Vaccine Market Size To Reach USD 110.54 Billion By 2030 | CAGR: 5.74%

Vaccine Market Growth & Trends

The global vaccine market size is expected to reach USD 110.54 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.74% from 202 to 2030. The growth is attributed to the rising immunization programmes, and the development of vaccines for diseases, such as RSV and Chlamydia amongst others. There has been significant progress in improving access to vaccines for diseases of public health concern. Many new vaccines have been developed and distributed globally, resulting in the saving of countless lives and the prevention of various illnesses.

Furthermore, there are several initiatives in the vaccine market aimed at improving access to vaccines, developing new vaccines, and ensuring vaccine safety. These initiatives involve international organizations, governments, private sector entities, and philanthropic organizations. Through collaboration and innovation, these initiatives are helping to address global health challenges and improve public health outcomes. For instance, COVAX is a global initiative aimed at ensuring equitable access to COVID vaccines. The initiative is co-led by Gavi, the Vaccine Alliance, the World Health Organization (WHO), and the Coalition for Epidemic Preparedness Innovations (CEPI).

Although there are over 90 vaccine manufacturers supplying vaccines to World Health Organization Member States in 2021, supply remains highly dependent on fewer than 10 manufacturers with diverse deployable technology and global reach. This concentration leads to regional supply insecurity and market health issues, particularly in the African and Eastern Mediterranean regions. It is anticipated that the COVID vaccine market could go private in the second half of 2023 in the U.S. This privatization may lead to an increase in prices of COVID vaccines and open up the market for other players as well. For instance, both Moderna and Pfizer BioNTech have announced that the prices of their respective mRNA COVID vaccines could increase to around USD 110 to USD 130 per shot.

Type Insights

The mRNA segment dominated the vaccine market with a share of 32.32% in 2023. In the space Pfizer/BioNTech and Moderna have gained prominence with their mRNA COVID-19 vaccines. These vaccines offer significant advantages over traditional vaccines, such as the ability to quickly adjust antigen design and integrate sequences from multiple variants to address new mutations in the virus genome. This adaptability has been a key factor in their market dominance. The success of mRNA-based COVID-19 vaccines has also spurred the development of mRNA platforms for preventing other infectious diseases such as flu and RSV. For instance, in February 2023, Moderna announced interim results from its phase 3 trial for mRNA-1010, a seasonal flu shot. The vaccine showed superior results against influenza A strains but was less effective against certain influenza B strains. This ongoing research highlights the potential of mRNA technology to revolutionize the vaccine market further.

Route Of Administration

Parenteral administration is highly preferred for administering vaccines and hence the segment dominated the vaccine market with a share of 97.01% in 2023. Parenteral administration, which involves injections into the body, is preferred for its faster absorption, higher efficacy, and reduced risk of contamination and degradation. Currently, majority of vaccines on the market are administered intramuscularly or subcutaneously, which contributes to the dominance of this segment.

Disease Indication Insights

The viral diseases segment is further segmented into Hepatitis, Influenza, HPV, MMR, Rotavirus, Herpes Zoster, COVID-19 and others. This segment dominated the vaccine market with a share of 63.79% in 2023, majorly attributed to COVID-19 vaccines. The market is driven by factors such as increasing the incidence of viral diseases, growing awareness about the benefits of vaccination, and government initiatives to promote immunization programs. The market is highly competitive and is dominated by major players such as Pfizer, GSK, AstraZeneca and Serum Institute amongst others.

Age Group Insights

Adult accounted for a share of 57.25% in the vaccine market in 2023. Adult vaccination, including those for COVID-19, comprised 75% in terms of volume globally, while pediatric vaccines accounted for about 20%. In comparison to pre-Covid, adult vaccine volumes had a nine-fold increase primarily due to COVID-19 vaccination. In addition, non-COVID-19 adult vaccine volumes increased by 15% because of widespread use of seasonal influenza vaccination in high-income countries (HICs).

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Regional Insights

North America vaccines market is estimated to grow at a fastest CAGR of 8.42% over the forecast period. Government initiatives promoting immunization and heightened awareness post-pandemic drive adoption. For instance, the Hepatitis B Foundation strongly supports the updated adult hepatitis B vaccination recommendations from the U.S. Centers for Disease Control and Prevention (CDC). The Foundation is actively coordinating with a panel of experts to facilitate the effective implementation of these guidelines, aiming to enhance vaccination coverage against this dangerous virus among millions of U.S. adults. In the U.S., chronic hepatitis B affects around 2.4 million individuals, with thousands dying due to the disease annually. Left untreated, chronic hepatitis B carries a significant 25% to 40% lifetime risk of developing the often fatal condition of liver cancer.

U.S. Vaccines Market Trends

The vaccines market in the U.S. accounted for the major revenue share of the global vaccine market in 2023. Rapid technological advancements, recent U.S. FDA approvals for influenza vaccine, and intense competition between companies are expected to boost the market over the forecast period. For instance, in June 2022, CSL Seqirus announced the completion of a USD 156 million expansion at its production facility in the U.S. This expansion is expected to support the formulation of its cell-based influenza vaccines in prefilled syringes. In addition, in October 2021, Seqirus announced U.S. FDA approval of its quadrivalent influenza vaccine FLUCELVAX QUADRIVALENT. This newly approved vaccine has an expanded age indication for children as young as 6 months old. Moreover, this product is the first and only cell-based influenza vaccine approved in the U.S.

Europe Vaccines Market Trends

Europe vaccines market held the second-largest share in 2023, following Asia Pacific over the forecast period. The market growth can be attributed to an increase in research funding and the presence of local key market players in this region. The number of biopharmaceutical companies is growing in Europe owing to increasing investments. For instance, in February 2022, the UK pledged USD 192 million to the Coalition for Epidemic Preparedness Innovations to boost vaccine development.

Asia Pacific Vaccines Market Trends

The vaccine market in Asia Pacific held the largest share of 30.86% in 2023. The vaccine market in Asia Pacific is expected to grow at the fastest rate over the forecast period due to various factors, including improving healthcare reforms. Some of the other factors contributing to market growth are increasing geriatric population, improving healthcare infrastructure, and the entry of new players.

Some of the major players operating in Asia Pacific market are GSK plc, AstraZeneca, Sanofi, and Serum Institute of India (SII). In addition, owing to the region’s large population, the rate of influenza transmission is also higher. For instance, according to the Singapore Ministry of Health, the country has a higher burden of respiratory infections such as influenza than other diseases.

Vaccine Market Report Highlights

• By type, the mRNA segment dominated the vaccine market with a share of 32.32% in 2023. However, the subunit vaccine segment is expected to grow at the fastest CAGR of 8.1% during the forecast period
• By route of administration, the parenteral administration is anticipated to capture the majority of the vaccine market share throughout the forecast period. Parenteral administration reduces the risk of contamination compared to other routes of administration thus contributing to the segments’ dominance
• By disease indication, the viral diseases segment captured the largest share of the vaccine market in 2023, majorly attributed to the high distribution of COVID-19 vaccines during 2021 and 2022
• By age, pediatrics is expected to witness the fastest growth during the forecast period, as many countries have established national immunization programs that require children to receive certain shots as part of routine childhood vaccinations
• By distribution channel, pharmacies are anticipated to be the fastest-growing segment. This growth can be attributed to the increased accessibility and convenience for patients, and the potential for increased revenue and profitability for pharmacies
• North America region is expected to grow at the fastest CAGR during the forecast period. The region is dominated by a few key players, including Pfizer, Moderna, Sanofi Pasteur, and Merck. These companies have a strong presence in the market, with established distribution networks and significant investment in vaccine research and development

Vaccine Market Segmentation

Grand View Research has segmented the global vaccine market on the basis of type, route of administration, disease indication, age group, distribution channel, and region

Vaccine Type Scope Outlook (Revenue, USD Billion, 2018 - 2030)

• Subunit Vaccines
• Recombinant vaccines
• Conjugate Vaccines
• Toxoid vaccines
• Inactivated
• Live Attenuated
• mRNA vaccines
• Viral vector vaccines

Vaccine Route Of Administration Scope Outlook (Revenue, USD Billion, 2018 - 2030)

• Oral
• Parenteral
• Nasal

Vaccine Disease Indication Scope Outlook (Revenue, USD Billion, 2018 - 2030)

• Viral Diseases
• Hepatitis
• Influenza
• HPV
• MMR
• Rotavirus
• Herpes Zoster
• Covid-19
• Others
• Bacterial Vaccines
• Meningococcal Diseases
• Pneumococcal diseases
• DPT
• Others
• Cancer Vaccines
• Allergy Vaccines

Vaccine Age Scope Outlook (Revenue, USD Billion, 2018 - 2030)

• Pediatric
• Adult

Vaccine Distribution Channel Scope Outlook (Revenue, USD Billion, 2018 - 2030)

• Hospital & Retail Pharmacies
• Government Suppliers
• Others

Vaccine Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America
• U.S.
• Canada
• Europe
• Germany
• UK
• France
• Italy
• Spain
• Denmark
• Sweden
• Norway
• Asia Pacific
• China
• Japan
• India
• South Korea
• Australia
• Thailand
• Latin America
• Brazil
• Mexico
• Argentina
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE
• Kuwait

Key Vaccine Company Insights

The vaccine market is highly competitive, with a few large players. The supply landscape underwent a significant change amid the pandemic. Many manufacturers entered the market to capture the global share, however, the top 10 manufacturers accounted for almost 90% of the global value, reflecting greater market concentration than all other vaccines.Companies are engaged in development of vaccines using new technology for diseases such as RSV, flu, and influenza.

Key Vaccine Companies:

The following are the leading companies in the vaccine market. These companies collectively hold the largest market share and dictate industry trends.

• Serum Institute of India Pvt. Ltd.
• Seqirus
• Sanofi
• GSK Plc.
• Merck & Co., Inc.
• Pfizer Inc.
• Moderna Inc.
• Sinovac
• BioNTech SE
• AstraZeneca

• BioNTech SE
• AstraZeneca

Recent Developments

• In May 2024, Novavax and Sanofi disclosed a co-exclusive licensing agreement to co-commercialize a COVID-19 vaccine and collaborate on developing novel combination vaccines for COVID-19 and influenza. This strategic partnership allows both companies to leverage their respective expertise and resources to bring innovative vaccine solutions to the market. By joining forces, Novavax and Sanofi aim to enhance their competitive position in the rapidly evolving landscape of vaccine development and distribution. The agreement signifies a proactive approach to addressing public health challenges and meeting the increasing demand for effective vaccines against infectious diseases.
• In April 2023, Pfizer announced data from phase 3 trials of its RSV shots. The trial conducted in adult patients demonstrated that the shot was 67% more effective in preventing infections with two related symptoms and 86% effective in case of severe disease. The successful approval of this vaccine will make it the first product in the RSV market.
• In March 2023, CSL Limited inaugurated a new vaccine R&D facility in Waltham, Massachusetts, to develop advanced vaccines by using disruptive technologies such as next-generation mRNA.

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