India Vaccine Market Report and Forecast 2024-2032

India Vaccine Market Size

The India vaccine market was valued at INR 118.76 billion in 2023, driven by the high burden of infectious diseases, rising strategic collaborations, and increased focus on local vaccine production capabilities in the country. The market is expected to grow at a CAGR of 8.8% during the forecast period of 2024-2032, with the values likely to reach INR 278.53 billion by 2032.

India Vaccine Market Outlook

• In India, the rising burden of infectious diseases and the growing awareness about vaccination and its benefits are anticipated to drive market demand in the forecast period.

• Increased government immunization programs and the rising strategic collaborations between the government and private sector are major trends propelling the market growth.

• The market share is influenced by the advancements in vaccine technology, such as the introduction of mRNA vaccines and conjugate vaccines, and the rising focus on local vaccine production capabilities.

India Vaccine Market Overview

A vaccine is a biological preparation designed to provide acquired immunity against a disease. A vaccine may include the strain, toxin, or one of the surface proteins of a dead or weakened microorganism that resembles the structure of a pathogen. Vaccines can be both therapeutic which offer immunity against a disease which has occurred or prophylactic which is administered to prevent an infection that may occur in the future.

The India vaccine market has seen a significant increase in demand for vaccines, especially after the sudden outbreak of COVID-19. With the government’s continuous efforts and awareness programs to promote the usage of vaccines, the masses have become more comfortable and familiar with vaccinations, which is expected to add to the market value in the coming years.

The rising number of private companies in India has also aided in the growth of the market share. Many pharmaceutical and biotechnology firms have made efforts to offer low-cost vaccine solutions and are gradually turning their attention to innovation to elevate their revenues. The government is also fostering market expansion by easing the rules and regulations and inviting foreign investments in order to accelerate the establishment of a better medical research infrastructure. Considering these factors, India is poised to emerge as a global manufacturing hub for vaccines in the forecast period.

India Vaccine Market Growth Drivers

Increased Focus on Domestic Production of Vaccines to Affect the Indian Market Landscape Significantly

Integrating the latest technologies into vaccine development, India has successfully developed four indigenous COVID-19 vaccines, namely, ZyCoV-D- the world’s first DNA Vaccine, India’s first protein subunit vaccine- CORBEVAXTM along with iNCOVACC, the first intranasal COVID-19 vaccine. In June 2023, GEMCOVAC™-19, the world’s first mRNA vaccine was revealed as a part of the Mission COVID Suraksha program. Such initiatives that focus on advancing local vaccine production capabilities indicate that the growth of the India vaccine market is certain in the upcoming years.

Shifting focus from COVID-19, the region is also making strides in other areas of development as well. Under the partnership of Serum Institute of India and Panacea Biotec, the country is headed to develop its first dengue vaccine. The two companies have applied for an Expression of Interest for collaborative Phase III clinical trials, moving closer to getting the vaccination ready to hit the markets.

Rising Government Immunization Programs is Fuelling India Vaccine Market Demand

The introduction of the Universal Immunization Program (UIP) aimed at raising immunization coverage against treatable diseases in the nation has substantially increased the market growth. Within the span of 5 years, the country has vaccinated approximately 348 million children under the measles-rubella vaccination campaign occurring nationwide. With such potential, the region is set to add to the global vaccine market  share as well. Thus, the rising immunization programs by the government are expected to facilitate high vaccination coverage across the country, which will also support market expansion.

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India Vaccine Market Trends

The market is witnessing several trends and developments to improve the current scenario in India. Some of the notable trends are as follows:

India Vaccine Market Segmentation

Market Breakup by Disease Type

• COVID 19

• Influenza

• Typhoid

• Hepatitis B

• Hepatitis A

• HPV

• DPT

• Rabies

• Pneumococcal

• MMR

• Polio

• Others

Market Breakup by Technology

• Acellular or Subunit Vaccines

• Inactivated Vaccine

• Live Attenuated Vaccine

• mRNA Vaccines

• Others

Market Breakup by Type

• Monovalent Vaccines

• Multivalent Vaccines

Market Breakup by Patient Type

• Pediatric

• Adult

• Geriatric

Market Breakup by Route of Administration

• Injectable

• Oral

• Nasal

Market Breakup by End User

• Hospitals

• Specialty Centres and Community Hospitals

• Clinics

• Others

India Vaccine Market Share

Acellular or Subunit Vaccines to Dominate the Market Share Based on Technology

The market segmentation based on technology includes acellular or subunit vaccines, inactivated vaccines, live attenuated vaccines, and mRNA vaccines, among others. The acellular or subunit vaccines segment is expected to lead the market share and is likely to grow at a CAGR of 11.3% during the forecast period 2024-2032. Acellular or subunit vaccines experience a high market demand as they do not contain live pathogens and thus are considered comparatively safer than other vaccine alternatives. Additionally, these vaccines offer more stability in response to varying temperatures as well as are reported to exhibit targeted response.

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India Vaccine Market Analysis by Region

Depending on factors such as healthcare infrastructure, population density, and economic development, different regions in India reveal varied market growth patterns. The Northern part, including regions like Delhi, Uttar Pradesh, and Punjab, represents a substantial market share driven by the high population density, increased focus on improving healthcare facilities, and rising immunization programs. The Southern states of India also hold a high market value which can be attributed to the better literacy rates and the rapid expansion of private hospitals and clinics, influencing the uptake of vaccines.

Leading Players in the India Vaccine Market

The key features of the market report comprise patent analysis, clinical trial analysis, and strategic initiatives by the leading key players. The major companies in the market are as follows:

GlaxoSmithKline Plc

British multinational pharmaceutical and biotechnology company GlaxoSmithKline Plc has a prominent presence in the vaccine market in India. Besides its robust portfolio of vaccines, the global healthcare company is also actively engaged in spreading awareness about vaccination in the country.

Sanofi

Sanofi, a French multinational pharmaceutical and healthcare company, is one of the leading players in the market. It offers high-quality vaccines such as Adacel® (Tetanus Toxoid, Reduced Diphtheria Toxoid and Acellular Pertussis Vaccine Adsorbed) and Shanchol™ Cholera Vaccine (Inactivated, Oral) I.P.

Pfizer, Inc.

Pharmaceutical giant Pfizer, Inc. is known for its strong market reach and strategic partnerships for vaccine distribution. It is widely known for its Pfizer-BioNTech COVID-19  Vaccine (BNT162b2) developed in partnership with BioNTech.

Merck & Co. Inc.

Merck & Co. Inc. specializes in the development of vaccines for both infectious diseases and chronic conditions. In June 2024, its Capvaxive vaccine was approved by the FDA to prevent the bacterial infections that cause pneumonia and meningitis in adults.

Other key players in the market include Serum Institute of India Pvt. Ltd., Bharat Biotech International Ltd, Panacea Biotec, Cadila Pharmaceuticals Ltd., Human Biological Institute, and Haffkine Bio-Pharmaceutical Corporation Ltd.

Key Highlights of the Report

India Vaccine Market Report Snapshots

India Vaccine Market Size

India Vaccine Market Growth

India Vaccine Market Trends

India Vaccine Market Share

India Vaccine Market Regional Analysis

India Vaccine Companies

Key Questions Answered in the India Vaccine Market Report

• What was the India vaccine market value in 2023?
• What is the India vaccine market forecast outlook for 2024-2032?
• What is market segmentation based on disease type?
• What types of vaccine technologies are present in the market?
• What is the market breakup based on type?
• What is the market breakup by patient type?
• What is the market segmentation by route of administration?
• Who are the major end users in the market?
• What are the major factors aiding the India vaccine market demand? 
• How has the market performed so far and how is it anticipated to perform in the coming years?
• What are the market's major drivers, opportunities, and restraints? 
• How does the prevalence and incidence of infectious and chronic diseases in India affect the market landscape?
• What are the major India vaccine market trends?
• How does the rise in the geriatric population impact the market size?
• Which disease type will dominate the market share? 
• Which vaccine technology will experience the highest demand in the market segment?
• Which vaccine type is expected to have a high market value in the coming years?
• Which patient type is set to fuel the market growth?
• Which route of administration is poised to dominate the market segment?
• Which end-user is projected to contribute to the highest market growth?
• Who are the key players involved in the India vaccine market?
• What is the patent landscape of the market?
• What are the current unmet needs and challenges in the market?
• How are partnerships, collaborations, and mergers & acquisitions among the key market players shaping the market dynamics?