Global Vaccine Market Report and Forecast 2024-2032

Global Vaccine Market Outlook

The global vaccine market size 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.

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Global Vaccine Market Overview

Emerging and recurring infectious diseases pose a serious threat to the global economy. The development of vaccines is considered an effective counter measure to ensure pandemic control. Administered as a preventive measure instead of a treatment, vaccines train the immune system to produce antibodies when exposed to a disease. The vaccines market demand is driven by the emphasis to mitigate any outbreak risks against infectious diseases such as COVID-19, tuberculosis, dengue, and cholera in the coming years.

The data released by the CDC (Centers for Disease Control and Prevention) on global immunization depicts the efficacy of vaccines. The statistics reveal that childhood vaccination prevents 4 million deaths every year. It is estimated that over 50 million deaths  can be prevented with the help of immunization by 2030. In addition, 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 recognized by the government. Consequently, vigorous campaigns and initiatives aimed at vaccine innovation and development are anticipated to elevate vaccine market share in the forecast period.

Surge in Vaccine Approvals by the Health Authorities

To provide enhanced protection against severe consequences of infectious diseases, health authorities such as the United States Food and Drug Administration (FDA) are approving vaccines that are safe and effective at an accelerated rate. In September 2023, the FDA approved an updated COVID-19 vaccine (2023-2024 formula corresponding to the omicron variant XBB.1.5 of SARS-CoV-2) developed by Pfizer, a multinational biotechnology corporation, and Biopharmaceutical New Technologies (BioNTech), a German biotechnology company. Administered in individuals aged 5 years or above, this vaccine is taken as a single dose and is tailored against the current circulating variants of the coronavirus. With the surge in vaccine approvals by the health authorities, the market value is expected to witness notable growth in the forecast period.

Increased Funding to Expedite Vaccine Development

Strategic investment decisions of firms, private investors, government, and non-profit organizations can significantly bolster vaccine market growth. In June 2023,  Wellcome (a global charitable foundation) and the Bill & Melinda Gates Foundation announced USD 550 million funding for a phase III clinical trial for a tuberculosis vaccine candidate, M72 (M72/AS01E). The clinical trial covering 26,000 people spanning 50 sites across Africa and Southeast Asia will begin in early 2024 and is expected to complete in 4-6 years. Since tuberculosis is the second leading infectious killer after COVID-19, Wellcome agreed to provide USD 150 million while the rest of USD 400 million was covered by the Bill & Melinda Gates Foundation.

Intensive Research to Develop Cancer Vaccine

The rise in the number of cancer patients is prompting the development of personalized cancer vaccines. It is estimated that 30 million new cancer cases will be diagnosed by 2040  if appropriate measures are not taken to control and prevent cancer. 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 increase the vaccine market size in the forecast period.

In April 2023,  a Norwegian biotechnology company, Nykode Therapeutics announced that its Phase IIa trial of the cervical cancer vaccine, VB10.16, yielded positive results. The reports showed that 52 patients (having advanced or recurrent, non-resectable cervical cancer caused by the HPV16 virus) who underwent the clinical trial had a median overall survival of 16.9 months. Thus, Nykode’s plasmid DNA-based vaccine increased survival in advanced cervical cancer patients and is expecting a larger trial in 2024.

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Global Vaccine Market Segmentation

Market Breakup by Indication

• Pneumococcal

• Influenza

• DTP

• HPV

• MMR

• COVID-19

Market Breakup by Technology

• Recombinant

• Toxoid

• Conjugate

• RNA

Market Breakup by End User

• Adult

• Children

Market Breakup by Distribution Channel

• Hospital and Clinical Pharmacies

• Retail Pharmacies

• Online Pharmacies

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

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Global Vaccine Market Regional Analysis

North America holds the largest share of the vaccine market attributed to the increasing prevalence of infectious diseases and robust support in terms of funding from both government and non-government organizations. Additionally, the increased investments to meet the demand for innovative and effective vaccines are accelerating the growth of the vaccine market in the region.

Europe also holds significant vaccine market share owing to its advanced healthcare infrastructure. In January 2023 , BioNTech entered a partnership with the United Kingdom government to facilitate the development of infectious disease vaccines, among other things. Such events of partnerships and collaboration are predicted to aid market growth. With BioNTech gaining access to the United Kingdom health data and clinical trial network, the collaboration has the potential to develop innovative vaccines and offer improved patient outcomes.

Global Vaccine Market: Competitor Landscape

The prevalence of cancer is bolstering the demand for novel cancer vaccines. In September 2023 , Moderna (a biotech company in the United States) and Immatics (a transatlantic organization biopharmaceutical company) announced a strategic collaboration to develop oncology therapeutics including cancer vaccines by utilizing Moderna’s mRNA technology and Immatics’ XPRESIDENT® target discovery platform. Under the terms of the agreement, Immatics will receive USD 120 million along with research funding and royalty payments. The collaboration is predicted to cater to the unmet medical needs of cancer patients by developing innovative cancer immunotherapies.

The key features of the vaccine market report include patent analysis, grants analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

• Merck & Co. Inc.

• GlaxoSmithKline Plc

• Sanofi Aventis

• Novartis AG

• Pfizer Inc.

• Takeda Pharmaceutical Company Limited

• DAIICHI SANKYO COMPANY, LIMITED

• Mitsubishi Chemical Group Corporation

• AstraZeneca

• MASSACHUSETTS BIOTECHNOLOGY COUNCIL

• Biokangtai

• Serum Institute of India Pvt. Ltd

• VBI Vaccines Inc

• Fei Biological

• Indian Immunologicals Ltd.

Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Highlights of the Report

Vaccine Market Report Snapshots

Vaccine Market Size

Vaccine Market Regional Analysis

Vaccine Companies