Market Overview
The viral vaccines market is witnessing steady growth, driven by the increasing governmental focus on immunization initiatives, rapid technological advancements in vaccine delivery, and the rising use of inactivated vaccines in surgeries and treatments. However, high development costs and the lengthy timelines associated with vaccine manufacturing continue to restrain the market's expansion.
At the same time, emerging trends such as the growing interest in therapeutic vaccines, the use of adjuvants to boost vaccine efficacy, new opportunities in emerging economies, and the development of energy-efficient ultra-low-temperature freezers are opening up exciting prospects. Nevertheless, challenges like vaccine product recalls and inadequate access in underserved regions remain significant hurdles.
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Viral Vaccines Market Growth Drivers
Technological Advancements in Vaccine Administration
The field of vaccine technology has seen remarkable progress over the past decade, dramatically reshaping the future of vaccine development. Genetic engineering has introduced novel possibilities, enabling the creation of vaccines that utilize attenuated viruses. These innovations have also accelerated the speed at which viruses are detected and vaccines are produced, maintaining high concentrations needed to trigger a robust immune response.
The urgent need to respond quickly to emerging health threats has spurred efforts to reduce vaccine development timelines. Advances such as synthetic vaccine candidates, genomic insights into disease progression, structure-based antigen design, and nanoparticle-based delivery systems are redefining how vaccines are created and administered. These advancements are setting the stage for the launch of newer, more effective vaccines targeting a wider range of diseases, propelling the viral vaccines market forward.
Growing Focus on Therapeutic Vaccines
Traditionally, vaccines were mainly used to prevent diseases; however, the advent of therapeutic vaccines is changing that narrative. Therapeutic vaccines aim to treat existing diseases by enhancing the body's immune response, particularly in cases of cancer and chronic infections. Unlike preventive vaccines, therapeutic vaccines are tailored for individuals already affected by a disease.
Major pharmaceutical players are increasingly investing in this area. As of May 2024, Pfizer Inc. had 17 vaccines in its pipeline targeting diseases such as influenza, hepatitis, Lyme disease, invasive group B streptococcus, and respiratory syncytial virus (RSV). Although therapeutic vaccines currently occupy a smaller segment of the market—primarily addressing skin, prostate, and bladder cancers along with a few allergies—their growth rate is expected to outpace that of preventive vaccines in the coming years.
Viral Vaccines Market Trends
Increasing Preference for Personalized Treatments
Personalized vaccines represent the next leap in immunization science, engineered to stimulate immune responses tailored to individual conditions. These vaccines aim for long-lasting protection while minimizing adverse effects. By customizing vaccines based on patient-specific factors, manufacturers can significantly improve safety profiles and reduce side effects.
Recent breakthroughs underscore the potential of this approach. In April 2024, researchers from the American Association for Cancer Research (AACR) introduced TG4050, a therapeutic cancer vaccine designed to combat head and neck squamous cell carcinoma (HNSCC). Based on a modified vaccinia virus, TG4050 delivers 30 personalized neoantigens, uniquely tailored to each patient's tumor, to trigger an antitumor immune response.
Media and Public Awareness Regarding Immunization
Public education plays a crucial role in promoting the importance of vaccines. Immunization remains one of the most effective public health interventions, saving an estimated 4–5 million lives each year according to the World Health Organization (WHO). Despite these benefits, millions of children, particularly in regions like the Western Pacific, still miss essential vaccinations.
Governments and organizations worldwide are taking steps to address this gap. In December 2022, India’s National Technical Advisory Group on Immunization (NTAGI) recommended adding the human papillomavirus (HPV) vaccine to the Universal Immunization Programme (UIP), targeting girls aged 9–14 years.
Viral Vaccines Market Opportunity
Growing Focus on Therapeutic Vaccines
Therapeutic vaccines continue to garner interest for their potential to actively treat diseases post-infection, especially in oncology. These vaccines offer a promising alternative to traditional immunotherapy methods, being highly customizable to the patient's specific cancer mutations. Unlike conventional vaccines, therapeutic vaccines aim to directly stimulate the immune system to target and destroy pathogens.
Market collaborations are also strengthening this area. For example, in April 2024, CureVac SE partnered with the University of Texas MD Anderson Cancer Center to develop novel mRNA-based cancer vaccines, indicating strong momentum in the field.
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Viral Vaccines Market Analysis: Key Findings
By Form: Liquid Vaccines to Dominate
Based on form, the viral vaccines market is divided into liquid and lyophilized vaccines. In 2024, the liquid vaccines segment is projected to account for 78.9% of the market. These vaccines, containing live or weakened viruses, are generally administered via injection and offer advantages such as easy administration, reduced wastage, and improved stability. Companies like Bharat Biotech Ltd. already offer liquid frozen rotavirus vaccines designed to prevent gastroenteritis in infants.
By Vaccine Type: mRNA Vaccines to Lead
Among vaccine types, mRNA vaccines are expected to dominate the market in 2024, claiming a 63.1% share. mRNA vaccines instruct the body’s cells to produce specific proteins that initiate an immune response, offering advantages like enhanced stability and efficient delivery through lipid nanoparticles. Their success, particularly during the COVID-19 pandemic, has set a strong precedent for their broader adoption.
By Approach: Preventive Vaccines to Prevail
The market by approach includes preventive and therapeutic vaccines. In 2024, preventive vaccines are projected to hold the larger market share, owing to increasing vaccination drives and growing public awareness about disease prevention. Campaigns like the Pan American Health Organization’s Vaccination Week in the Americas (VWA) in 2024 underscore the emphasis on immunization programs. However, therapeutic vaccines are set to register the fastest growth over the coming years.
By Indication: Influenza to Remain the Leading Indication
In terms of indications, influenza is expected to hold the largest share at 40% in 2024. Growing government initiatives to encourage influenza vaccination and the development of newer influenza vaccines are contributing to this segment’s dominance.
By Route of Administration: Intramuscular (IM) Administration to Lead
Looking at administration routes, intramuscular (IM) injections are forecasted to account for 89.5% of the viral vaccines market in 2024. This method is preferred for its ability to elicit a strong immune response and its compatibility with inactivated vaccines. Notably, in May 2023, Merck & Co. received FDA approval for intramuscular administration of its MMRV vaccine family.
By Packaging: Vials to Dominate
Regarding packaging, the vials segment is projected to dominate with a 93.2% share in 2024. Vials offer benefits such as protection from contamination, ease of visual inspection, and tamper-proof features, making them a practical choice for vaccine storage and distribution.
Geographical Analysis
North America to Dominate the Market
In 2024, North America is expected to maintain its leadership, accounting for 45.6% of the viral vaccines market. This dominance is supported by strong healthcare infrastructure, major R&D investments, robust immunization programs, and the presence of key manufacturers. For example, Sanofi’s USD 925 million investment in Toronto in 2021 significantly boosted its influenza vaccine manufacturing capabilities.
Asia-Pacific, however, is poised to register the fastest growth at a CAGR of 10.2%. Rapidly emerging infectious diseases, a large population base, increasing public vaccination awareness, and strong government support are key factors driving this growth. Recent approvals like Moderna's updated Spikevax vaccine in Singapore and expanded immunization programs in Thailand are testimony to the region’s rising focus on vaccination.
Viral Vaccines Market: Key Companies
Key players in the global viral vaccines market include Pfizer Inc., GlaxoSmithKline plc, AstraZeneca plc, CSL Limited, Merck & Co., Inc., Sanofi, Sinovac Biotech Ltd., Moderna, Inc., Valneva SE, Dynavax Technologies Corporation, EMERGENT BIOSOLUTIONS INC., Johnson & Johnson, Bharat Biotech Ltd., and Serum Institute of India Pvt. Ltd.
Viral Vaccines Industry Overview: Latest Developments
· In March 2024, Cadila Pharmaceuticals launched Cadiflu Tetra, a DCGI-approved influenza vaccine.
· In November 2023, Valneva SE secured approval for IXCHIQ, its chikungunya virus vaccine.
· In May 2023, GlaxoSmithKline’s Arexvy RSV vaccine received U.S. FDA approval.
· Also in May 2023, Pfizer’s ABRYSVO vaccine for RSV prevention in older adults gained FDA approval.
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