Vaccines Market Outlook: Size, Share, Trends & Growth Analysis (2024-2029)
The market report presents a thorough analysis segmented by Type (Monovalent Vaccines, Multivalent Vaccines); by Technology (Conjugate Vaccines, Recombinant Vaccines, Inactivated and Subunit Vaccines, Live Attenuated Vaccines, Toxoid Vaccines); by Disease Indication (Pneumococcal Disease, Influenza, Meningococcal Disease, Herpes Zoster, Rotavirus, Hepatitis, Others); by End User (Pediatric Vaccines, Adult Vaccines); by Geography (North America, South America, Asia Pacific, Europe, The Middle East, Africa).
Outlook
- The vaccines market is estimated to be at USD 78.71 Bn in 2024 and is anticipated to reach USD 100.67 Bn in 2029.
- The vaccines market is registering a CAGR of 5.04% during the forecast period of 2024-2029.
- The global vaccine market is experiencing steady growth due to rising demand for immunization programs, advancements in vaccine technology, and increasing prevalence of infectious diseases. The COVID-19 pandemic has also highlighted the importance of vaccines in public health, contributing to a stronger focus on vaccine development and distribution in emerging markets.
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Ecosystem
- The participants in the global vaccines industry are always developing their strategies to preserve a competitive advantage.
- These companies continue to invest in R&D, develop mRNA and combination vaccines and innovative vaccine technologies, and improve manufacturing processes for greater efficiency.
- Several important entities in the vaccines market include GSK Plc; Merck & Co., Inc.; Pfizer Inc.; Serum Institute of India Pvt. Ltd.; Emergent BioSolutions Inc.; and others.
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Findings
| Attributes | Values |
|---|---|
| Historical Period | 2018-2022 |
| Base Year | 2023 |
| Forecast Period | 2024-2029 |
| Market Size (2024) | USD 78.71 Bn |
| Market Size (2029) | USD 100.67 Bn |
| Growth Rate | 5.04% CAGR from 2024 to 2029 |
| Key Segments | Type (Monovalent Vaccines, Multivalent Vaccines); Technology (Conjugate Vaccines, Recombinant Vaccines, Inactivated and Subunit Vaccines, Live Attenuated Vaccines, Toxoid Vaccines); Disease Indication (Pneumococcal Disease, Influenza, Meningococcal Disease, Herpes Zoster, Rotavirus, Hepatitis, Others); End User (Pediatric Vaccines, Adult Vaccines); Geography (North America, South America, Asia Pacific, Europe, The Middle East, Africa) |
| Key Vendors | GSK Plc; Merck & Co., Inc.; Pfizer Inc.; Serum Institute of India Pvt. Ltd.; Emergent BioSolutions Inc. |
| Key Countries | The US; Canada; Mexico; Brazil; Argentina; Colombia; Chile; China; India; Japan; South Korea; The UK; Germany; Italy; France; Spain; Turkey; UAE; Saudi Arabia; Egypt; South Africa |
| Largest Market | North America |
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Trends
- mRNA Vaccine Development: The success of mRNA vaccines in combating COVID-19 has opened new avenues for this technology in developing vaccines for other diseases, such as influenza and HIV. In 2022, Pfizer initiated clinical trials for an mRNA-based influenza vaccine, indicating a broader application of this technology beyond COVID-19.
- Increased Focus on Universal Flu Vaccines: Research efforts are intensifying to create universal flu vaccines that offer broad protection against multiple influenza virus strains. These vaccines aim to provide immunity against various seasonal and pandemic flu strains, potentially reducing the need for annual updates.
- Development of Therapeutic Vaccines for Cancer: The development of therapeutic vaccines for cancer is gaining emphasis due to their potential to harness the body’s immune system to target and destroy cancer cells. Advances in biotechnology and immunology have led to the creation of vaccines that train immune cells to recognize and attack specific tumor-associated antigens.
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Catalysts
- Rising Incidence of Infectious Diseases: The increasing prevalence of infectious diseases, such as influenza, pneumonia, and hepatitis, drives the global demand for vaccines as a critical public health measure. These diseases continue to pose significant health risks, with seasonal outbreaks and chronic infections leading to substantial morbidity and mortality.
- Government Immunization Programs: Government-backed immunization initiatives are one of the leading drivers for the global vaccine market. Many countries are enhancing their national vaccination programs, increasing access and affordability. For instance, in 2021, the Indian government expanded its Universal Immunization Programme (UIP), boosting vaccine demand across the region.
- Global Efforts to Combat Antimicrobial Resistance (AMR): Vaccines are crucial in reducing antibiotic use by preventing bacterial infections and decreasing the need for antibiotic treatments. This reduction in antibiotic use is pivotal in combating the rise of antimicrobial resistance (AMR), a growing global health crisis. The growing focus on AMR drives increased investment and development in vaccines, which is anticipated to enhance market growth in the immunization sector.
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Restraints
- Vaccine Hesitancy: Vaccine hesitancy, driven by misinformation and distrust in vaccines, remains a significant challenge that undermines public health efforts. Misinformation about vaccine safety and efficacy, often spread through social media and other platforms, reduces vaccination rates and increases vulnerability to preventable diseases.
- Logistical and Cold Chain Issues: The strict cold chain management requirement during the transportation and storage of vaccines is a significant challenge. For instance, mRNA vaccines like Pfizer-BioNTech’s COVID vaccine require ultra-cold storage, which is challenging to maintain in many regions. In 2021, UNICEF faced hurdles in distributing vaccines to remote areas due to inadequate cold storage facilities.
- Regulatory Barriers and Delays: The lengthy and complex regulatory approval process for vaccines presents a challenge for manufacturers, as stringent safety and efficacy standards can delay new vaccines’ market entry. While these regulations ensure public health, they also extend development timelines and increase costs.
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Table of Contents
| 1.       Introduction 1.1.    Research Methodology 1.2.    Scope of the Study 2.       Market Overview / Executive Summary 2.1.    Global Vaccines Market (2018 – 2022) 2.2.    Global Vaccines Market (2023 – 2029) 3.       Market Segmentation 3.1.    Global Vaccines Market by Type 3.1.1. Monovalent Vaccines 3.1.2. Multivalent Vaccines 3.2.    Global Vaccines Market by Technology 3.2.1. Conjugate Vaccines 3.2.2 Recombinant Vaccines 3.2.3. Inactivated and Subunit Vaccines 3.2.4. Live Attenuated Vaccines 3.2.5. Toxoid Vaccines 3.3.    Global Vaccines Market by Disease Indication 3.3.1. Pneumococcal Disease 3.3.2. Influenza 3.3.3. Meningococcal Disease 3.3.4. Herpes Zoster 3.3.5. Rotavirus 3.3.6. Hepatitis 3.3.7. Others 3.4.    Global Vaccines Market by End User 3.4.1. Pediatric Vaccines 3.4.2. Adult Vaccines 4.       Regional Segmentation 4.1.    North America 4.1.1. The US 4.1.2. Canada 4.1.3. Mexico 4.2.    South America 4.2.1. Brazil 4.2.2. Argentina 4.2.3. Colombia 4.2.4. Chile 4.2.5. Rest of South America 4.3.    Asia Pacific 4.3.1. China 4.3.2. India 4.3.3. Japan 4.3.4. South Korea 4.3.5. Rest of Asia Pacific 4.4.    Europe 4.4.1. The UK 4.4.2. Germany 4.4.3. Italy 4.4.4. France 4.4.5. Spain 4.4.6. Rest of Europe 4.5.    The Middle East 4.5.1. Turkey 4.5.2. UAE 4.5.3. Saudi Arabia 4.5.4. Rest of the Middle East 4.6.    Africa 4.6.1. Egypt 4.6.2. South Africa 4.6.3. Rest of Africa 5.       Value Chain Analysis of the Global Vaccines Market 6.       Porter Five Forces Analysis 6.1.    Threats of New Entrants 6.2.    Threats of Substitutes 6.3.    Bargaining Power of Buyers 6.4.    Bargaining Power of Suppliers 6.5.    Competition in the Industry 7.       Trends, Drivers and Challenges Analysis 7.1.    Market Trends 7.1.1.    Market Trend 1 7.1.2.    Market Trend 2 7.1.3.    Market Trend 3 7.2.    Market Drivers 7.2.1.    Market Driver 1 7.2.2.    Market Driver 2 7.2.3.    Market Driver 3 7.3.    Market Challenges 7.3.1.    Market Challenge 1 7.3.2.    Market Challenge 2 7.3.3.    Market Challenge 3 8.       Opportunities Analysis 8.1.    Market Opportunity 1 8.2.    Market Opportunity 2 8.3.    Market Opportunity 3 9.       Competitive Landscape 9.1.    GSK Plc 9.2.    Merck & Co., Inc. 9.3.    Pfizer Inc. 9.4.    Serum Institute of India Pvt. Ltd. 9.5.    Emergent BioSolutions Inc. 9.6.    Company 6 9.7.    Company 7 9.8.    Company 8 9.9.    Company 9 9.10.  Company 10 |
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Vaccines Market – FAQs
1. What is the current size of the vaccines market?
Ans. In 2024, the vaccines market size is USD 78.71 Bn.
2. Who are the major vendors in the vaccines market?
Ans. The major vendors in the vaccines market are GSK Plc; Merck & Co., Inc.; Pfizer Inc.; Serum Institute of India Pvt. Ltd.; Emergent BioSolutions Inc.
3. Which segments are covered under the vaccines market segments analysis?
Ans. The vaccines market report offers in-depth insights into Type, Technology, Disease Indication, End User, and Geography.