Vaccines Market | Acumen Research and Consulting

Vaccines Market Highlights

• Global vaccines market revenue is poised to garner USD 115.3 billion by 2032 with a CAGR of 7.8% from 2024 to 2032
• North America vaccines market value occupied around USD 25.5 billion in 2023
• Asia-Pacific vaccines market growth will record a CAGR of more than 8.7% from 2024 to 2032
• Among Age, the adult sub-segment generated USD 34.5 billion revenue in 2023
• Based on route of administration, the intramuscular sub-segment generated 52% vaccines market share in 2023
• Growth in veterinary vaccines is a popular vaccines market trend that fuels the industry demand

Vaccine is a biological product that provides acquired immunity against a specific disease. It is generally prepared from killed or weaken disease causing microorganism, one of its surface proteins, or from its toxins. Vaccination is the most effective method to prevent infectious diseases. Polio, influenza, HPV vaccine, meningococcal, and dengue are some of the widely used vaccines across the world. Increasing infectious diseases, investment in research and development by market players, government and private organizations initiatives to increase awareness about vaccination, and entry of various vaccines in the market are the key driving factors of the market. According to the World Health Organization (WHO), immunization prevents about 2 to 3 million deaths each year from influenza, diphtheria, pertussis, tetanus, and measles. Furthermore, it can prevent additional 1.5 million deaths if vaccination coverage improves across the world.

Global Vaccines Market Dynamics

Market Drivers

• Increasing prevalence of infectious diseases drives demand for preventive vaccines globally
• Government initiatives and immunization programs bolster vaccine uptake in underserved regions
• Rising investments in vaccine research and development accelerate innovation and product launches
• Technological advancements, such as mRNA and viral vector platforms, enhance vaccine efficacy and production speed

Market Restraints

• High costs associated with vaccine development and distribution limit accessibility in low-income region
• Vaccine hesitancy due to misinformation and cultural beliefs hampers immunization efforts
• Stringent regulatory approval processes extend time-to-market for new vaccines

Market Opportunities

• Expanding demand for personalized vaccines creates a new frontier in precision medicine
• Development of universal vaccines for diseases like influenza presents significant market potential
• Collaborations between pharmaceutical companies and governments improve vaccine reach in emerging economies

Vaccines Market Report Coverage

Vaccines Market Insights

Increase in vaccination as it is one of the best cost-effective method to avoid diseases, rising in an access in developing countries due to initiatives by WHO and UNICEF’s immunization programs, and introduction of vaccines against various regional diseases are some of the driving factors of the vaccines market. Favorable reimbursement, growing awareness about vaccination, and investment by market players to introduce vaccines in the market are also positively impact the market growth. According to the recent data published by the WHO, measles mortality decreased by 80% across the world, about 86% infants received 3 doses of DTP3 vaccine, protecting them from infectious diseases. Similarly, HPV vaccine was introduced in about 90 countries.

However, high development cost and stringent regulations for commercialization of vaccines are the key restraining factors of the vaccines market. Hence, high cost of product may hamper its access in low and middle income countries. According to the WHO, every year about more than 10 million children die before they reach their 5th birthdays in low and middle income countries.

Vaccines Market Segmentation

The worldwide market for vaccines is split based on type, age, technology, indication, route of administrations, and geography.

Vaccine Market By Type

• Monovalent
• Multivalent

According to vaccines industry analysis, multivalent vaccines are likely to account for a large percentage due to their ability to defend against multiple strains or types of a pathogen in a single injection. This versatility reduces the number of injections required, which increases patient compliance and boosts immunization programs, especially in places with limited healthcare resources. Multivalent vaccines are very useful in treating diseases caused by rapidly evolving viruses, such as influenza and COVID-19, or by several serotypes, such as pneumococcal and meningococcal infections. Their low cost and broad-spectrum protection make them ideal for national immunization efforts, resulting in increased demand. With advances in vaccine development technology, multivalent vaccines are poised to play a critical role in the global vaccination landscape.

Vaccine Market By Age

• Adult
• Pediatric

Pediatric vaccines accounted for the maximum share of the market in 2023. This can be attributed to large targeted population, government initiatives to increase children vaccination, and increasing awareness about vaccination schedules. Adult vaccine segment is also expecting significant growth in coming years due to rising awareness about regular health checkup and vaccination after 40 years of age.

Vaccine Market By Technology

• Conjugate Vaccines
• Inactivated Vaccines
• Live Attenuated Vaccines
• Toxoid Vaccines
• Recombinant Vaccines

Based on technology, the vaccine market has been segmented into conjugate vaccines, inactivated vaccines, live attenuated vaccines, toxoid vaccines, recombinant vaccines. The conjugate vaccine segment held the largest share in the market due to long lasting protection and greater ability to give protection to toddlers and infants. Conjugate vaccine has a combination of weak and strong antigen as a carrier so that immune system gives strong response to weak antigen.

Vaccine Market By Indication

• Dengue
• DTP
• Hepatitis
• HPV
• Influenza
• Meningococcal
• MMR
• Pneumococcal
• Polio
• Rotavirus
• Varicella

Pneumococcal vaccines are predicted to have a significant market share because to the high global incidence of pneumococcal illnesses such as pneumonia, meningitis, and bacteremia. These disorders have a substantial impact on vulnerable populations, such as children under five and the elderly, resulting in a high demand for preventive measures. Pneumococcal vaccinations are an important component of national immunization programs around the world, and organizations such as Gavi, the Vaccine Alliance, help to enhance access in low-income countries. Conjugate vaccines' efficiency in reducing disease incidence and preventing antibiotic resistance contributes to their widespread acceptance. With continual innovations in formulations and increased immunization coverage, the pneumococcal vaccine segment is likely to continue its dominant position in the global vaccines market.

Vaccines Route of Administration

• Intramuscular
• Subcutaneous
• Oral
• Others

According to the vaccines market analysis, based on the route of administration, the market has been segmented into intramuscular & subcutaneous, oral, and others. The intramuscular segment accounted for the maximum share of the market in 2023 and is expected to maintain its dominance during the vaccines market forecasts period as the route avoid adverse local effect of vaccine.

Vaccines Market Regional Outlook

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• India
• Japan
• China
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

The Middle East & Africa

• South Africa
• GCC Countries
• Rest of the Middle East & Africa (ME&A)

Vaccines Market Regional Analysis

North America dominates the vaccine market due to its well-developed healthcare infrastructure, high immunization rates, and significant government support for vaccine programs. The region benefits from cutting-edge vaccine research and development as a result of significant government and commercial sector investment. This region is home to significant corporations like Pfizer, Moderna, and Johnson & Johnson, which support innovation and quick regulatory clearances. Furthermore, the extensive use of vaccines against diseases such as influenza, HPV, and pneumococcal infections helps to maintain North America's high position.

On the other hand, the Asia-Pacific area is the fastest-growing market, thanks to its huge and diversified population, rising healthcare spending, and increased awareness of the benefits of vaccination. Countries like India, China, and Indonesia are actively increasing immunization programs to tackle infectious diseases including polio, rotavirus, and hepatitis. Global programs such as Gavi and WHO provide support for improved vaccine accessibility in underprivileged areas. Furthermore, the emergence of domestic vaccine makers, such as Serum Institute of India and Sinovac, helps to drive the region's rapid expansion. The growing emphasis on R&D and government-backed programs to eradicate vaccine-preventable diseases has established Asia-Pacific as a dynamic and quickly rising market.

Vaccines Market Players

Some of the top vaccines companies offered in our report includes Sinovac, GSK Plc., Seqirus, BioNTech SE, Pfizer Inc., Sanofi, Serum Institute of India Pvt. Ltd., AstraZeneca, Moderna Inc., and Merck & Co., Inc.