Vaccines Market Size (2023 - 2030)

The global vaccines market size was worth USD 45.7 billion in 2022 and is expected to reach USD 58.4 billion by 2030. The market is growing with a CAGR of 7.5% from 2023 - 2030. 

Vaccines are the biotechnology products used to save or protect against targeted diseases and are observing colossal demand with rising infectious diseases and life-threatening chronic situations including cancer. 

Diverse organizations are focusing on developing cancer vaccines to decrease the burden of diseases. Vaccines play a crucial role in maintaining the population's health by erasing the burden of life-threatening diseases.   

Market Drivers

The market is driven by the growing high occurrence of infectious diseases with rising government support for vaccine development, and increasing concentration on immunization. AstraZeneca and the University of Oxford disclosed the collaboration for developing and distributing recombinant COVID-19 vaccine. Research and development activities are surging in the medical industry and growing government initiatives augment the complete demand for the vaccines market. 

The U.S exhibited a large outbreak of hepatitis A infection in the adult population of resulting in higher demand for hepatitis vaccines.  

Market Restraints

However, for developing vaccines, huge investments are required which obstructs the vaccines market growth.

VACCINES MARKET REPORT COVERAGE

Segmentation Analysis

The global vaccines market has been segmented and sub-segmented based on the type, technology, disease indication, route of administration, and patient type.

Vaccines Market - By Type

• Monovalent vaccines
• Multivalent vaccines

Vaccines Market - By Technology 

• Conjugate vaccines
• Inactivated and subunit vaccines
• Live attenuated vaccines
• Recombinant vaccines
• Toxoid vaccines
• Travel Vaccines
• Others

By technology, inactivates and subunits vaccines segment is the second-largest and dominates the vaccines market. The demand for hepatitis A and B vaccines and influenza is booming. 

The live attenuated vaccines segment is projected to observe steady growth during the foreseen period due to lower revenue generation compared to other types. 

The recombinant vaccine segment captured 23% of the vaccines market share in 2022. Using yeast/bacterial cells and sections of viral or bacterial DNA are used to make recombinant vaccines. The technology is comparatively speedy and doesn't include the use of live viruses for production. 

Vaccines Market - By Disease Indication

• Bacterial Diseases
  • Pneumococcal Disease
  • Diphtheria
  • Tetanus
  • Pertussis
  • Meningococcal Disease
  • Tuberculosis
  • Others
• Viral Diseases
  • Human Papilloma Virus
  • Polio
  • Encephalitis
  • Yellow Fever
  • Rotavirus
  • Hepatitis
  • Measles
  • Mumps
  • Rubella
  • Varicella
  • Coronavirus
  • Others

By disease indication, the bacterial diseases segment holds the dominating place in the global vaccines market. The segments grow in terms of revenue with the high sales of with the higher sales of pneumococcal, DTP, and meningitis. But these are the first-line immunization for newborn babies and booster doses for paediatrics. 

The viral diseases segment is to grow with the highest CAGR growth rate owing to the forthcoming establishment of viral vaccines and the growing demand owing to the forthcoming establishment of the viral vaccines and growing demand for sales of HPV and influenza products. 

Vaccines Market - By Route of Administration

• Intramuscular (IM)
• Subcutaneous (SC)
• Oral
• Other

The oral route of administration is awaited to observe a relatively slow growth pace attributed to the challenges faced across the developing countries. Oral vaccines overcome the severe gastrointestinal environment to prevent patience induction to gain efficacy. 

Vaccines Market - By Patient Type

• Adults
• Pediatrics

By patient type, the pediatrics segment accounts for the largest share in the vaccines market globally. The potential size of the pediatric injections primarily depends on two factors: The increasing birth companions and growing pediatric vaccination doses support the segment to grow strongly. In 2018, 86% of the infants globally received 3doses of DTP -3 injections protecting against diphtheria-tetanus-pertussis, as per the World Health Organization (WHO). 

However, the adult injections are desired to grow with the highest CAGR rate. The segment growth attributes to increasing research and development activities and a strong pipeline launched over the forthcoming years. 

Vaccines Market - By Distribution Channel

• Hospital & Retail Pharmacies
• Government Suppliers
• Others

Hospital and retail pharmacies distribution channel is dominating with the largest share. As vaccines have a shorter duration and are taking place at small institutions or organizations. These hospital and retail pharmacies are under government observation to assure the demand is met and have sufficient volume stock. 

Regional Analysis

North America has appeared as a dominating region in the global vaccines market throughout the foreseen period. The presence of strong manufacturers and steady government policies about health welfare. People are more aware of the vaccination, and concentrating immunization across the countries of the region with adequate financing policies. These factors boost the vaccines market in North America. 

Europe is estimated to experience constant growth in the vaccines market. The European Commission has braced up to 4.2 billion doses of vaccines for COVID-19. Vaccine deliveries to European countries have constantly risen and the vaccination is gathering rate. 

However, Asia-Pacific is estimated to experience gigantic growth in the vaccines market throughout the region. The APAC countries have assorted classes of economic development leading to different approaches to immunization. The demand for injections is rising due to the increase in the population base.  

Japan leads the APAC market with the largest share in the market.

Latin America Vaccines market is expected to record slight growth due to the demand for immunization to nourish the occurrence of chronic diseases wanting vaccination, particularly across the African countries. Governments launch implementation programs for immunization surge the sales-generating higher market value. 

The Middle East and African regions have notable growth in the vaccines market. In the Middle East and Africa, the organizations are at full speed in extending their research. The factor fosters the market value of the government suppliers segment. 

In East Africa, Janssen Pharmaceutical Companies unveiled providing 200,000 Ebola vaccines regimen to the citizens of Rwanda, targeting them to eradicate them from Ebola.

Key Market Players

Major vendors participating in the global vaccines market include: GlaxoSmithKline plc (UK), Pfizer, Inc. (the US), Sanofi Pasteur (France), Merck & Co., Inc. (the US), CSL Limited (Australia), Emergent BioSolutions, Inc. (the US), Johnson & Johnson (US), AstraZeneca (UK), Serum Institute of India Pvt. Ltd. (India), Bavarian Nordic (Denmark), Mitsubishi Tanabe Pharma Corporation (Japan), Daiichi Sankyo Company, Limited (Japan), Panacea Biotec (India), Biological E (India), Bharat Biotech (India), Sinovac Biotech Ltd. (China), Incepta Vaccine Ltd. (Bangladesh), Valneva SE (France), VBI Vaccines Inc. (US), and PT Bio Farma (Brazil).

COVID-19 Impact on Vaccines Market

The novel coronavirus (COVID-19) has positively influenced the vaccines market throughout the pandemic period. During the pandemic period, the massive small and local key players have appeared for developing vaccines battling against COVID-19. Continuous and diverse measures are taken to harden the distribution chain and enhance the customer base.

COVID-19 has offered decisive and crucial opportunities to the vaccines market globally. A large number of already existing and new players are contributing majorly to developing vaccines battling the novel virus. 

Recent Market Developments

• On November 25, 2022, Pfizer and BioNTech received positive Committee for Medicinal Products for Human Use (CHMP) feedback for the COMIRNATY in children from 5 to 12 years of age. COMIRNATY is a COVID-19 vaccine for children. 
• On May 25, 2022, Panacea Biotec Ltd has started its production for the Sputnik vaccine. 
• On July 04, 2022, the Drugs Controller General India has approved the license for Panacea Biotech's Sputnik COVID-19 vaccine in Himachal Pradesh. 
• On August 16, 2022, GlaxoSmithKline and CureVac's second-generation COVID-19 vaccine resulted in a strong immune response.