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The global vaccines market size is currently valued at $48 billion and is projected to reach $94 billion by 2030, representing a CAGR of 11.9% during the forecast period till 2030. The above sales exclude COVID-19 sales.
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Given the growing risk of infectious diseases, there has been a surge in the demand for vaccines across the globe. A vaccine is a form of biological preparation designed with weakened or inactive microorganisms, their surface proteins, and toxins. These vaccines provide active acquired immunity against particular diseases and enable the immune system to generate an effective response if an individual encounters the same pathogen in the future. Vaccination has become an essential tool for preventing the risk of infectious diseases and reducing mortality rates globally.
The outbreak of infectious diseases worldwide has underscored the requirement of advanced vaccines to prevent the risk of diseases. In June 2024, the World Health Organization released a report on the disease outbreaks indicating the increasing number of individuals affected by Avian influenza A and Mpox.
Further, in November 2023, the European Centre for Disease Prevention and Control stated that nearly 4.5 million cases of dengue had been reported globally, and around 4000 deaths had been confirmed. In January 2023, the World Health Organization reported around 64 new infectious diseases affecting people globally.
In addition, around 2 million people suffering from rotavirus are hospitalized every year. In this context, several industry leaders, government organizations, and public health organizations have initiated various immunization programs and focused on the development of advanced vaccines.
For instance, in June 2024, Biovac and Sanofi forged a partnership for the production of inactivated polio vaccines in Africa. The aim of the partnership is to expand the manufacturing of polio vaccines to meet the growing demand for these vaccines in over 40 African countries.
Further, French President Emmanuel Macron decided to join various African leaders in planning a USD 1.1 billion project for the acceleration of vaccine production in African countries. Currently, several research studies have been initiated by stakeholders to drive innovation in the healthcare industry and mitigate the risk of spreading infectious diseases.
With the ongoing demand for vaccines and increasing partnerships, the vaccine market is anticipated to grow at a steady rate during the forecast period.
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The market report covers a comprehensive analysis of various companies that are currently active in the global vaccines industry across various segments, as mentioned below.
| Key Report Attributes | Details | |
| Historical Trend | Since 2019 | |
| Forecast Period | Till 2030 | |
| Market Size 2030 | USD 94 billion | |
| Market CAGR | 11.9% | |
| Distribution by Type of Vaccine API |
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| Distribution by Targeted Patient Population |
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| Distribution by Vaccines Type |
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| Route of Administration |
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| Key Geographical Region |
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| Key Companies Profiled | (A full list of key companies captured is available in the report) | |
| PowerPoint Presentation (Complimentary) |
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| Customization Scope | 15% Free Customization | |
| Excel Data Packs (Complimentary) |
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One of the key objectives of this market report is to provide a detailed market forecast analysis in order to estimate the existing vaccines market size and future opportunities for the key investors and industrial stakeholders during the forecast period. Further, we have provided an informed estimate of the market's evolution during the forecast period till 2030 based on several relevant parameters, such as innovations and expected future market growth opportunities in this industry.
The vaccines market report features the likely distribution of the current and forecasted opportunities within the market across types of vaccines API, patient type, route of administration, vaccines type, and key geographical region. In order to add robustness to our study model and provide information about future uncertainties in the industry, we have also provided three forecast scenarios, namely, the base model, the conservative model, and the optimistic model.
All actual figures have been sourced and analyzed from publicly available information forums and secondary research discussions. Financial figures mentioned in this market research report are in USD unless otherwise specified.
Based on the type of technology, the global market for vaccines is segmented into conjugate vaccines, inactivated and subunit vaccines, live attenuated vaccines, recombinant vaccines, toxoid vaccines, and others. Driven by the increasing demand for effective vaccines to prevent a wide range of infectious diseases, live attenuated vaccines accounts to capture the largest share, capturing 28% of the overall vaccines market share in 2024. Other types of vaccines will grow at a higher CAGR of 16.8% during the forecast period owing to the growing research on novel vaccines such as DNA vaccines. In 2021, Zydus Cadila received emergency use authorization in India for its plasmid DNA vaccine ZyCoV-D targeting COVID-19.
Based on the patient type, the global market has been distributed into pediatrics and adults. According to our market study, the pediatric segment accounts to capture the largest share (56%) of the vaccines market in 2024. This growth of pediatric market segment can be attributed to the growing focus on the immunization of babies to prevent diseases and increasing government initiatives to encourage vaccination of the pediatric population. In the long run, the adult segment will grow at a higher CAGR of 12.1% during the forecast period, driven by the increasing cases of endemic and pandemics.
Based on the route of administration, the vaccines market is segmented into intramuscular, subcutaneous, oral, intravenous and others. According to our projection, the intramuscular segment accounts to capture 52% of the overall vaccine market in 2024. The growth can be attributed to the growing preferences of parenteral vaccines, as they possess the ability to bypass the gastrointestinal environment. Intramuscular route also allows easy administration and invoke less serious side effects. In the long run, the intravenous segment is likely to grow at a higher CAGR of 14.6% during the forecast period.
Based on the type of vaccines, the market is divided into Pneumococcal Conjugate Vaccine, Human Papillomavirus Vaccine, Rotavirus Vaccine, Influenza Vaccine, MMR Vaccine, Tetanus and Diphtheria Booster Vaccine, Varicella Vaccine, DTaP-Hib-IPV Vaccine, DTaP-HepB-Hib-IPV Vaccine and other. Driven by the growing incidences of infectious diseases, the others segment accounts to capture the largest (32.4%) vaccines market share in 2024. Additionally, the pneumococcal conjugate vaccine accounts to capture the second highest share 25.8% of the market in 2024. Pfizer with its Prevnar series and Merck are the market leaders in pneumococcal vaccine market. Merck received US FDA approval for its 21-valent pneumococcal vaccine, CAPVAXIVE, in June 2024. In the long run, MMR vaccines will grow at a higher CAGR of 12.3% during the forecast period.
Based on the key geographies, the global market has been distributed across North America, Europe, Asia-Pacific and Rest of the World. According to our projection, North America accounts for the largest share (44%) of the market in 2024. The key contributors to vaccines market growth in this region include a growing emphasis on implementing immunization, a rapidly growing healthcare sector and increasing research on vaccines in the United States. In parallel, healthcare cold chain logistics preserves temperature-sensitive vaccines, biologics and cell therapies across the distribution chain.
However, the demand for vaccines in Asia-Pacific is estimated to witness growth and is likely to grow at a substantial CAGR of 14.7% during the forecast period. In February 2023, the Government of India forged a new three-year partnership with Gavi (Leading Vaccine Alliance) with the aim of immunizing millions of children in India with appropriate vaccines. Under this agreement, Gavi has allocated USD 250 million for the identification and vaccination of children who haven’t received any vaccine—strengthening healthcare systems and supporting the introduction of HPV (human papillomavirus vaccine) along with TCV (typhoid conjugate vaccine into India’s national routine immunization schedule.
The key players active in this industry are Bio Farma, Emergent BioSolutions, GC Pharma, GlaxoSmithKline, Janssen, Merck, Novavax, Moderna, Pfizer, Sanofi Pasteur and Valneva. Currently, GlaxoSmithKline accounts to capture 21% of the overall vaccines market share in 2024. The highest share can be attributed to its broad portfolio of vaccines and the fact that GlaxoSmithKline is accelerating its research and development activities on vaccines.
In May 2023, the company launched world’s first RSV vaccine Arexvy in the US. The vaccine generated sales of GBP 1.2 billion in its launch year 2023. Its Singles vaccine, SHINGRIX, continued its positive growth and recorded revenues of GBP 3.4 billion for the company in 2023. Moreover, GlaxoSmithKline has also entered into various collaborations and partnerships with industrial leaders to drive research on advanced vaccines to mitigate the concern of growing infectious diseases.
For instance, in July 2024, CureVac forged a new licensing agreement with GlaxoSmithKline to restructure their existing collaboration potentially worth €1.45 billion plus royalties. Under the agreement, GlaxoSmithKline will acquire the complete rights for the development, manufacturing and commercialization of mRNA vaccines for COVID-19 and influenza.
“Vaccines Market: Industry Trends and Global Forecasts, till 2030” market report features an extensive study of the current market landscape, market size, market forecast, and future opportunities for the companies involved in the vaccines market over the forecast period. The market research report underlines an in-depth analysis, highlighting the capabilities of various industry stakeholders engaged in the vaccines industry.
Currently, the vaccines market landscape features the presence of several well-established companies as well as new entrants, holding required expertise to support the development of vaccines. The startups in the vaccines industry are exploring novel technologies. For example few startups like Vaxart and iosBio are focused on developing oral vaccines that can be formulated as tablets / pills for easy storage and shipping, without the need for cold chain. A number of other companies are working on development of thermostable vaccines.
In order to maintain competitive edge, leading players of the market are continually making considerable investments in research and development activities for manufacturing innovative vaccines with higher therapeutic efficacy. Furthermore, the leading players in the field are adopting advanced growth strategies and technologies to enhance product portfolio, new launches, and research on novel vaccines. The market also witnessed several acquisition and partnership agreements to strengthen the existing portfolio and distribution channel globally.
The global vaccines market witnessed an upward trajectory owing to the escalated incidence of infectious diseases worldwide. Further, the recent outbreak of COVID-19 and diseases such as influenza and measles have underscored the need for vaccination to fight infectious diseases. The growing vaccination programs initiated by government organizations to protect the pediatric population against diphtheria, tetanus, and pertussis have surged the demand for vaccines. According to the World Health Organization report published in July 2023, the proportion of children who received the first vaccination dose of measles vaccines has increased from 81% in 2021 to 83% in 2022. This growing emphasis on immunization programs and the rising prevalence of diseases globally is anticipated to boost the vaccine market during the forecast period.
The isolation, identification, and manufacturing of vaccines through live microorganisms is challenging and driven by resource limitations. Further, vaccines require specialized storage units for distribution and maintenance at ideal temperature during supply. Managing a cold supply chain and preserving vaccines without losing their viability are proven to be significant challenges for the leading players, particularly when it comes to distribution in regions like Africa and other developing countries. In addition, vaccine production requires specialized infrastructure and skilled personnel, which further increase the overall cost of vaccine development. Within this workflow, lyophilization services improve the shelf stability of sensitive biologics through validated freeze-drying cycles.
The high cost associated with vaccine production can be a significant challenge for the industry leaders active in this field. Several factors, such as inconvenience, misinformation, complacency, and lack of awareness have resulted in low adoption rates of vaccines among people. In order to support vaccination throughout the world, several government and non-government organizations have to take necessary initiatives to make people aware of the importance of vaccination.
Driven by the growing technological advances, researchers are able to develop next-generation vaccines such as recombinant vaccines and mRNA vaccine and therapeutics. The Vaccine Development Companies Landscape spans organizations advancing antigen design, formulation, clinical evaluation and scalable production. These next-generation vaccines offer several benefits, such as faster development and improved safety profiles and efficacy. Several pharmaceutical companies are driving their research and development activities to meet the goals of next-generation vaccines. Considering the ongoing efforts, in June 2024, Moderna stated that its next-generation COVID-19 vaccine candidate met trial goals. Further, the company has designed the next-generation vaccines with improved shelf life - the phase III clinical trial has also demonstrated non-inferior vaccine efficacy against COVID-19.
It is worth noting here that, In June 2024, the Biomedical Advanced Research and Development Authority, which is a part of ASPR (Administration for Strategic Preparedness and Response) within the United States Department of Health and Human Services, announced over USD 500 million in funding for Project NextGen. The funding will be invested in the execution of multiple Phase 2b clinical trial studies of novel vaccines, which will be administered as a nasal spray and pill to immunize people against symptomatic COVID-19. Further, leading companies like GSK made considerable investments in developing next-generation vaccines to mitigate the demand for the healthcare system, creating various opportunities for vaccine market players to drive innovations.
Regional analysis of the global vaccines market in 2024 shows that North America accounts for the largest share (44%) of the market. The global market for vaccines is projected to reach USD 94 billion by 2030. This significant growth of the market is primarily attributed to the growing risk of infectious diseases that will lead to a surge in the requirement of novel vaccines. Moreover, the vaccine developers are continually increasing their efforts for the development of next generation vaccines with higher efficacy and safety profiles. Across related applications, cell free protein expression produces proteins without living cells, shortening construct-to-protein and screening workflows.
Examples of key companies engaged in the development of vaccines (which have also been profiled in this market report; the complete list of companies is available in the full report) include Bio Farma, Emergent BioSolutions, GC Pharma, GlaxoSmithKline, Janssen, Merck, Novavax, Moderna, Pfizer, Sanofi Pasteur and Valneva.
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