Chicago, May 10, 2024 (GLOBE NEWSWIRE) -- 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 latest report published 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 market growth is fueled by rising investment in the research & development of novel vaccines, launch of RSV vaccines in the market and increasing awareness of preventive healthcare.
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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 Opportunity | focus on therapeutic vaccines |
| Key Market Driver | Focus on vaccine development and launches |
Based on technology, the global vaccines market (excluding COVID-19 vaccines) is segmented into conjugate vaccines, recombinant vaccines, inactivated & subunit vaccines, live attenuated vaccines, toxoid vaccines, and other technologies. The conjugate vaccine segment accounted for the largest in the vaccines market in 2023. Inactivated & subunit vaccine segment is likely to grow at significant CAGR during the forecast period. The rising prevalence of infectious diseases, coupled with growing awareness of the importance of vaccination, has fueled the demand for effective preventive measures. Additionally, advancements in vaccine manufacturing technologies have made it easier to produce and distribute inactivated and subunit vaccines on a large scale, meeting the increasing demand across the globe.
Based on type, the vaccines market (excluding COVID-19 vaccines) is segmented into monovalent vaccines and multivalent vaccines. Multivalent vaccines segment accounted for dominant share in 2023. Multivalent vaccines offer convenience for healthcare providers and cost-effectiveness for healthcare systems by reducing the need for administering multiple separate vaccines. Furthermore, they contribute to herd immunity by increasing vaccination coverage across various target populations. Examples include combination vaccines like the measles, mumps, and rubella (MMR) vaccine and the pentavalent vaccine, which protects against diphtheria, tetanus, pertussis, Haemophilus influenzae type b (Hib), and hepatitis B.
Based on disease indication, the vaccines market (excluding COVID-19 vaccines) is divided into pneumococcal disease, influenza, combination vaccines, HPV, meningococcal disease, herpes zoster, rotavirus, MMR, varicella, hepatitis, DTP, RSV, polio, and other disease indications. HPV vaccine segment accounted for dominant share in 2023. RSV disease indication segment is likely to grow at highest CAGR during the forecast period of 2024-2029. Launch of novel RSV vaccines and strong product pipeline are some of the factors uplifting the growth of the segment.
Based on route of administration, the vaccines market (excluding COVID-19 vaccines) is segmented into Intramuscular & subcutaneous, oral, and others. In 2023, the intramuscular & subcutaneous segment accounted for the larger share of the market. The dominance of intramuscular and subcutaneous routes of vaccine administration in the market is primarily due to their safety, effectiveness, and ease of administration.
Based on end user, the global vaccines market (excluding COVID-19 vaccines) is segmented into pediatric vaccine and adult vaccine. In 2023, adult vaccine segment accounted for the domiant share. Launch of new RSV vaccine for adults, and aging population in many parts of the world has led to an increased focus on preventing vaccine-preventable diseases among adults are some of the factors uplifting the market growth.
Based on the region, the vaccine market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East and Africa. In 2023, North America accounted for the largest share of the vaccine market (excluding COVID-19 vaccines), Europe is the second largest region in 2023. North America's dominance in the vaccine market can be attributed to several key factors such as advanced healthcare infrastructure and robust regulatory frameworks, facilitating the development, manufacturing, and distribution of vaccines. Furthermore, strong government support for vaccination programs and initiatives, coupled with favorable reimbursement policies, further bolster the demand for vaccines in North America. Asia Pacific region is anticipated to grow at a significant CAGR during the forecast period of 2024-2029.
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Prominent Players of Vaccines Market
- 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)
- Novavax (US)
- Inovio Pharmaceuticals (US)
- Sinovac (China)
- Incepta Pharma (Bangladesh)
- Valneva SE (France)
- VBI Vaccines Inc (US)
- Bio Farma (Indonesia)
- FSUE NPO Microgen (Russia)
- Zhi Fei Biological (China)
- Indian Immunologicals Ltd (India)
- and Among others
This report categorizes the vaccines market into the following segments and subsegments:
By Technology
- Conjugate Vaccines
- Recombinant Vaccines
- Inactivated and Subunit Vaccines
- Live Attenuated Vaccines
- Toxoid Vaccines
- Other Vaccine Technologies
By Type
- Monovalent Vaccines
- Mulitvalent Vaccines
By Disease Indication
- Pneumococcal Disease
- Influenza
- Combination Vaccines
- HPV
- Meningococcal Disease
- Herpes Zoster
- Rotavirus
- MMR
- Varicella
- Hepatitis
- DTP
- Polio
- RSV
- Other Disease Indications
By Route of Administration
- Intramuscular & Subcutaneous
- Oral
- Other Route of Administration
By End User
- Pediatric Vaccine
- Adult Vaccine
By Region
- North America
- US
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe (ROE)
- Asia Pacific
- Japan
- South Korea
- China
- India
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- RoLATAM
- Middle East
- Africa
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Key Market Stakeholders:
- Vaccine product manufacturers and suppliers
- Distributors and suppliers of vaccine products
- Vaccine research institutes
- Biotechnology and biopharmaceutical companies
- Contract manufacturing organizations (CMOs)
- Contract development and manufacturing organizations (CDMO)
- Suppliers and distributors of pharmaceutical products
- Research and development (R&D) companies
- Drug Manufacturers, Vendors, and Distributors
- Immunization centres
- Hospitals and laboratories
- Trade associations and industry bodies
- Regulatory bodies and government organizations
- Venture capitalists and investors
- Hospitals
- Specialty Clinics
Report Objectives:
- To define, describe, and forecast the vaccines market based on technology, type, disease indication, route of administration, end user, and region.
- To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
- To analyze the micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall vaccines market.
- To analyze the opportunities for stakeholders and provide details of the competitive landscape for market leaders.
- To forecast the size of the market segments with respect to five regions, namely: North America, Europe, the Asia Pacific (APAC), Latin America (LATAM), Middle East and Africa.
- To profile the key players and analyze their market shares and core competencies2
- To track and analyze competitive developments, such as acquisitions, product launches, expansions, regulatory approvals, agreements, partnerships, and collaborations.
- To provide information on the pipelines analysis of vaccines undergoing phase 2 and phase 3 clinical trials.
- To benchmark players within the market using the proprietary “Competitive Leadership Mapping” framework, which analyzes market players on various parameters within the broad categories of business and product excellence strategy
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