Global Vaccine Market Segmentation, By Composition (Combination Vaccines and Monovaccines), Type (Subunit, Recombinant, Polysaccharide, and Conjugate Vaccines, Live-Attenuated Vaccines, Inactivated Vaccines, Toxoid Vaccines, and DNA Vaccines), Kind (Routine Vaccine, Recommended Vaccine, and Required Vaccine), Age of Administration (Pediatric Vaccine and Adult Vaccine), Diseases (Pneumococcal Disease, Measles, Mumps and Varicella, DPT, Hepatitis, Influenza, Typhoid, Meningococcal, Rabies, Japanese Encephalitis, Yellow Fever, and Others), Route of Administration (Injectable, Oral, and Nasal), End User (Community Hospitals, Hospitals, Specialty Centres, Clinics, and Others), Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy) – Industry Trends and Forecast to 2031
Vaccine Market Analysis
The global vaccine market is witnessing robust growth, driven by increasing awareness of preventive healthcare and advancements in vaccine technology. Recent developments include the rapid deployment of mRNA vaccines, particularly highlighted during the COVID-19 pandemic, which have set a precedent for future vaccine development across various infectious diseases. This innovative technology accelerated vaccine development timelines and demonstrated the potential for enhanced efficacy and safety. In addition, ongoing research into combination vaccines is expanding the market by enabling immunization against multiple diseases with a single shot, thus improving patient compliance and coverage rates. Regulatory agencies have also been pivotal in facilitating faster approvals for new vaccines, allowing for timely responses to emerging health threats. Furthermore, the rising prevalence of vaccine-preventable diseases and an increasing patient population are propelling market demand. Government initiatives aimed at expanding vaccination programs, particularly in low- and middle-income countries, are also contributing to market growth. With these advancements, the vaccine market is poised for continued expansion, enhancing global health outcomes and addressing the challenges posed by infectious diseases.
Vaccine Market Size
The global vaccine market size was valued at USD 74.80 billion in 2023 and is projected to reach USD 168.69 billion by 2031, with a CAGR of 10.70% during the forecast period of 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Vaccine Market Trends
“Increasing Demand for Innovative Vaccination Solutions”
The global vaccine market is experiencing significant growth, fueled by the increasing demand for innovative vaccination solutions and a heightened focus on public health. One notable trend is the shift towards mRNA vaccine technology, which gained prominence during the COVID-19 pandemic with the successful deployment of vaccines like Pfizer-BioNTech and Moderna. Such technology allowed for rapid development and high efficacy rates and opened new avenues for addressing other infectious diseases, such as influenza and Zika virus, through similar platforms. Furthermore, the rise of combination vaccines is enhancing market dynamics, enabling healthcare providers to deliver immunizations for multiple diseases in a single dose, thereby improving patient adherence. The pentavalent vaccine, offering protection against five diseases, exemplifies this trend by fulfilling the need for broader immunization strategies. As public awareness and government support for vaccination initiatives continue to grow, the vaccine market is well-positioned to expand, contributing to improved health outcomes globally.
Report Scope and Vaccine Market Segmentation
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Attributes
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Vaccine Key Market Insights
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Segments Covered
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Key Market Players
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Merck & Co., Inc. (U.S.), Pfizer Inc. (U.S.), GSK plc (U.K.), Sanofi (France), Serum Institute of India Pvt. Ltd. (India), AstraZeneca (U.K.), Johnson & Johnson Private Limited (U.S.), Indian Immunologicals Ltd. (India), Axplora (France), Merck KGaA (Germany), Charles River Laboratories (U.K.), uniQure N.V. (Netherlands), Waisman Biomanufacturing (U.S.), Creative Biogene (U.S.), Aldevron LLC (U.S.), Addgene (U.S.), Oxford Biomedica PLC (U.K.), Thermo Fisher Scientific Inc. (U.S.), FUJIFILM Corporation (Japan), and Spark Therapeutics, Inc. (U.S.)
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Market Opportunities
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Value Added Data Infosets
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Vaccine Market Definition
Vaccines are biological preparations designed to provide immunity against specific infectious diseases. They typically contain weakened or inactivated forms of pathogens (such as viruses or bacteria), or components of these pathogens, such as proteins or sugars. When administered, vaccines stimulate the immune system to recognize and remember the pathogen, allowing the body to mount a faster and more effective response if exposed to the actual disease in the future. This process helps to prevent illness and reduce the spread of infectious diseases within communities. Vaccines can be delivered through various routes, including injections, oral formulations, and nasal sprays, and are a crucial component of public health strategies worldwide.
Vaccine Market Dynamics
Drivers
- Rising Incidence of Infectious Diseases
The rising global incidence of infectious diseases is a significant driver of vaccine demand. Recent outbreaks of illnesses such as measles, influenza, and COVID-19 have highlighted the essential role of vaccination in controlling the spread of infectious diseases and lessening their impact on public health. According to data from the World Health Organization (WHO) released in July 2023, coverage of the third dose of the diphtheria, tetanus, and pertussis (DTP3) vaccine increased from 81% in 2021 to 84% in 2022. In addition, the percentage of children receiving the first dose of the measles vaccine rose slightly from 81% in 2021 to 83% in 2022. These results reflect advancements in global vaccination efforts and a growing emphasis on immunization programs worldwide, further enhancing the vaccine market.
- Increased Funding for Vaccine Research
The increase in funding for vaccine research from government bodies and private organizations is driving the development of new vaccines and expanding the market. Project NextGen, initiated by the U.S. Department of Health and Human Services (HHS), aims to expedite and enhance the rapid development of next-generation vaccines and treatments through public-private partnerships, backed by an initial investment of USD 5 billion. This surge in funding is facilitating research efforts focused on a diverse range of diseases, including emerging infectious diseases and cancer. As a result, there is a strong pipeline of new vaccines that address unmet medical needs and stimulate market growth.
Opportunities
- Expansion of Vaccination Programs
Expansion of Vaccination Programs is significantly transforming the market, especially in developing countries where access to vaccines remains limited. According to the World Health Organization (WHO), data from various nations reveal that barriers and inequities in access to pediatric vaccines continue to exist, with the rotavirus vaccine being utilized in only 58% of self-procuring middle-income countries. Likewise, the human papillomavirus vaccine is administered in only 41% of lower-income countries, despite these nations facing a considerable burden from cervical cancer and having limited access to other preventive and curative healthcare services. Increasing investments in healthcare infrastructure and vaccination initiatives can enhance vaccine coverage and mitigate the impact of vaccine-preventable diseases in these regions, presenting a substantial market opportunity for vaccine manufacturers.
- Development of Next-Generation Vaccines
The emergence of next-generation vaccines, including mRNA and recombinant vaccines, offers significant opportunities for innovation and growth in the market. These vaccines provide benefits such as faster development timelines, enhanced efficacy, and improved safety profiles. The acquisition of Affinivax, Inc. by GSK plc illustrates the potential associated with next-generation vaccines in the market. Affinivax’s groundbreaking efforts in creating next-generation pneumococcal vaccines, such as AFX3772, highlight the capacity of these vaccines to deliver substantial improvements over traditional vaccine technologies. Companies like GSK are investing in the development of next-generation vaccines to address the evolving needs of healthcare systems worldwide, thereby creating new opportunities for growth and innovation in the vaccine sector.
Restraints/Challenges
- Involved Adverse Reactions and Side Effects
High development costs represent a significant challenge in the vaccines market, as the research and development (R&D) phase is often both expensive and time-consuming. For instance, developing a new vaccine can require billions of dollars and several years of research, which includes preclinical studies, clinical trials, and regulatory approvals. The development of the COVID-19 vaccines, where companies like Moderna and Pfizer invested heavily in R&D, often supported by government funding and partnerships. However, pharmaceutical companies targeting less profitable markets, such as vaccines for neglected tropical diseases, face additional financial risks. These markets often lack sufficient return on investment, leading to fewer companies willing to invest in the necessary research. Consequently, this financial burden can deter innovation and limit the availability of vaccines for diseases that predominantly affect low-income populations, thereby impacting global vaccines market.
- Cold Chain Requirements
Cold chain requirements present a significant market challenge in the vaccine distribution process, as many vaccines need to be stored and transported at specific temperature ranges to maintain their efficacy and safety, directly impacting market accessibility and effectiveness. For instance, vaccines like the Pfizer-BioNTech COVID-19 vaccine initially required ultra-low temperature storage at around -70 degrees Celsius (-94 degrees Fahrenheit), complicating logistics and limiting accessibility, particularly in low-resource settings where such infrastructure is often lacking. Such challenge is further exacerbated by the fact that even with more stable vaccines, maintaining the cold chain can be difficult due to power outages, inadequate refrigeration facilities, and transportation issues in remote areas. Consequently, these logistical hurdles can lead to vaccine spoilage, reduced supply, and increased costs, ultimately hampering vaccination efforts and limiting market growth potential.
This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Vaccine Market Scope
The market is segmented on the composition, type, kind, age of administration, diseases, route of administration, end user, and distribution channel. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Composition
- Combination Vaccines
- Monovaccines
Type
- Subunit Vaccines
- Recombinant Vaccines
- Polysaccharide Vaccines
- Conjugate Vaccines
- Live-Attenuated Vaccines
- Inactivated Vaccines
- Toxoid Vaccines
- DNA Vaccines
Kind
- Routine Vaccine
- Recommended Vaccine
- Required Vaccine
Age of Administration
- Pediatric Vaccine
- Adult Vaccine
Diseases
- Pneumococcal Disease
- Measles
- Mumps and Varicella
- DPT (Diphtheria, Pertussis, and Tetanus)
- Hepatitis
- Influenza
- Typhoid
- Meningococcal
- Rabies
- Japanese Encephalitis
- Yellow Fever
- Others
Route of Administration
- Injectable
- Oral
- Nasal
End User
- Community Hospitals
- Hospitals
- Specialty Centres
- Clinics
- Others
Distribution Channel
- Hospital Pharmacy
- Retail Pharmacy
- Online Pharmacy
Vaccine Market Regional Analysis
The market is analysed and market size insights and trends are provided by country, composition, type, kind, age of administration, diseases, route of administration, end user, and distribution channel as referenced above.
The countries covered in the market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America is anticipated to lead the market, driven by its strong healthcare infrastructure and the presence of prominent industry players. The introduction of innovative vaccines, including those for rotavirus, pneumococcal conjugate, and human papillomavirus, presents significant opportunities for cost reduction and the establishment of new supply chains and distribution networks. Moreover, the region's investment in research and development, coupled with favorable government policies, further enhances the potential for growth in vaccine production and accessibility, ultimately benefiting public health initiatives across the continent.
Asia-Pacific region is projected to experience substantial growth in the coming years, driven by an expanding patient population that necessitates enhanced healthcare services. In addition, increased investments in healthcare infrastructure and technology are set to bolster service delivery and access to medical treatments. Furthermore, strong government support and initiatives aimed at improving public health systems are likely to contribute to the overall development and expansion of the healthcare market in this dynamic region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Vaccine Market Share
The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to market.
Vaccine Market Leaders Operating in the Market Are:
- Merck & Co., Inc. (U.S.)
- Pfizer Inc. (U.S.)
- GSK plc (U.K.)
- Sanofi (France)
- Serum Institute of India Pvt. Ltd. (India)
- AstraZeneca (U.K.)
- Johnson & Johnson Private Limited (U.S.)
- Indian Immunologicals Ltd. (India)
- Axplora (France)
- Merck KGaA (Germany)
- Charles River Laboratories (U.K.)
- uniQure N.V. (Netherlands)
- Waisman Biomanufacturing (U.S.)
- Creative Biogene (U.S.)
- Aldevron LLC (U.S.)
- Addgene (U.S.)
- Oxford Biomedica PLC (U.K.)
- Thermo Fisher Scientific Inc. (U.S.)
- FUJIFILM Corporation (Japan)
- Spark Therapeutics, Inc. (U.S.)
Latest Developments in Vaccine Market
- In May 2024, Novavax and Sanofi announced a co-exclusive licensing agreement to co-commercialize a COVID-19 vaccine and collaborate on the development of innovative combination vaccines targeting both COVID-19 and influenza. This strategic alliance enables both companies to utilize their respective expertise and resources to deliver advanced vaccine solutions to the market
- In March 2023, CSL Limited opened a new vaccine research and development facility in Waltham, Massachusetts, aimed at creating advanced vaccines utilizing disruptive technologies, including next-generation mRN
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