Pfizer Inc (US) and BioNTech (Germany) received approval from the US FDA for the 2023-2024 COVID-19 vaccine for the prevention of coronavirus for individuals 12 years and older and emergency use of authorization for individuals 12 years and older.

Related Reports:

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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