Global Vaccines Market - 2025 - 2032

The global vaccines market reached US$ 77.01 billion in 2024 and is expected to reach US$ 108.82 billion by 2032, growing at a CAGR of 3.9% during the forecast period 2025-2032.

Vaccines are biological substances designed to stimulate the body's immune system to recognize and fight specific pathogens, like viruses or bacteria. They typically contain a weakened or inactivated form of the pathogen, or pieces of it (like proteins), that trigger an immune response without causing illness. This response prepares the body to quickly recognize and combat the pathogen if encountered again, providing immunity.

Vaccines are crucial for preventing infectious diseases, reducing their spread, and protecting vulnerable populations. There is a rising percentage of individuals receiving immunizations. The government initiatives are targeting the population who are yet to receive immunizations to prevent the rise of infectious diseases. For instance, according to the report by UNICEF, every year, nearly 26 million newborns and 34 million pregnant women are targeted for immunization, and over 13 million immunization sessions are held nationwide to vaccinate children and pregnant women.

Market Dynamics: Drivers & Restraints

Rising development of vaccines

The rising development of vaccines is a key driver for the global vaccine market as it leads to the introduction of new and improved vaccines that address a wider range of diseases. As scientific advancements continue, researchers are developing vaccines for diseases that were once difficult to target, such as certain cancers, malaria, and emerging infectious diseases. This expanded range of vaccines increases market demand, as more people seek protection against a broader spectrum of illnesses.

There is a growing number of approvals for the new vaccine solutions around the globe which is expected to contribute to the overall market growth. For instance, in September 2023, Pfizer Inc. and BioNTech SE announced that the U.S. Food and Drug Administration (FDA) approved the supplemental Biologics License Application for individuals 12 years and older and granted emergency use authorization for individuals 6 months through 11 years of age for the companies' Omicron XBB.1.5-adapted monovalent COVID-19 vaccine. This season's vaccine is indicated as a single dose for most individuals 5 years of age and older.

Furthermore, with the rising number of various infections and diseases the need and development for new vaccines is increasing. For instance, according to new estimates from the World Health Organization (WHO) and the U.S. Centers for Disease Control and Prevention (CDC) in 2024, worldwide, there were an estimated 10.3 million cases of measles in 2023, a 20% increase from 2022. This is largely due to disruptions in routine immunization during the COVID-19 pandemic. To increase the number of immunizations and create a wide range of options for individuals, companies are innovating advanced solutions, thus contributing to the overall market growth.

Moreover, innovations in vaccine technology, such as mRNA vaccines, are making vaccines more effective, easier to produce, and quicker to distribute. These developments not only enhance public health outcomes but also attract investment in the vaccine industry, fueling further growth in the global vaccine market.

Competition from alternative treatments

Competition from alternative treatments is a significant restraint for the global vaccines market because as new therapies like antiviral drugs, monoclonal antibodies, and other treatments emerge, they offer effective solutions for preventing or treating diseases that vaccines typically address. These treatments can be appealing because they often work after infection occurs, making them seem like a more immediate or convenient option compared to vaccination. Additionally, if these treatments are less expensive or easier to access than vaccines, especially in low-income regions, people may choose them over preventive measures. This shift in preference can reduce vaccine demand, particularly if alternative treatments are perceived as more effective, affordable, or simpler to use. As a result, the rise of these alternative therapies can create competition that hampers the global uptake of vaccines, slowing the overall growth of the vaccine market.

Segment Analysis

The global vaccines market is segmented based on type, category, disease indication, route of administration, end-user, distribution channel, and region.

Drug Type:

Conjugate vaccines segment is expected to dominate the global vaccine market share

Conjugate vaccines are a dominant segment in the global vaccine market due to their proven effectiveness in preventing serious bacterial infections, particularly in infants and young children. Vaccines like pneumococcal conjugate vaccines (PCV) and Hib vaccines have drastically reduced diseases such as pneumonia, meningitis, and sepsis. Their ability to enhance immune response, even in infants with immature immune systems, has made them a cornerstone of childhood immunization programs worldwide.

The growing adoption of these vaccines, supported by global health initiatives like GAVI, has expanded their reach to low- and middle-income countries, driving demand. As new conjugate vaccines continue to be developed, targeting a broader range of bacterial diseases, this segment is expected to maintain its stronghold in the global vaccine market. Companies are receiving product approvals by meeting the stringent regulations and the products are proving their efficacy and safety. For instance, in June 2024, Merck received the U.S. Food and Drug Administration (FDA) approval for CAPVAXIVE (Pneumococcal 21-valent Conjugate Vaccine) for active immunization for the prevention of invasive disease caused by Streptococcus pneumoniae serotypes and for the prevention of pneumonia caused by S. pneumoniae serotypes in individuals 18 years of age and older.

In April 2023, Pfizer Inc. received the U.S. Food and Drug Administration (FDA) approval for PREVNAR 20(20-valent Pneumococcal Conjugate Vaccine) for the prevention of invasive pneumococcal disease (IPD) caused by the 20 Streptococcus pneumoniae (pneumococcal) serotypes contained in the vaccine in infants and children six weeks through 17 years of age, and for the prevention of otitis media in infants six weeks through five years of age caused by the original seven serotypes contained in PREVNAR. With the rising launches of the new conjugate vaccines and approvals, the conjugate vaccines are becoming the more widely preferred vaccines.

Geographical Analysis

North America holds a dominant share of the global vaccines market due to the combination of advanced research capabilities, strong pharmaceutical companies' presence, and government initiatives in the region. The United States, in particular, stands out as a leader in both vaccine innovation and production. The U.S. has been at the forefront of developing new vaccines for influenza, respiratory syncytial virus (RSV), and even newer threats as the country has major market players.

The rising number of vaccine launches is expected to significantly drive the growth of North America's vaccine market. The companies are developing novel solutions to reach the demand and requirements of the vaccines to address the increasing incidence of the diseases. For instance, in June 2022, June 2022, GSK plc received the US Food and Drug Administration (FDA) approval for Priorix (Measles, Mumps and Rubella Vaccine, Live) for active immunization for the prevention of measles, mumps and rubella (MMR) in individuals 12 months of age and older. Priorix is currently licensed in more than 100 countries worldwide, including all European countries, Canada, Australia and New Zealand, with more than 800 million doses distributed to date.

The government initiatives and the funding for increasing research and development in the region are contributing to the market growth and encouraging companies to innovate advanced solutions. For instance, in October 2024, the Ministry of Health of the Kingdom of Cambodia launched a nationwide measles-rubella supplementary immunization activity (MR SIA) to protect over 1.5 million children aged 9 to 59 months (aged<5 years old), across 25 provinces. This increases the demand for the drugs that are being developed in the region, thus driving the region's market growth.

Asia Pacific is at the fastest growing pace in the global vaccines market share

Asia Pacific is currently experiencing the fastest growth in the global vaccine market. The growth is attributed to the increasing investments in R&D Activities, rising innovation of new vaccines, rising campaigns by the governments and the rising strategic collaborations among companies.

Companies in the region are developing vaccines with various applications and are developing innovatively. For instance, in October 2023, Mylab and Serum Institute of India launched Nasovac S4, India's first needle-free nasal influenza vaccine. It contains four influenza virus strains and is recommended for individuals above the age of 2. It aims to provide superior protection against influenza and enhance vaccination rates by offering a more comfortable.

Competitive Landscape

The major global players in the vaccines market include GSK plc., Merck & Co., Inc., Pfizer Inc., CSL, EMERGENT, Johnson & Johnson Services, Inc., AstraZeneca, Bavarian Nordic, Bharat Biotech and Serum Institute of India Pvt. Ltd. among others.

Key Developments

• In October 2024, the Ministry of Health of the Kingdom of Cambodia launched nationwide measles-rubella supplementary immunization activities (MR SIA) to protect over 1.5 million children aged 9 to 59 months (aged<5 years old), across 25 provinces. Gavi, the Vaccine Alliance is funding the Ministry of Health-led campaign with the World Health Organization (WHO), UNICEF, and the Clinton Health Access Initiative (CHAI) providing technical support.
• In September 2024, Zambia launched a measles vaccination campaign aimed at reaching four million children aged nine months to five years, following a drop in immunization coverage during the COVID-19 pandemic.
• In January 2024, NHS launched a catch-up campaign for missed MMR vaccines. Millions of parents and carers in England are being urged to book their children in for their missed measles, mumps, and rubella (MMR) vaccine as part of a major new NHS drive to protect children from becoming seriously unwell, as measles cases continue to rise across the country.
• In June 2024, Moderna, Inc. announced that its Phase 3 trial of mRNA-1083, an investigational combination vaccine against influenza and COVID-19, has met its primary endpoints, eliciting a higher immune response than the licensed comparator vaccines used in the trial.

Why Purchase the Report?

• Pipeline & Innovations: Reviews ongoing clinical trials, and product pipelines, and forecasts upcoming advancements in medical devices and pharmaceuticals.
• Product Performance & Market Positioning: Analyzes product performance, market positioning, and growth potential to optimize strategies.
• Real-World Evidence: Integrates patient feedback and data into product development for improved outcomes.
• Physician Preferences & Health System Impact: Examines healthcare provider behaviors and the impact of health system mergers on adoption strategies.
• Market Updates & Industry Changes: Covers recent regulatory changes, new policies, and emerging technologies.
• Competitive Strategies: Analyzes competitor strategies, market share, and emerging players.
• Pricing & Market Access: Reviews pricing models, reimbursement trends, and market access strategies.
• Market Entry & Expansion: Identifies optimal strategies for entering new markets and partnerships.
• Regional Growth & Investment: Highlights high-growth regions and investment opportunities.
• Supply Chain Optimization: Assesses supply chain risks and distribution strategies for efficient product delivery.
• Sustainability & Regulatory Impact: Focuses on eco-friendly practices and evolving regulations in healthcare.
• Post-market Surveillance: Uses post-market data to enhance product safety and access.
• Pharmacoeconomics & Value-Based Pricing: Analyzes the shift to value-based pricing and data-driven decision-making in R&D.

The Global Vaccine Market report delivers a detailed analysis with 60+ key tables, more than 50 visually impactful figures, and 176 pages of expert insights, providing a complete view of the market landscape.

Target Audience 2023

• Manufacturers: Pharmaceutical, Medical Device, Biotech Companies, Contract Manufacturers, Distributors, Hospitals.
• Regulatory & Policy: Compliance Officers, Government, Health Economists, Market Access Specialists.
• Technology & Innovation: AI/Robotics Providers, R&D Professionals, Clinical Trial Managers, Pharmacovigilance Experts.
• Investors: Healthcare Investors, Venture Fund Investors, Pharma Marketing & Sales.
• Consulting & Advisory: Healthcare Consultants, Industry Associations, Analysts.
• Supply Chain: Distribution and Supply Chain Managers.
• Consumers & Advocacy: Patients, Advocacy Groups, Insurance Companies.
• Academic & Research: Academic Institutions.