Inactivated Vaccines Global Market Report 2024

The global inactivated vaccines market has grown steadily in recent years. It will grow from $5.95 billion in 2023 to $6.19 billion in 2024 at a compound annual growth rate (CAGR) of 4.2%. The growth in the historic period can be attributed to polio eradication efforts, influenza vaccination programs, emerging infectious diseases, regulatory approvals.

The global inactivated vaccines market is expected to see steady growth in the next few years. It will grow to $7.33 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%. The growth in the forecast period can be attributed to pandemic preparedness, expanding vaccine coverage, biomanufacturing advancements, health equity initiatives. Major trends in the forecast period include mrna vaccine platforms, combination vaccines, thermostable vaccines, digital vaccine passports.

The rising prevalence of infectious diseases is anticipated to drive the expansion of the inactivated vaccine market in the future. Infectious diseases are illnesses caused by various pathogens, including bacteria, viruses, fungi, and parasites, which can be transmitted between individuals, leading to a broad spectrum of symptoms and health complications. Notably, tuberculosis is a representative infectious disease. Inactivated vaccines employ non-living pathogens to trigger an immune response, effectively safeguarding against diseases such as polio, hepatitis A, and influenza. As an illustration, the Global Tuberculosis Report published by the World Health Organization in October 2022 revealed that the global incidence of tuberculosis is projected to increase by 4.5% from 10.1 million cases to 10.6 million cases in 2021. The Southeast Asia region accounted for 45% of the total tuberculosis cases, while Africa reported 23% of the cases. Thus, the growing prevalence of infectious diseases is a key driver behind the expansion of the inactivated vaccine market.

The increasing immunization initiatives are poised to foster the growth of the inactivated vaccines market in the coming years. Immunization initiatives encompass organized campaigns and efforts designed to vaccinate individuals or communities against specific infectious diseases, ultimately shielding them from these health threats. The expansion of immunization initiatives constitutes a significant factor in the inactivated vaccines market. The proliferation of vaccination campaigns results in higher demand for inactivated vaccines, thereby stimulating market growth and encouraging investments in research and development. For instance, data from the World Health Organization, a Switzerland-based intergovernmental organization, indicates that vaccines annually prevent 4-5 million lives from being lost globally due to infectious diseases like hepatitis, diphtheria, tetanus, pertussis (whooping cough), measles, and polio. Furthermore, in 2022, approximately 84% of infants worldwide received three doses of the polio vaccine. Similarly, an estimated 84% of infants in countries utilizing oral polio vaccine (OPV) received their initial inactivated polio vaccine (IPV) dose during the same year. Consequently, the growing immunization initiatives are a driving force behind the expansion of the inactivated vaccines market.

The presence of high fixed costs is a limiting factor for the growth of the inactivated vaccines market during the projected period. High fixed costs pose significant challenges to the inactivated vaccines industry, leading to reduced opportunities for innovation, restricted vaccine accessibility, elevated price points, diminished demand for vaccines, increased dependence on government subsidies, and decreased profitability for vaccine manufacturers. For example, in July 2022, data from the National Library of Medicine, a biomedical library, revealed that the establishment of production facilities for inactivated vaccines can exhibit substantial variability, with costs ranging from $50 million to $500 million per antigen. The complexity of the facility serves as the primary determinant for this cost variation. Consequently, the high fixed costs are acting as impediments to the expansion of the inactivated vaccines market.

Prominent companies engaged in the inactivated vaccines market are introducing cutting-edge and advanced inactivated vaccines to maintain their market positioning. Inactivated vaccines encompass vaccines containing non-live virus particles, bacteria, or other pathogens that have been cultured and subsequently rendered non-viable to eliminate their disease-causing capabilities. As an illustration, in January 2022, GSK PLC, a UK-based pharmaceutical and biotechnology enterprise, unveiled a novel inactivated vaccine known as Shingrix, designed for shingles protection. Shingrix is a non-live, recombinant subunit adjuvanted vaccine administered via intramuscular injection in two doses. Initially indicated for individuals aged 50 and older, its application has recently been expanded to encompass individuals aged 18 and older who face an elevated risk of developing shingles due to immunodeficiency or immunosuppression triggered by a known medical condition or medical treatment.

In April 2022, Albumedix Ltd., a UK-based biotechnology company, forged a collaboration with Valneva SE. This collaborative venture between Albumedix Ltd. and Valneva is expected to contribute to an augmentation in the production capacity of inactivated COVID-19 vaccines. The increased production capacity is intended to cater to the escalating demand for COVID-19 vaccines. Valneva SE is a French biotechnology enterprise with expertise in the discovery, manufacture, and distribution of inactivated vaccines designed to combat infectious diseases.

Major players in the inactivated vaccines market are Pfizer Inc., Johnson & Johnson Services Inc., Sinopharm Group Co. Ltd., Merck & Co. Inc., Sanofi S.A., GlaxoSmithKline PLC, Takeda Pharmaceutical Company Limited, Astellas Pharma Inc., CSL Limited, Daiichi Sankyo Company Limited, Mitsubishi Tanabe Pharma Corporation, Novavax Inc., Zydus Lifesciences Ltd., Sinovac Biotech Ltd., Biological E Limited, Hualan Biological Engineering Inc., CanSino Biologics Inc., Shenzhen Kangtai Biological Products Co. Ltd., Serum Institute of India Pvt. Ltd., Beijing Tiatan Biological Products Co. Ltd., Valneva SE, Bavarian Nordic A/S., Beijing Minhai Biotechnology Co. Ltd., Bharat Biotech International Limited, Panacea Biotec Ltd., Sinergium Biotech SA, Bharat Immunologicals and Biologicals Corporation Limited, Haffkine Biopharmaceutical Corporation Limited, Incepta Vaccine Ltd., Changchun BCHT Biotechnology Co. Ltd.,.

North America was the largest region in the inactivated vaccines market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in inactivated vaccines report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the inactivated vaccines market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, and Spain.

The primary categories of inactivated vaccines include viral and bacterial vaccines. Viral vaccines are biological preparations containing weakened or inactivated virus components that serve to stimulate the immune system and provide immunity against the targeted viral infection. These viruses are rendered nonfunctional through processes such as solvent detergent treatment, radiation, pH adjustment, heat inactivation, and other methods. These vaccines are typically distributed through hospital pharmacies, retail pharmacies, and other relevant channels.

This report provides inactivated vaccines market statistics, including inactivated vaccines industry global market size, regional shares, competitors with an inactivated vaccines market share, detailed inactivated vaccines market segments, market trends and opportunities and any further data you may need to thrive in the inactivated vaccines industry. This inactivated vaccines market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The inactivated vaccines market consists of sales of whole-cell inactivated vaccines, subunit or protein subunit vaccines, conjugate vaccines and toxoid vaccines. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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