The global vaccines market size was estimated to be USD 42.12 billion in 2023 and is expected to reach at USD 128.6 billion by 2033 with a CAGR of 10.68% during the forecast period 2023-2033. Rising investment for development of new vaccines, increasing prevalence of infectious diseases, growing awareness regarding early diagnosis & prevention of disease, surge in demand for vaccines, rising advancements in vaccine technology, growing launch of innovative vaccines, and increasing approval of novel vaccines by regulatory bodies are some of the key factors boosting the market growth.
Increasing approval of novel vaccines by regulatory bodies is predicted to boost the market growth during the forecast period. For instance, in June 2022, GSK plc has received approval from the US Food and Drug Administration (FDA) for Priorix (Measles, Mumps, and Rubella Vaccine, Live), allowing its use for actively immunizing individuals aged 12 months and above against measles, mumps, and rubella (MMR).
By Type, Recombinant/Conjugate/Subunit was the highest revenue-grossing segment in the global vaccines market in 2022 owing to rise in spending by government & private vendors, growing preference for conjugate vaccines, and increasing introduction of vaccines. Additionally, Inactivated is predicted to grow at fastest CAGR during the forecast period owing to the growing prevalence of influenza and rising launch of innovative vaccines. For instance, in February 2020, Abbott has introduced a new inactivated quadrivalent influenza vaccine in India that provides protection against four strains of the virus.
By Route of Administration, Injectable was the highest revenue-grossing segment in the global vaccines market in 2022 owing to increasing usage by medical professionals globally, rising prevalence of infectious diseases, and surge in novel product approvals. For instance, in July 2021, GSK has obtained approval from the US FDA for Shingrix (Zoster Vaccine Recombinant, Adjuvanted) to prevent shingles (herpes zoster) in adults aged 18 years and above who have or will have a higher risk of shingles due to immunodeficiency or immunosuppression caused by known diseases or therapies. Additionally, Oral is predicted to grow at fastest CAGR during the forecast period owing to the rising paediatric population and increasing initiatives by market players for the development of advanced paediatric vaccines.
By Disease, Bacterial Diseases was the highest revenue-grossing segment in the global vaccines market in 2022 owing to the increasing prevalence of bacterial infections, rising launch of novel pneumococcal vaccines, growing awareness regarding infectious diseases among patients, and surge in government investment for the development of new vaccines. Additionally, Viral Diseases is predicted to grow at fastest CAGR during the forecast period owing to the growing influenza & HPV products’ sales and rising launch of viral vaccines. For instance, in September 2021, MSD Pharmaceuticals, a subsidiary of Merck Sharp & Dohme, has introduced Gardasil 9, India's inaugural gender-neutral HPV vaccine.
By Age Group, Paediatric was the highest revenue-grossing segment in the global vaccines market in 2022 owing to the rising birth cohort, growing paediatric vaccination doses, and increasing product approvals by regulatory bodies. For instance, in April 2020, Sanofi's MenQuadfi vaccine has been granted approval by the United States Food and Drug Administration (FDA) for the prevention of invasive meningococcal diseases in individuals aged 2 years and above. Additionally, Adults is predicted to grow at fastest CAGR during the forecast period owing to the increasing research & development activities, growing prevalence of infectious diseases, and rising product launch.
By Distribution Channel, Hospital & Retail Pharmacies was the highest revenue-grossing segment in the global vaccines market in 2022 owing to increasing preference for nearby vaccination access. Additionally, Government Suppliers is predicted to grow at fastest CAGR during the forecast period owing to the surge in initiatives by government organizations. For instance, in October 2022, Gavi, the Vaccine Alliance, and Moderna have entered into an agreement to provide COVID-19 vaccines to lower-income countries that are supported by the Gavi COVAX Advance Market Commitment (AMC). As per the agreement, Gavi will have the privilege to obtain up to 100 million doses of variant-containing vaccines at Moderna's most affordable price, on behalf of AMC participants.
North America region is anticipated for the highest revenue share during the forecast period owing to the growing investment in research & development, rising presence of major vaccine manufacturers, increasing approvals by regulatory bodies, and surge in launch of vaccines. For instance, in June 2021, Merck has released VAXELIS (Diphtheria and Tetanus Toxoids and Acellular Pertussis, Inactivated Poliovirus, Haemophilus b Conjugate, and Hepatitis B Vaccine) in the United States. The development of this vaccine involved a partnership with Sanofi Pasteur. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the surge in government spending for research, rising infectious diseases, growing health awareness, increasing healthcare expenditures, and surge in initiatives by major market players. For instance, in September 2020, In partnership with Gavi and the Bill & Melinda Gates Foundation, the Serum Institute of India has joined forces to expedite the production and distribution of an extra 100 million doses of reliable and efficient COVID-19 vaccines. These doses are intended for low and middle-income countries (LMICs) and will be delivered through the Gavi COVAX AMC, which operates within the COVAX Facility.
Increasing approval of novel vaccines by regulatory bodies is predicted to boost the market growth during the forecast period. For instance, in June 2022, GSK plc has received approval from the US Food and Drug Administration (FDA) for Priorix (Measles, Mumps, and Rubella Vaccine, Live), allowing its use for actively immunizing individuals aged 12 months and above against measles, mumps, and rubella (MMR).
By Type, Recombinant/Conjugate/Subunit was the highest revenue-grossing segment in the global vaccines market in 2022 owing to rise in spending by government & private vendors, growing preference for conjugate vaccines, and increasing introduction of vaccines. Additionally, Inactivated is predicted to grow at fastest CAGR during the forecast period owing to the growing prevalence of influenza and rising launch of innovative vaccines. For instance, in February 2020, Abbott has introduced a new inactivated quadrivalent influenza vaccine in India that provides protection against four strains of the virus.
By Route of Administration, Injectable was the highest revenue-grossing segment in the global vaccines market in 2022 owing to increasing usage by medical professionals globally, rising prevalence of infectious diseases, and surge in novel product approvals. For instance, in July 2021, GSK has obtained approval from the US FDA for Shingrix (Zoster Vaccine Recombinant, Adjuvanted) to prevent shingles (herpes zoster) in adults aged 18 years and above who have or will have a higher risk of shingles due to immunodeficiency or immunosuppression caused by known diseases or therapies. Additionally, Oral is predicted to grow at fastest CAGR during the forecast period owing to the rising paediatric population and increasing initiatives by market players for the development of advanced paediatric vaccines.
By Disease, Bacterial Diseases was the highest revenue-grossing segment in the global vaccines market in 2022 owing to the increasing prevalence of bacterial infections, rising launch of novel pneumococcal vaccines, growing awareness regarding infectious diseases among patients, and surge in government investment for the development of new vaccines. Additionally, Viral Diseases is predicted to grow at fastest CAGR during the forecast period owing to the growing influenza & HPV products’ sales and rising launch of viral vaccines. For instance, in September 2021, MSD Pharmaceuticals, a subsidiary of Merck Sharp & Dohme, has introduced Gardasil 9, India's inaugural gender-neutral HPV vaccine.
By Age Group, Paediatric was the highest revenue-grossing segment in the global vaccines market in 2022 owing to the rising birth cohort, growing paediatric vaccination doses, and increasing product approvals by regulatory bodies. For instance, in April 2020, Sanofi's MenQuadfi vaccine has been granted approval by the United States Food and Drug Administration (FDA) for the prevention of invasive meningococcal diseases in individuals aged 2 years and above. Additionally, Adults is predicted to grow at fastest CAGR during the forecast period owing to the increasing research & development activities, growing prevalence of infectious diseases, and rising product launch.
By Distribution Channel, Hospital & Retail Pharmacies was the highest revenue-grossing segment in the global vaccines market in 2022 owing to increasing preference for nearby vaccination access. Additionally, Government Suppliers is predicted to grow at fastest CAGR during the forecast period owing to the surge in initiatives by government organizations. For instance, in October 2022, Gavi, the Vaccine Alliance, and Moderna have entered into an agreement to provide COVID-19 vaccines to lower-income countries that are supported by the Gavi COVAX Advance Market Commitment (AMC). As per the agreement, Gavi will have the privilege to obtain up to 100 million doses of variant-containing vaccines at Moderna's most affordable price, on behalf of AMC participants.
North America region is anticipated for the highest revenue share during the forecast period owing to the growing investment in research & development, rising presence of major vaccine manufacturers, increasing approvals by regulatory bodies, and surge in launch of vaccines. For instance, in June 2021, Merck has released VAXELIS (Diphtheria and Tetanus Toxoids and Acellular Pertussis, Inactivated Poliovirus, Haemophilus b Conjugate, and Hepatitis B Vaccine) in the United States. The development of this vaccine involved a partnership with Sanofi Pasteur. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the surge in government spending for research, rising infectious diseases, growing health awareness, increasing healthcare expenditures, and surge in initiatives by major market players. For instance, in September 2020, In partnership with Gavi and the Bill & Melinda Gates Foundation, the Serum Institute of India has joined forces to expedite the production and distribution of an extra 100 million doses of reliable and efficient COVID-19 vaccines. These doses are intended for low and middle-income countries (LMICs) and will be delivered through the Gavi COVAX AMC, which operates within the COVAX Facility.
Segmentation: Vaccines Market Report 2022 - 2033
Vaccines Market Analysis & Forecast by Type 2022 - 2033 (Revenue USD Bn)
- Inactivated
- Toxoid
- Live Attenuated
- Recombinant/Conjugate/Subunit
Vaccines Market Analysis & Forecast by Route of Administration 2022 - 2033 (Revenue USD Bn)
- Oral
- Injectable
Vaccines Market Analysis & Forecast by Disease 2022 - 2033 (Revenue USD Bn)
Bacterial Diseases
- Pneumococcal Disease
- Meningococcal Disease
- Diphtheria/Tetanus/Pertussis
- Others
Viral Diseases
- Influenza
- Rotavirus
- Hepatitis
- Human Papillomavirus
- Herpes Zoster
- Measles/Mumps/Rubella
- Others
Vaccines Market Analysis & Forecast by Age Group 2022 - 2033 (Revenue USD Bn)
- Adult
- Paediatric
Vaccines Market Analysis & Forecast by Distribution Channel 2022 - 2033 (Revenue USD Bn)
- Government Suppliers
- Hospital & Retail Pharmacies
- Others
Vaccines Market Analysis & Forecast by Region 2022 - 2033 (Revenue USD Bn)
North America
- U.S.
- Canada
Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Vaccines Market: Type Estimates & Trend Analysis
8. Vaccines Market: Route of Administration Estimates & Trend Analysis
9. Vaccines Market: Disease Estimates & Trend Analysis
10. Vaccines Market: Age Group Estimates & Trend Analysis
11. Vaccines Market: Distribution Channel Estimates & Trend Analysis
12. Regional Market Analysis
13. North America Vaccines Market
14. Europe Global Vaccines Market
15. Asia Pacific Global Vaccines Market
16. Latin America Global Vaccines Market
17. MEA Global Vaccines Market
18. Competitor Analysis
19. Company Profiles
Companies Mentioned
- Pfizer Inc.
- Merck & Co. Inc.
- GlaxoSmithKline Plc.
- Sanofi SA
- Serum Institute of India
- MSD Pharmaceuticals
- Abbott
- AstraZeneca
- Charles River Laboratories
- FUJIFILM Corporation
- Johnson & Johnson Pvt. Ltd.
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 145 |
Published | August 2023 |
Forecast Period | 2022 - 2033 |
Estimated Market Value ( USD | $ 42.12 Billion |
Forecasted Market Value ( USD | $ 128.6 Billion |
Compound Annual Growth Rate | 10.6% |
Regions Covered | Global |
No. of Companies Mentioned | 11 |