Vaccines Market Worth $94.9 billion | MarketsandMarkets™
CHICAGO, April 24, 2024 /PRNewswire/ -- Vaccines Market in terms of revenue was estimated to be worth $78.0 billion in 2024 and is poised to reach $94.9 billion by 2029, growing at a CAGR of 4.0% from 2024 to 2029 according to a new report by MarketsandMarkets™. Similarly, the vaccines market (excluding COVID-19 vaccines) is projected to reach USD 80.3 Billion by 2029 from USD 53.0 Billion in 2024, at a CAGR of 8.7% during the forecast period. The growth in the vaccines market is fueled by various factors such as launch of RSV vaccines, rise in adoption of HPV vaccine and strategic partnerships between key market players.
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Browse in-depth TOC on "Vaccines Market"
394 - Tables
57 - Figures
414 - Pages
Vaccines Market Scope:
Report Coverage | Details |
Market Revenue in 2024 | $78.0 billion |
Estimated Value by 2029 | $94.9 billion |
Growth Rate | Poised to grow at a CAGR of 4.0% |
Market Size Available for | 2022–2029 |
Forecast Period | 2024–2029 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Technology, By Type, By Disease Indication, By Route of Administration, By End User |
Geographies Covered | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Rising focus on therapeutic vaccines |
Key Market Drivers | Focus on vaccine development and launches |
The conjugate vaccine segment is expected to have the dominant share of the vaccine market (excluding COVID-19 vaccines) in 2023.
Based on technology, the global vaccines market (excluding COVID-19 vaccines) is segmented into recombinant vaccines, conjugate vaccines, live attenuated vaccines, toxoid vaccines, inactivated & subunit vaccines, and other vaccine technologies. In 2023, conjugate vaccine segment dominated the vaccine market. Robust research and development investments, strategic partnerships, and favorable regulatory environments have further bolstered the prominence of conjugated vaccines.
The HPV segment is expected to account for the largest share of the disease indication segment in the vaccines market (excluding COVID-19 vaccines) in 2023.
Based on disease indication, the vaccines market (excluding COVID-19 vaccines) is segmented into, influenza, combination vaccines, pneumococcal disease, HPV, meningococcal disease, herpes zoster, rotavirus, MMR, varicella, hepatitis, DTP, polio, RSV and other disease indications. RSV vaccine segment is likely to grow at faster CAGR during the forecast period of 2024-2029. Robust investments from pharmaceutical companies, government agencies, and non-profit organizations fuel RSV vaccine development. Additionally, launch of RSV vaccines is likely to uplift the growth of the segment. For instance, in May 2023, FDA approved ABRYSVO for the prevention of LRTD caused by RSV in individuals 60 years of age or older.
The Asia Pacific region (excluding COVID-19 vaccines) is anticipated to grow at significant CAGR during the forecast period.
The Asia Pacific (excluding COVID-19 vaccines) is accounted to be the fastest-growing segment of the market. Rapid population growth and urbanization, particularly in countries like China and India, are driving increased demand for vaccines to combat infectious diseases. Additionally, rising healthcare expenditure and government initiatives aimed at improving vaccination coverage further stimulate market growth. Additionally, the growing prevalence of infectious diseases coupled with increasing awareness about preventive healthcare measures is driving vaccine uptake in the region.
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Vaccines Market Dynamics:
Drivers:
- Focus on vaccine development and launches
- Rising prevalence of infectious diseases
- Increasing immunization programs
- Advancements in vaccine technology
- Government support and funding for vaccine development
Restraints:
- High cost of vaccine development
Opportunities:
- Rising focus on therapeutic vaccines
- Extensive R&D for vaccines and increased investments in clinical trials
Challenge:
- Stringent regulatory processes
- Product recalls
Key Market Players of Vaccines Industry:
The vaccines market is consolidated, with a small number of players competing for market share. GSK plc (UK), Merck & Co., Inc (US) Pfizer Inc. (US), Sanofi (France), CSL (Australia), Emergent (US), Johnson & Johnson Services, Inc (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 Limited (India), Bharat Biotech (India) are some of the leading players in this market. Most companies in the market focus on organic and inorganic growth strategies, such as product launches, expansions, acquisitions, partnerships, agreements, and collaborations, to increase their product offerings, cater to the unmet needs of customers, increase their profitability, and expand their presence in the global market.
The primary interviews conducted for this report can be categorized as follows:
- By Respondent: Supply Side- 80%, and Demand Side - 20%
- By Designation (Supply Side): Managers - 45%, CXOs & Directors - 30%, Executives- 25%
- By Region: North America -40%, Europe -25%, Asia-Pacific -20%, Latin America -10%, Middle East-4% and Africa -1%
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Recent Developments of Vaccines Industry:
- In April 2024, Bharat Biotech and Bilthoven Biologicals B.V. entered into a collaboration to produce and supply oral polio vaccines.
- In April 2024, VBI Vaccines Inc. expanded its stratergic collaboration with government of Canada to accelerate development proprietary MLE platform, enveloped virus-like particle vaccine technology that enables the coding of eVLPs using mRNA.
- In January 2024, Indian Immunologicals Ltd (IIL), launched India's 'first' indigenously developed Hepatitis A vaccine, Havisure.
- In August 2023, Pfizer Inc., received US FDA approval for ABRYSVO (Respiratory Syncytial Virus Vaccine) for the prevention of LRTD and severe LRTD caused by RSV in infants from birth up to six months of age by active immunization of pregnant individuals at 32 through 36 weeks gestational age.
- In May 2023, GSK plc, received US FDA approval for Arexvy (respiratory syncytial virus vaccine, adjuvanted) for the prevention of lower respiratory tract disease (LRTD) caused by respiratory syncytial virus (RSV) in individuals 60 years of age and older.
Vaccines Market - Key Benefits of Buying the Report:
The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the overall vaccines market and its subsegments. It will also help stakeholders better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies. This report will enable stakeholders to understand the market's pulse and provide them with information on the key market drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers:
- Analysis of key drivers (focus on vaccine development and launches, rising prevalence of infectious diseases, increasing immunization programs, advancements in vaccine technology, government support and funding for vaccine development), restraints (High cost of vaccine development), opportunities (Rising focus on therapeutic vaccines, Extensive R&D for vaccines and increased investments in clinical trials) and challenges (stringent regulatory processes, product recall) are influencing the growth of vaccines market.
- Product Development/Innovation: Detailed insights on newly launched products of the vaccines market.
- Market Development: Comprehensive information about lucrative markets – the report analyses the vaccines market across varied regions.
- Market Diversification: Exhaustive information about new services, untapped geographies, recent developments, and investments in the vaccines market.
- Pipeline Analysis: Comprehensive information about products under clinical trials.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players include GSK plc (UK), Merck & Co., Inc. (US), Pfizer, Inc. (US), Sanofi (France), CSL (Australia), Emergent (US), Johnson & Johnson Services Inc. (US), AstraZeneca (UK), Serum Institute of India Pvt. Ltd. (India), Bavarian Nordic (Denmark).
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