Top 6 Companies in the Global Vaccine Market

The global vaccine market was valued at USD 68.07 billion in 2023, driven by the rising prevalence of infectious diseases across the globe. The market is expected to grow at a CAGR of 10.5% during the forecast period of 2024-2032, with the values likely to rise from USD 75.22 billion in 2024 to USD 167.19 billion by 2032.

A vaccine is a medical treatment to improve the immunity system of an individual, enabling it to recognise and fight against disease and infections. Vaccines trigger a quick response in the body against infections and diseases by creating antibodies. The vaccination is performed by introducing a pathogen into the body which then triggers the defense mechanism and creates antibodies that destroy the pathogen.

The market growth is significantly driven by the emerging and recurring infectious diseases that pose a serious threat to the global economy. Most infections are preventable with timely vaccination commonly in childhood providing the body enough time to develop a defence mechanism against several infections over time. As per the data released by the CDC (Centers for Disease Control and Prevention), an estimated 4 million deaths every year are prevented with childhood vaccination. In addition, over 50 million deaths can be prevented with the help of immunisation by 2030 and around 19 million lives can be saved by measles vaccination whereas, hepatitis B vaccination can prevent 14 million deaths. The criticality of accelerating the vaccine development has been recognised by the government. Consequently, vigorous campaigns and initiatives aimed at spreading vaccination awareness and vaccine innovation are anticipated to elevate vaccine market share in the forecast period.

The rising prevalence of chronic diseases further drives the vaccine market, and researchers are also working hard to develop vaccines for these diseases. The rise in the number of cancer patients is prompting the development of personalised cancer vaccines. As per the data released by the World Health Organization, there were around 20 million new cancer cases registered and 9.7 million deaths in 2022. The estimated number of people who were alive within 5 years following a cancer diagnosis was 53.5 million. Further, it is estimated that more than 35 million new cancer cases are expected by 2050, a 77% increase from the estimated 20 million cases in 2022. To address these concerns, researchers are trying to develop cancer vaccines that can induce the immune system to show a triggered response against cancer cells. This rising focus on the production of novel vaccines is expected to increase the vaccine market in the forecast period. 

Flu is a contagious respiratory disease caused by influenza viruses which is common however without appropriate treatment, it may rarely lead to serious medical conditions as well. Addressing this concern, major pharmaceutical companies are bringing innovations to the market to aid in the increased prevalence of flu cases. For instance, in September 2024, the U.S. Food and Drug Administration approved AstraZeneca's opening a new tab nasal spray flu vaccine for self-administration, making it the first of its kind. FluMist is the first FDA-approved vaccine to be authorised to be self-administered by the individual without the supervision of a healthcare provider. With increasing infections and seasonal flu cases, the approval is poised to contribute to increased adoption in the market as it doesn’t need the supervision of a healthcare provider. People are more likely to opt for solutions that don’t require multiple visits to their healthcare providers, bolstering market growth.

The market growth is significantly driven by the strategic investments by the major biopharmaceutical companies, private investors, government, and non-profit organizations. For instance, in June 2023, Wellcome (a global charitable foundation) and the Bill & Melinda Gates Foundation announced funding of up to USD 550 million for a phase III clinical trial for a tuberculosis vaccine candidate, M72 by the GSK. Since tuberculosis is the second leading infectious killer after COVID-19, Wellcome agreed to provide USD 150 million while the Bill & Melinda Gates Foundation covered the rest of USD 400 million.

Major Companies Shaping the Global Vaccine Market in 2024

Merck & Co. Inc.

Merck, also known as MSD outside North America, is a global healthcare company with a strong vaccine portfolio. They offer vaccines for HPV, rotavirus, and shingles, among others. Merck is renowned for its research-driven approach, focusing on infectious diseases and immunisation advancements worldwide.

GlaxoSmithKline Plc

GSK is a leading pharmaceutical company dedicated to vaccines for diseases such as influenza, hepatitis, and meningitis. Their portfolio includes innovative vaccines, such as the breakthrough shingles vaccine Shingrix and multiple pediatric vaccines, making GSK a major player in global immunisation.

Sanofi

Sanofi, a global healthcare leader, offers a comprehensive vaccine portfolio through its Sanofi Pasteur division. Specializing in influenza, polio, and combination vaccines for childhood immunization, Sanofi is committed to combating infectious diseases and improving public health across various demographics worldwide.

Novartis AG

Novartis historically offered a range of vaccines, especially for influenza and meningococcal diseases. Although they sold their vaccine division to GSK in 2015, Novartis continues to explore vaccine technologies and contributes indirectly through partnerships, particularly in vaccine-related R&D and innovative healthcare solutions.

Pfizer Inc.

Pfizer is a global biopharmaceutical company known for its work in vaccines, including its pioneering mRNA-based COVID-19 vaccine. Their portfolio also covers vaccines for pneumococcal infections, meningitis, and tick-borne encephalitis. Pfizer’s focus remains on innovative vaccine research and expanding global access to immunization.

Takeda Pharmaceutical Company Limited

Takeda is a Japanese pharmaceutical company with a growing presence in vaccines. Their portfolio includes vaccines for dengue, norovirus, and seasonal influenza, with a particular emphasis on addressing infectious diseases in underserved regions. Takeda is committed to advancing public health through targeted immunisation efforts.