Vaccines Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, Canada, UK, Germany, China - Size and Forecast 2024-2028

Vaccines Market Forecast 2024-2028

The global vaccines market size is estimated to grow by USD 56.39 billion, at a CAGR of 13.83% between 2023 and 2028. 

Global population health has recently improved due to enhanced public health measures, science-based medicine, and vaccine developments. Robust research and development, often through public-private partnerships, have eradicated serious infectious diseases. Manufacturers now heavily invest in technical capabilities for vaccine life cycle management, necessitating collective efforts from manufacturers, regulators, and suppliers. Such partnerships, involving governments, researchers, purchasers, and policymakers, drive vaccine innovation success. Increased funding, as exemplified by the Russian Direct Investment Fund's USD 10 million proposal for Sputnik V vaccine production in India, has led to numerous vaccine candidates in various clinical trial stages. The surge in investments and the launch of vaccines for diverse infectious diseases are set to fuel the market's growth in the forecast period. 

What will be the Size of the Market During the Forecast Period?

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Segmentation by Type, End-user and Geography Analysis

Type Analysis 

The market share growth by the human vaccine segment will be significant during the forecast period. Human vaccines are a crucial segment, encompassing a wide range of products aimed at preventing infectious diseases and promoting public health. These vaccines are developed to stimulate the immune system's response to specific pathogens, thereby providing immunity against various diseases. Human vaccines can be categorized into different types based on their composition, mechanism of action, and target population.

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The human vaccine segment was the largest and was valued at USD 30.51 billion in 2018. Subunit vaccines consist of specific proteins or antigenic fragments derived from the pathogen, rather than the entire microorganism. Examples include the hepatitis B vaccine and the human papillomavirus (HPV) vaccine. Subunit vaccines are safer than live vaccines and often require adjuvants or multiple doses to enhance their immunogenicity. Additionally, there are conjugate vaccines, which combine a weak antigen with a carrier protein to enhance the immune response, particularly in young children who may not respond well to certain antigens alone. Overall, human vaccines play a crucial role in preventing infectious diseases and reducing the burden of illness worldwide. Continued R&D efforts, along with improvements in vaccine delivery and access, are essential for addressing global health challenges and maximizing the impact of vaccination programs. These factors will drive the growth of the segment market during the forecast period.

End-user Analysis 

Hospitals are significant end-users in the market, playing a vital role in administering vaccinations to patients across all age groups. As primary healthcare providers, hospitals serve as central hubs for vaccination programs, offering a wide range of vaccines to prevent infectious diseases and promote public health. Furthermore, hospitals are essential contributors to vaccination efforts during public health emergencies and outbreaks of vaccine-preventable diseases. In such situations, hospitals may serve as vaccination centers, providing mass immunization campaigns to contain the spread of disease and protect vulnerable populations. For example, during influenza pandemics or outbreaks of emerging infectious diseases such as COVID-19, hospitals play a central role in administering vaccines to healthcare workers, first responders, and community members, helping to mitigate the impact of the outbreak on public health. These factors will drive the growth of the hospitals segment of the market during the forecast period.

Clinics represent a significant end-user segment in the market, playing a crucial role in providing immunization services to diverse patient populations. Clinics, including primary care clinics, specialty clinics, and community health centers, serve as accessible healthcare facilities where individuals receive vaccinations as part of routine preventive care or specialized programs. Clinics serve as essential providers of specialized vaccines tailored to specific patient populations or health conditions. For example, travel clinics may offer vaccines to protect against tropical diseases prevalent in specific regions, such as yellow fever, typhoid fever, or Japanese encephalitis. Clinics also play a vital role in vaccine distribution and storage, ensuring that vaccines are stored and handled according to recommended guidelines to maintain their potency and effectiveness. These factors will drive the growth of the segment during the forecast period.

Regional Analysis

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North America is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional market trends and drivers will shape the market during the forecast period. North America holds the largest share of the market, primarily due to the increasing number of immunization programs and the strong prevalence of infectious diseases such as influenza, hepatitis A, hepatitis B, HIV, measles, malaria, and TB, and non-infectious diseases such as cancer. The prevalence of several infectious and non-infectious diseases has been increasing at a significant rate in the developed countries of the region. For instance, in the US, the prevalence of influenza rises every year in November and remains high for several weeks, from January to February each year. The regional market has witnessed increasing access to vaccines and a growing number of initiatives to generate awareness of immunization programs, which has driven the market growth.

For instance, HIV is the most common sexually transmitted infection in the US, with a high prevalence. To address this issue, several initiatives are being taken by different organizations, which will help in increasing access to vaccines. The initiatives aimed to provide information and generate awareness about HPV vaccination programs. The development of therapeutic and preventive vaccines for various diseases will provide patients with novel therapeutic options that offer high safety and efficacy, which will help accelerate market growth during the forecast period.

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Key Market Players 

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:

Astellas Pharma Inc - The company offers vaccine namely MAPS vaccine. It is targeted to prevent and reduce the spread of pneumococcal disease.

• Bavarian Nordic AS
• Bharat Biotech Ltd.
• BrightPath Biotherapeutics Co. Ltd.
• CSL Ltd.
• Daiichi Sankyo Co. Ltd.
• Emergent BioSolutions Inc.
• GlaxoSmithKline Plc
• Gradalis Inc.
• Inovio Pharmaceuticals Inc.
• Johnson and Johnson Services Inc.
• Merck KGaA
• Mitsubishi Chemical Group Corp.
• Novavax Inc.
• Pfizer Inc.
• Sanofi SA
• Serum Institute of India Pvt. Ltd.
• Takeda Pharmaceutical Co. Ltd.
• Valneva SE
• AstraZeneca PLC

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Key Dynamics and Customer Landscape

The global vaccine market is driven by extensive immunization programs and robust government support & funding. Rising concerns over the prevalence of infectious diseases like Dengue fever, Influenza, Tuberculosis, Malaria, Zika virus, Chikungunya, and HIV fuel vaccine development. Organizations such as the World Health Organization (WHO) and the European Centre for Disease Prevention and Control play pivotal roles. However, the industry faces challenges due to the high development cost of vaccines, demanding innovation in therapeutic vaccines and advancements in immunology to address emerging infectious diseases effectively. There are multiple factors influencing market growth. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. 

Key Drivers

The need for novel vaccines for chronic infections is notably driving market growth. Thus, government and non-government organizations worldwide are increasing the research on novel vaccines for various infections, including HIV, Staphylococcus aureus, C. difficile, influenza, and respiratory syncytial virus. With the use of new and traditional technologies, many vaccine candidates have been studied in clinical research. Globally, there are numerous vaccine targets, including Group A streptococcal meningitis, Chlamydia trachomatis, pneumococcal, universal influenza, and C. difficile. Partnership models, such as the Program for Appropriate Technology in Health, are funded by the Gates Foundation to fight against global diseases, including HIV, TB, and malaria.

Furthermore, funding for vaccine development comes from several organizations, such as Global Health and US Federal Funding for translational medicines. Product Development Partnerships (PDP), such as the Bill and Melinda Gates Foundation and Wellcome Trust, also play an important role in the development of novel vaccines. These recent partnerships not only facilitate the constant engagement of public and private sectors but also ensure the development and delivery of innovative approaches in vaccine R&D. Therefore, from the abovementioned factors, the market tends to grow positively during the forecast period.

Significant Trend 

An increase in awareness of vaccine-preventable diseases among travellers is an emerging trend shaping market growth. The awareness of vaccine-preventable diseases has increased in the past few years among travellers. Awareness of vaccine-preventable diseases among travellers mainly relates to the knowledge of the infections prevailing in the country that they are visiting, as well as knowledge about the key vaccines available to prevent such diseases. This awareness is seen to be associated with high vaccine uptake among travellers. Tour leaders or organizers also play an important role in spreading awareness about vaccine-preventable diseases. Travellers must also be aware of the symptoms of the various diseases, the transmission route, the risk factors for infection, and geographic distribution.

Moreover, factors that determine the rate of uptake of vaccines among travellers include the length of the trip, the age of the traveller, the purpose of travel, social class, and the purpose of the trip. For instance, if the purpose of the travel is to visit friends and relatives, it is less likely that the traveller would seek pre-travel health advice. Hence, the increasing awareness related to vaccination among people across the globe before travelling is expected to increase the demand for several vaccines, especially travel vaccines, which, in turn, is expected to boost the growth of the market during the forecast period.

Major  Challenges

Safety concerns with respect to vaccination is a significant challenge hindering market growth. Vaccines have witnessed the greatest success in modern medicine and public health. The development of high-efficacy vaccines with immunization programs has led to an increase in the prevention and treatment of various diseases. However, safety concerns have led to a decrease in the acceptance of vaccines and the reoccurrence of vaccine-preventable diseases. However, some people continue to have questions about the possible association of autism with the MMR vaccine. This has resulted in the low acceptance of the MMR vaccine, which has led to new outbreaks of measles in the US and Europe. Vaccines have also been feared to cause several chronic autoimmune diseases.

For instance, the HPV vaccine has shown many safety concerns, such as postural tachycardia syndrome and chronic fatigue syndrome. In Japan, concerns regarding the association of the HPV vaccine with neurological problems were widely exposed, which reduced the confidence in immunization among the population in the country. Therefore, safety concerns associated with vaccines can hinder patients adherence to immunization programs and decrease patient acceptance, thereby will hinder the growth of the market during the forecast period.

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Key Market Customer Landscape

The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.

 Customer Landscape

Segment Overview

The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028. 

• Type Outlook
  • Human vaccine
  • Animal vaccine

• End-user Outlook
  • Hospitals
  • Clinics
  Region Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia
    • China
    • India
  • Rest of World (ROW)
    • Brazil
    • Argentina 
    • Australia 

Market Analyst Overview

The market experiences dynamic shifts driven by various factors. Governments globally play a pivotal role through support and funding, ensuring vaccine availability against diseases like Dengue fever, Tuberculosis, Zika virus, and Chikungunya. Organizations like the WHO and European Centre for Disease Prevention and Control provide critical insights. High development costs, especially for therapeutic vaccines, pose challenges. Immunology and allergies research, adhering to ICH guidelines and Common Technical Document (CTD) standards, leads to innovations like recombinant vaccines, inactivated & subunit vaccines, and more. Billions of people, especially in less affluent nations, grapple with life-threatening infectious diseases, emphasizing the importance of immunization awareness and government initiatives. Challenges include vaccine distribution, manufacturing complexities, and occasional suspensions affecting vaccination rates. Key players like UNICEF and GAVI work towards regular immunization programs, especially in the least developed countries.

Additionally, the market also sees developments in the fight against diseases like malaria, with initiatives like the Malaria Vaccine Implementation Programme (MVIP) in African countries. The post-pandemic period anticipates growth, but high costs, competitive pipelines, and market expansions pose considerations. Varied vaccines, including those for Diphtheria, Tetanus, and Pertussis, cater to different demographics through channels like Hospital & retail pharmacies, Government suppliers, and international organizations like CDC. Emerging players, diverse disease indications, and distinctive routes of administration shape the market, making it a critical component in global healthcare.

Market Scope
Report Coverage	Details
Page number	163
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 13.83%
Market Growth 2024-2028	USD 56.39 billion
Market structure	Fragmented
YoY growth 2023-2024(%)	12.85
Regional analysis	North America, Europe, Asia, and Rest of World (ROW)
Performing market contribution	North America at 37%
Key countries	US, Canada, UK, Germany, and China
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	Astellas Pharma Inc., Bavarian Nordic AS, Bharat Biotech Ltd., BrightPath Biotherapeutics Co. Ltd., CSL Ltd., Daiichi Sankyo Co. Ltd., Emergent BioSolutions Inc., GlaxoSmithKline Plc, Gradalis Inc., Inovio Pharmaceuticals Inc., Johnson and Johnson Services Inc., Merck KGaA, Mitsubishi Chemical Group Corp., Novavax Inc., Pfizer Inc., Sanofi SA, Serum Institute of India Pvt. Ltd., Takeda Pharmaceutical Co. Ltd., Valneva SE, and AstraZeneca PLC
Market dynamics	Parent market growth analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the between 2024 and 2028
• Precise estimation of the size and its contribution n of the market in focus to the parent market
• Detailed analysis of customer landscape covering Diver of price sensitivity, Adoption of the lifecycle, and key purchase criteria 
• Companies landscape comparing criticality of inputs and factors of differentiation
• Exclusive Matrix on companies position and classification
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across North America, Europe, Asia, and Rest of World (ROW)
• Thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of companies

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