Pune, Oct. 07, 2024 (GLOBE NEWSWIRE) -- Vaccine Market Size & Growth Analysis:
According to SNS Insider, The Vaccine Market Size was valued at USD 74.7 billion in 2023 and is expected to reach USD 186.5 billion by 2032, growing at a CAGR of 10.7% during the forecast period of 2024-2032.
The vaccine market is critical for global public health; it plays the most important role in suppressing infectious diseases, thereby preventing communities from experiencing epidemics. Vaccination has been mandated by many regions around the globe and starts at birth, commencing with vaccinations such as hepatitis B polio, and MMR, which would be considered the backbone of a country's immunization program, including countries like the U.S., Canada, and Australia. With age, other vaccines, such as the HPV vaccine and the meningococcal vaccine, are recommended; booster shots for tetanus and flu are administered in adulthood. Current growth in the vaccine market is driven by increased awareness, government initiatives, and advances in technology about vaccines, especially after the COVID-19 pandemic. Due to collaborative efforts, distribution capabilities are also being upgraded; for example, a collaboration between Dr. Reddy's Laboratories and Sanofi regarding marketing and the distribution of several vaccines in India is further consolidating market expansion and innovation. Overall, the vaccine market remains highly focused on sustaining growth to develop herd immunity and protect the most vulnerable population segments.
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Key Vaccine Market Players:
- Serum Institute of India Pvt. Ltd.
- Seqirus
- Sanofi
- GSK Plc.
- Merck & Co., Inc.
- Pfizer Inc.
- Moderna Inc.
- Sinovac
- BioNTech SE
- AstraZeneca
- Novartis AG
- Emergent BioSolutions, Inc.
- Inovio Pharmaceuticals, Inc.
- Bavarian Nordic
- Mitsubishi Tanabe Pharma Corporation
- Bavarian Nordic
- CSL Limited, and others.
Vaccine Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 74.7 Billion |
| Market Size by 2032 | US$ 186.5 Billion |
| CAGR | CAGR of 10.7% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Vaccine Market Key Segmentation:
By Type
- Subunit Vaccines
- Inactivated
- Live attenuated
- mRNA vaccines
- Viral vector vaccines
By Route of Administration
- Oral
- Parenteral
- Nasal
By Indication
- Viral Diseases
- Bacterial Vaccines
- Cancer Vaccines
- Allergy Vaccines
By Age
- Pediatric
- Adult
By Distribution Channel
- Hospital & Retail Pharmacies
- Government Suppliers
- Others
Segment Analysis
By Type
In 2023, the mRNA segment captured a market share of 32.3%, leading the vaccine market. The success of mRNA-based COVID-19 vaccines from companies like Pfizer/BioNTech and Moderna has highlighted the advantages of this technology, including rapid modification of antigen designs and the ability to target multiple viral variants. These benefits significantly contribute to the mRNA segment's dominance in the market. Furthermore, during the forecast period, the subunit Vaccines segment is anticipated to experience substantial growth due to the rising prevalence of infectious diseases and a growing demand for safer and more effective vaccines aimed at preventing conditions such as cancer and autoimmune diseases.
By Route of Administration
Parenteral administration dominated the vaccine delivery method in 2023, holding a market share of 97.0%. This method allows for immediate absorption and higher efficacy compared to other delivery forms. While injective methods remain the primary choice for Vaccine distribution, the oral administration segment is expected to witness steady growth, driven by the advantages of stimulating both mucosal and systemic immunity with fewer side effects.
By Indication
The viral diseases Vaccine segment, which encompasses vaccines for diseases such as Hepatitis, Influenza, and COVID-19, held the largest market share of 63.7% in 2023. This growth is largely attributed to the global demand for the COVID-19 vaccine, propelled by increasing awareness and government-supported immunization initiatives. On the other hand, the bacterial diseases segment is forecasted to exhibit the highest growth rate due to rising concerns about bacterial infections in vulnerable regions.
By Age
In 2023, the adult segment constituted 57.2% of the vaccine market, primarily driven by the widespread distribution of the COVID-19 vaccine. The adult vaccination landscape has changed dramatically, with volumes growing significantly compared to pre-pandemic levels. Conversely, the pediatric Vaccines segment is projected to grow at the highest rate during the forecast period, as efforts to reinstate routine immunizations post-pandemic gain momentum.
By Distribution Channel
Government suppliers dominated the vaccine market in 2023, holding a share of 59.90%. This reliance on public funding distinguishes vaccines from other pharmaceutical products, ensuring that access remains a priority. In contrast, the hospital and retail pharmacy supply channels are expected to grow rapidly, particularly as pharmacies play a critical role in improving Vaccine access.
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Regional Analysis
In 2023, North America held the largest share of the vaccine market, benefiting from advanced healthcare infrastructure, significant R&D investments, and a high vaccination rate. The presence of major pharmaceutical companies such as Pfizer and Moderna has solidified the region's leadership in vaccine innovation and distribution. The U.S. market is expected to continue growing, driven by new vaccine approvals and a focus on addressing emerging infectious diseases.
The Asia Pacific region is forecasted to be the fastest-growing market, propelled by increased investments in healthcare infrastructure and growing awareness of vaccination benefits. Countries like India and China are ramping up their Vaccine production capabilities, with the Serum Institute of India leading in volume. This region's expanding population and the urgent need for Vaccines against infectious diseases further enhance its growth potential.
Recent Developments
- Pfizer's RSV Vaccines Launch - In September 2023, Pfizer received FDA approval for its respiratory syncytial virus (RSV) Vaccines for older adults.
- Moderna's mRNA Influenza Vaccines - In August 2023, Moderna announced positive Phase 3 trial results for its mRNA influenza Vaccines.
- GSK's Shingles Vaccines Update - In July 2023, GSK launched its updated shingles Vaccine, Shingrix, targeting older adults.
- Johnson & Johnson's Ebola Vaccines - In June 2023, Johnson & Johnson announced the expansion of its Ebola Vaccines program in Africa.
- Novavax COVID-19 Vaccines Approval - In May 2023, Novavax received emergency use authorization for its COVID-19 Vaccines targeting the Omicron variant.
- Bharat Biotech's Zydus Cadila Collaboration - In April 2023, Bharat Biotech collaborated with Zydus Cadila for the development of a new dengue Vaccine.
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Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
- Incidence and Prevalence (2023)
- Prescription Trends, (2023), by Region
- Drug Volume: Production and usage volumes of pharmaceuticals.
- Healthcare Spending: Expenditure data by government, insurers, and out-of-pocket by patients.
6. Competitive Landscape
7. Vaccine Market Segmentation by Type
8. Vaccine Market Segmentation by Route of Administration
9. Vaccine Market Segmentation by Indication
10. Vaccine Market Segmentation by Age
11. Vaccine Market Segmentation by Distribution Channel
12. Regional Analysis
13. Company Profiles
14. Use Cases and Best Practices
15. Conclusion
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