Vaccines Market (2024-2031)
The Vaccines Market was valued at $59.55 billion in 2023. This market is expected to reach $71.5 billion by 2031, from an estimated $60.98 billion in 2024, at a CAGR of 2.3% during the forecast period 2024-2031. Vaccines Market Size & Forecast The market’s growth is majorly driven by the strong
- Published
- May 2024
- Pages
- 270
- Format
- PDF + Excel
- Report ID
- MRHC - 104377
- Base year
- 2023
- 2023 · BASELINE
- $59.55B
- 2031
- $71.50B
- CAGR 2024–2031
- 2.3%
2023 baseline · 2024–2031 forecast at 2.3% CAGR · hover a bar for the value
Key highlights
By Indication: In 2024, the Pneumococcal Diseases Segment to Dominate the Vaccines Market
By Route of Administration: In 2024, the Intramuscular (IM) Segment to Dominate the Vaccines Market
By Type: In 2024, the Subunit & Conjugate Vaccines Segment to Dominate the Vaccines Market
By Valence: In 2024, the Multivalent Vaccines Segment to Dominate the Vaccines Market
Report summary
| Particulars | Details |
|---|---|
| Number of Pages | 270 |
| Format | |
| Forecast Period | 2024–2031 |
| Base Year | 2023 |
| CAGR (Value) | 2.3% |
| Market Size (Value) | USD 71.50 billion by 2031 |
| Segments Covered | By Indication · Pneumococcal Diseases · Influenza · Human Papilloma Virus (HPV) · DTP · Meningococcal Disease · MMR · Rotavirus · Poliomyelitis (Polio) · Hepatitis · COVID-19 · Other Indications · (Note: Other indications include varicella, herpes zoster vaccines, chlorella, severe acute respiratory syndrome, and rabies diseases.) · By Route of Administration · Intramuscular (IM) · Subcutaneous (SC) · Oral · Other Routes of Administration · (Note: Other routes of administration include intradermal, transcutaneous, and nasal.) · By Type · Subunit & Conjugate Vaccines · Inactivated Vaccines · Live-Attenuated Vaccines · Toxoid Vaccines · Combination Vaccines · By Valence · Multivalent Vaccines · Monovalent Vaccines |
| Countries Covered | North America (U.S., Canada), Europe (Germany, France, Italy, U.K., Spain, Switzerland, Netherlands, Rest of Europe) Asia–Pacific (India, China, Japan, Australia, South Korea, Rest of Asia–Pacific), Latin America (Brazil, Mexico, Rest of Latin America), Middle East & Africa. |
| Key Companies | Sanofi (France), Merck & Co., Inc. (U.S.), GlaxoSmithKline plc (U.K.), Pfizer Inc. (U.S.), Johnson & Johnson (U.S.), Daiichi Sankyo Co., Ltd. (Japan), Takeda Pharmaceutical Company Limited (Japan), CSL Limited (Australia), Emergent BioSolutions Inc. (U.S.), and AstraZeneca PLC (U.K.). |
Report overview
Segments covered: indication. Regions: North America, Europe, Latin America.
The market’s growth is majorly driven by the strong pipeline for vaccines, increasing government initiatives toward immunization, and technological advancements in the vaccine industry. Moreover, the rising prevalence of diseases, growing focus on therapeutic vaccines, and growth prospects in emerging markets are expected to offer growth opportunities for the players operating in this market.
Report infographic
Market dynamics
3 factors across 2 forcesTechnological Advancements in Vaccine Administration
Vaccine technology has evolved significantly during the last decade, profoundly changing the future of vaccine development. The introduction of genetic engineering has fueled many advances in vaccine development programs, leading to new products. Various virus vaccines that use the attenuated form of the virus have been developed through these methods. Also, new technologies enable the faster detection of viruses and allow for concentration levels to be kept high enough to generate an immune response.
Recent vaccine technologies are largely driven by the need to accelerate response times against emerging threats and make vaccines available for quick deployment. The increasing need to develop vaccines against difficult targets and improve delivery systems for maximum potency is also the focus of innovation in the vaccine industry. The development of synthetic vaccine candidates, genomic analysis of disease progression and vaccine response, structure-based antigen design, and nanoparticle delivery systems are some of the technological advancements in vaccine delivery.
Therefore, technological advancements are expected to drive the emergence of new and more effective vaccines for various new indications, fueling the growth of the vaccine market.
Strong Product Pipeline for Vaccines
Over the last decade, the field of vaccine development has received huge support from the pharmaceutical industry as well as governments worldwide due to successful vaccination programs that helped in the eradication of infectious diseases such as chickenpox and polio globally, saving billions of dollars in healthcare expenditure. Vaccines are one of the most powerful and cost-effective health interventions available. Yet, many preventable diseases still cost millions of lives and billions of dollars every year. GlaxoSmithKline plc (U.K.), Johnson & Johnson (U.S.), Merck & Co., Inc. (U.S.), Pfizer Inc. (U.S.), Sanofi (France), Serum Institute of India Pvt. Ltd. (India), Daiichi Sankyo Co., Ltd. (Japan), and Takeda Pharmaceutical Co., Ltd. (Japan) are some of the major providers of vaccines in the global market. These companies are continuously engaged in developing new vaccines for new indications. The strong product pipelines of these companies indicate the growing demand for vaccines in the global market.
Some companies have portfolios of highly profitable vaccines and small vaccine pipelines. In such cases, the companies’ access considerations mainly depend upon pricing, registration, and supply. Other companies have limited product portfolios but larger pipelines supported by proportionally high investments in vaccine R&D. These companies are focused on ensuring the development of effective and accessible vaccines to meet global health needs.
Table of contents
12 chapters · 102 sections · 270 pages · click to expandSegmental analysis
| Segment | Largest share (2024) | Fastest growth (2024–2031) |
|---|---|---|
| By Indication | Pneumococcal Diseases | Pneumococcal disease |
| By Route of Administration | Intramuscular (IM) | — |
| By Type | Subunit & Conjugate Vaccines | — |
| By Valence | Multivalent Vaccines | — |
By Indication
- The pneumococcal diseases segment is expected to account for the largest share of 13.9% of the vaccines market.
- The large market share of this segment can be attributed to the rising incidence of pneumococcal diseases such as pneumonia, meningitis, febrile bacteremia, otitis media, and sinusitis; the development of quality vaccines such as PPSV23; and initiatives by government and private sector organizations to prevent and control outbreaks of pneumococcal disease.
- The pneumococcal disease segment is also projected to register the highest CAGR of 2.7% during the forecast period of 2024-2031.
- This is due to growing awareness regarding the importance of influenza vaccination and increasing clinical trial support.
By Route of Administration
- The Intramuscular (IM) segment is expected to account for the largest share of the vaccines market.
- The large market share of this segment can be attributed to the ease of intramuscular administration and quick absorption of vaccines administered through the intramuscular route.
By Type
- The subunit & conjugate vaccines segment is expected to account for the largest share of the vaccines market.
- The large market share of this segment can be attributed to the subunit & conjugate vaccines’ long-term immunity, high safety, and stability compared to vaccines with other antigens.
By Valence
- The multivalent vaccines segment is expected to account for the larger share of 64.5% of vaccines market.
- The large market share of this segment is attributed to the launch of new multivalent vaccines, growing investments by key players in the R&D of multivalent vaccines, and technological advancements in multivalent vaccine production.
Geographic analysis
North America
Largest shareIn 2024, North America is expected to account for the largest share of 41.2% of the vaccine market, followed by Europe and Asia-Pacific. North America’s significant market share can be attributed to several key factors, including the growing research & development, product launches, and the establishment of new facilities in the region by key players.
Asia-Pacific
Fastest growthHowever, Asia-Pacific is slated to register the highest growth rate of 3.1% during the forecast period. The growth of this regional market is attributed to the increase in the emergence of infectious diseases, a large population of patients suffering from diseases, rising public awareness for vaccination, and growing support from governments towards immunization.
Competitive landscape
- May 2024
Sanofi (France) signed an agreement with Novavax, Inc. (U.S.) to develop novel flu-COVID-19 combination vaccines and co-commercialize the COVID-19 vaccine.
- October 2023
Pfizer Inc. (U.S.) received the U.S. Food and Drug Administration (FDA) approval for PENBRAYA for the prevention of the five most common serogroups causing meningococcal disease in adolescents.
- June 2021
Sanofi (France) collaborated with Translate Bio (U.S.) to initiate Phase 1 clinical trials to evaluate an mRNA-based investigational vaccine against seasonal influenza.
- Sanofi · France
- Merck & Co., Inc. (U.S.)
- GlaxoSmithKline plc (U.K.)
- Pfizer Inc. (U.S.)
- Johnson & Johnson (U.S.)
- Daiichi Sankyo Co., Ltd. · Japan
- Takeda Pharmaceutical Company Limited · Japan
- CSL Limited · Australia
- Emergent BioSolutions Inc. (U.S.)
- AstraZeneca PLC (U.K.)
Frequently asked questions
The vaccines market encompasses the industry involved in the development, production, and distribution of vaccines used to prevent or treat diseases. This market includes various types of vaccines, such as subunit, conjugate, inactivated, and live-attenuated vaccines, as well as different routes of administration like intramuscular, subcutaneous, and oral.
Cite this report
Meticulous Research. (2024). Vaccines Market - Global Opportunity Analysis and Industry Forecast (2024-2031) (Report No. MRHC - 104377). Meticulous Market Research Pvt. Ltd. https://www.meticulousresearch.com/product/vaccines-market-5076