Vaccines Market Size, Share, Growth & Industry Trends 2025
The global vaccines market was valued at USD 90.28 billion in 2023 and is expected to grow from USD 87.57 billion in 2024 to USD 159.28 billion by 2032, reflecting a CAGR of 7.8% during the forecast period. In North America, the vaccines market is projected to expand from USD 37.57 billion in 2023 to USD 38.75 billion in 2024.
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List Of Key Companies Profiled in Vaccines Market:
· GlaxoSmithKline plc. (U.K.)
· Sanofi (France)
· Pfizer Inc. (U.S.)
· Merck & Co., Inc. (U.S.)
· Novartis AG (Switzerland)
· Emergent BioSolutions, Inc. (U.S.)
· CSL Limited (Australia)
· Inovio Pharmaceuticals, Inc. (U.S.)
· Bavarian Nordic (Denmark)
· Mitsubishi Tanabe Pharma Corporation (Japan)
Market Segmentation:
Recombinant/Conjugate/Subunit Vaccines Lead Market Due to High Effectiveness
The recombinant/conjugate/subunit segment dominated the global vaccines market in 2023 and is expected to grow at the highest CAGR due to its ability to elicit strong immune responses and ease of large-scale production. These vaccines are preferred for their safety and effectiveness.
Notable advancements include GSK’s FDA approval of Arexvy in May 2023 for RSV-related lower respiratory tract disease in older adults and a new recombinant flu vaccine developed using Nano-liposome technology by the University at Buffalo in February 2024. The mRNA segment is also expected to witness rapid growth.
Rising Focus on Oral Vaccines to Boost Market Growth
The parenteral route accounted for the largest share in 2023, but the oral segment is projected to grow at a higher CAGR due to its benefits, including ease of administration and cost-effectiveness. Companies like iosBio are actively developing oral vaccines for influenza, Zika, and Nipah.
Viral Disease Segment Leads Due to Strong Pipeline
Viral vaccines held the largest market share in 2023, with 75% of vaccines under development targeting viral diseases, as per Vaccines Europe. Notable approvals include the U.S. FDA’s approval of Ixchiq, the first chikungunya vaccine, in November 2023. The bacterial vaccines segment is anticipated to grow at a higher CAGR due to increasing demand for pneumococcal, meningitis, and DTP vaccines.
Adult Vaccination Segment to Grow Rapidly
While the pediatric segment led in 2023, the adult segment is expected to grow at a higher CAGR due to a strong R&D pipeline and upcoming product launches. According to Vaccines Europe (2023), over 80% of vaccines in development target adults. Meanwhile, pediatric vaccination remains robust, with 84% of infants worldwide receiving the DTP3 vaccine in 2023, per WHO data.
Government Suppliers Drive Vaccine Distribution
Government suppliers played a crucial role in vaccine distribution in 2023, with organizations like GAVI, UNICEF, and PAHO ensuring vaccine access in underdeveloped regions. In 2021, UNICEF delivered 2.8 billion vaccine doses to 105 countries. Efforts to expand distribution in Africa, the Middle East, Asia-Pacific, and Latin America are expected to further drive market growth.
Vaccines Market Growth Drivers:
Expanding Competitive Pipeline to Drive Market Growth
Pharmaceutical companies are actively developing innovative vaccines, creating a strong pipeline expected to fuel market expansion. Key players such as Inovio Pharmaceuticals, Novavax, and Bavarian Nordic are poised for growth, while major firms like Pfizer, GSK, Sanofi, and Merck have promising candidates in development. Pfizer is advancing a prophylactic vaccine for Lyme disease and Clostridioides in phase 3 trials. Novavax is progressing with a stand-alone influenza vaccine in phase 2 trials.
Rising R&D investments further strengthen the market. Moderna increased its R&D spending by 47%, reaching USD 4.8 billion in 2023, while BioNTech invested USD 1.78 billion in vaccine development, reinforcing industry growth.
Vaccines Market Growth Restraints:
Low Adult Vaccination Rates Pose a Challenge to Market Growth
Despite the significant benefits of adult vaccination in reducing hospitalizations and improving quality of life, uptake remains low due to limited awareness and insufficient recommendations from healthcare providers. In the U.S., the annual shingles vaccination rate is under 9% for adults over 50, while pneumococcal vaccination is below 20% for those over 65. Adult vaccination rates, already a concern before the pandemic, declined by 47% during the COVID-19 crisis. To enhance adoption, integrating vaccinations into standard care and implementing robust national immunization programs are essential.
Key Industry Developments:
· February 2024: UNICEF strengthened its partnership with Azerbaijan's Ministry of Health to improve childhood vaccination efforts.
· January 2023: Bharat Biotech introduced iNCOVAC, an indigenously developed nasal COVID-19 vaccine, for individuals aged 18 and above.