The U.S. vaccine market is valued at $23.8 billion in 2023 and is projected to increase by 47% to $35.1 billion in 2030. The growth of the vaccine market is driven largely by the commercialization of the COVID-19 vaccine and the development of new innovative vaccines. Overall vaccination coverage among adults and children has decreased in recent years as vaccine hesitancy and fatigue have risen. The 2023 Vaccine Market Report describes the overall vaccine market, including the approval process, updated vaccination schedules, vaccines progressing through clinical trials, necessary vaccine supplies, and market value for childhood, adult, influenza, and COVID-19 vaccines.
Key Findings
- Doses administered: Over 676 million doses of the individual COVID-19 vaccine and booster doses were administered in the U.S. by May of 2023.
- Vaccination rates: Adult vaccination rates in 2022 declined 14% compared to 2019.
- Doses manufactured: An estimated 170 million doses of the influenza vaccine will be manufactured for the 2023-2024 flu season, a 17% decrease from the prior flu season.
Table of Contents
- Executive Summary
- Vaccine Market Overview
- Vaccine Categories And Development Platforms
- Messenger RNA Vaccines Evolve To Target Infectious Disease Prevention And Cancer Treatment
- Plasmid DNA Breast Cancer Vaccine Shows Promise In Early-Phase Studies
- FDA Approves First Vaccine Designed To Prevent RSV Disease In Infants, Babies, And Toddlers
- Routine Childhood Vaccination Rates Remain Below Key Targets
- Rising Vaccine Hesitancy Is Impacting Vaccine Coverage
- Combined COVID-Flu Combination Vaccine No Longer Expected In 2023
- Updated Vaccines Are Authorized And Recommended For 2023-2024 COVID-19 Season
- Global COVID-19 Vaccine Market Experiences Drop In Projected Sales
- Pharmacies Play A Key Role In COVID-19 Vaccine Administration For Adults And Children
- CDC Adds COVID-19 Vaccine To Adult And Child Immunization Schedules
- Minimal Updates To Flu Vaccine Composition Ahead Of The 2023-2024 Flu Season
- Influenza Activity And Market Value Rise As Manufacturing Falls
- High Australian Flu Cases Precede U.S. Flu Season
- Pediatric And Adolescent Vaccination Schedule Grows
- HPV Vaccination Rate Among Adolescents Continues To Fall Behind Other Vaccines
- Initial Study Demonstrates Efficacy And Safety Of Needle-Free Measles-Rubella Vaccine
- Limited Number Of Domestic Manufacturers Contributes To Vaccine Supply Chain Disruptions
- Government Programs Or Insurance Cover Most Recommended Vaccines
- Appendices
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 29 |
| Published | November 2023 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value ( USD | $ 23.8 Billion |
| Forecasted Market Value ( USD | $ 35.1 Billion |
| Compound Annual Growth Rate | 5.7% |
| Regions Covered | United States |
