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Vaccines Market

Vaccines Market Size, Share, and Analysis, By Technology (Conjugate, Recombinant, Live Attenuated, Toxoid, Viral Vector, and mRNA), By Type (Monovalent and Multivalent), By Disease (Pneumococcal, Flu, HPV, Herpes Zoster, MMR, Rotavirus, and RSV), By Route of Administration (Parenteral and Oral), By Region (North America, Europe, Asia-Pacific, and Rest of the World), And Regional Forecast 2024-2034

Published on: Jul-2024
Report Code: FG HC 02059
No. of Pages: 170-350
Report Format: PDF

Vaccines Market is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 5.7% during the forecast span from 2024 to 2034. In 2023, the market size was assessed at USD 66.4 billion and is projected to reach USD 122.8 billion by the completion of 2034.

Product Overview

Vaccines are biological preparations designed to boost the immune system and protect against infectious diseases. They consist of weakened or inactivated versions of disease-causing pathogens, such as viruses or bacteria, or components of these agents. When vaccines are administered, the body's immune system identifies the unfamiliar elements and generates antibodies and other active measures to fight against them. This method prepares the immune system to react efficiently in case of future exposure to the real pathogen, thereby averting or reducing the severity of the disease. Therefore, vaccinations are among the most effective public health measures, which annually save millions of lives by averting various diseases such as polio, measles, flu, and most recently, COVID-19.

Market Highlights

Vaccines Market is expected to grow at a compound annual growth rate (CAGR) of 5.7% from 2024 to 2034

Vaccine market is projected to reach USD 122.8 billion over the forecast period, due to several factors such as the COVID-19 pandemic, various breakthroughs in technology, and growing awareness of the importance of immunization. Industry players are heavily invested in research and development, which leads to the introduction of new vaccines targeting a wide range of infectious diseases. In addition, the vaccine market has witnessed a rise in demand for COVID-19 vaccines, with companies like Pfizer, Moderna, and AstraZeneca playing important roles in their development and distribution. Besides, the resurgence of infectious diseases like influenza and the growing incidences of chronic diseases have generated the need for preventive measures. Furthermore, collaborations between pharma companies and government agencies have assisted in the development of new vaccine candidates.

Source: Fatpos Global

Vaccines Market Segmentation

mRNA segment will lead the global vaccine sector due to its high usage in recent health emergencies

Vaccine market is divided by Technology into Conjugate, Recombinant, Live Attenuated, Toxoid, Viral Vector, and mRNA. During the COVID-19 pandemic, mRNA vaccines have become dominant in the vaccine market due to their fast creation and efficiency. mRNA vaccines are not like traditional vaccinations in that they use synthetic mRNA to guide cells to produce the required antigen, hence inducing an immune response. This technology makes it easier to adapt to new viral mutations and allow for faster manufacturing. Moreover, mRNA vaccines have demonstrated strong efficacy and safety records, which have contributed to their vast market adoption. Thus, their success with COVID-19 has attracted more research and funding, which improved the position of mRNA segment in the vaccine industry.

Parenteral segment will dominate the market as a result of fewer complications than the oral segment

Vaccine market is divided by Route of Administration into Parenteral and Oral. The parenteral route of administration segment is anticipated to capture the highest market share and include vaccines given via injections or intravenous routes. Parenteral vaccines go directly into the bloodstream without passing through the digestive system and produce a more powerful immune response than oral vaccines. They show better stability and shelf life since they are not exposed to the damaging effects of stomach acids and digestive enzymes. In addition, several commonly used vaccines like the ones for flu, hep B, and COVID-19 are offered in injectable forms. Moreover, administering vaccines parenterally also ensures accurate dosing as it eliminates the potential problems of inadequate ingestion or absorption seen with oral vaccines. As a result, directing vaccines to tissues or muscles can improve the immune response, thus strengthening the position of the parenteral segment in the vaccine market.

Source: Fatpos Global

Market Dynamics

Growth Drivers

Innovations in Medical Technology Fuels the Growth of Vaccines Market

Constant innovations in medical technology have been significant for the growth of the global vaccine market. Numerous developments in creating vaccines, such as the adoption of mRNA technology, have resulted in the production of vaccines that are more potent and faster to produce. The mRNA-based COVID-19 vaccines from Pfizer and Moderna were created within months, which demonstrates the abilities of mRNA technology. In addition, several breakthroughs in adjuvants, or immune response enhancers, along with vaccine delivery techniques have further improved the success rate and availability of vaccinations to the common public.

Growing Awareness and Government Efforts are Promoting the Need for Vaccines

Growing understanding of the importance of vaccination, coupled with several efforts by the government, has played a primary role in the growth of the global vaccine market. Public health campaigns and educational initiatives hold a large importance in promoting vaccination, which has increased the demand for vaccination drives. Also, governments across the world have implemented vaccination campaigns and framed several laws, which have improved the accessibility and cost of vaccines in developing countries. Furthermore, in addition to growing immunization rates, these initiatives by the governments have offered vaccine producers easy access to new markets.


Vaccine Hesitancy and Misinformation in the Vaccines Market

Even though vaccines offer several benefits, vaccine hesitancy and the circulation of false information are presenting major challenges for the global vaccine market. Certain people are worried about the safety or effectiveness of vaccines due to inaccurate or deceptive information spread online or through other sources. This reluctance can result in lower rates of vaccination, which could ultimately impact the expansion of the vaccine market and present various risks to public health. Therefore, educating the public, being transparent, and establishing trust in scientific evidence are important for the continuous success of the vaccine market and for reducing vaccine hesitancy.

Recent Developments

  • In October 2022, Pfizer announced positive topline results from a Phase 3 study of their 20-valent pneumococcal conjugate vaccine candidate in adults aged 18 and older. In addition, Pfizer and BioNTech received FDA emergency use authorization for their Omicron BA.4/BA.5-adapted bivalent COVID-19 vaccine booster for individuals aged 12 and older.
  • In January 2023, Moderna announced its bivalent COVID-19 booster vaccine, mRNA-1273.222, demonstrated superiority against Omicron subvariants BA.4 and BA.5 compared to the original booster.
  • In April 2023, Serum Institute received emergency use approval from the Indian government for its COVID-19 vaccine Covovax for children aged 7-11 years. In May 2023, the company announced plans to launch a new vaccine manufacturing facility in Kenya, aimed at increasing vaccine production and access in Africa.
  • In December 2022, GSK received FDA approval for its Arexvy respiratory syncytial virus (RSV) vaccine for older adults, making it the first RSV vaccine approved in the US.
  • In February 2023, Sanofi and GSK received FDA emergency use authorization for their COVID-19 vaccine for individuals aged 18 and older.

Vaccines Market

Key Players:

  • Pfizer
  • GlaxoSmithKline (GSK)
  • Merck & Co.
  • Sanofi Pasteur
  • Serum Institute of India
  • AstraZeneca
  • Novavax
  • Moderna
  • Johnson & Johnson
  • CSL Limited
  • Bharat Biotech
  • Sinovac Biotech
  • CanSino Biologics
  • Dynavax Technologies
  • Valneva
  • Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)

Regional Analysis

Vaccines Market is segmented based on regional analysis into five key regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The global vaccine market is controlled by the North American region due to multiple reasons. The existence of large pharmaceutical companies and well-established R&D centers in the area has played a major role in the advancement of different vaccines. Also, favorable government policies and high knowledge of preventative healthcare have contributed to the implementation of vaccination initiatives in North America.

Concurrently, the vaccine market in the Asia-Pacific is the second fastest-growing across the world. The large population, along with growing healthcare spending has improved the vaccination rates. Moreover, countries such as China and India, which are known for their large populations, offer major market potential for vaccine producers.

Source: Fatpos Global

Impact of COVID-19 on the Vaccines Market

Global vaccines market experienced a substantial boost in growth and transformation due to the impact of the COVID-19 pandemic. The persistent demand for a successful vaccine for the new coronavirus led to extraordinary levels of research, cooperation, and funding from pharmaceutical companies, governments, and research institutions globally. In addition, the focused attention and allocation of resources speeded up the creation and distribution of highly efficient COVID-19 vaccines by using advanced technologies such as mRNA and adenovirus vectors. Moreover, the importance of vaccine manufacturing capabilities and supply chains was highlighted by the pandemic, which further resulted in more funding for production facilities and infrastructure.  Therefore, the COVID-19 crisis emphasized the significance of vaccines in protecting global health and pushed the vaccine industry into a new phase of growth.

Vaccine market is further segmented by region into:

  • North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
  • Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
  • Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
  • Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
  • Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

Vaccines Market Scope and Segments:



Study Period


Base Year


Forecast Period


Historical Period


Growth Rate

CAGR of 5.7% from 2024-2034


Value (USD Billion)


Main Segments List

By Technology

  • Conjugate
  • Recombinant
  • Live Attenuated
  • Toxoid
  • Viral Vector
  • mRNA

By Type

  • Monovalent
  • Multivalent

By Disease

  • Pneumococcal
  • Flu
  • HPV
  • Herpes Zoster
  • MMR
  • Rotavirus
  • RSV

By Route of Administration

  • Parenteral
  • Oral

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of the Middle East & Africa

Frequently Asked Questions (FAQ):

The vaccine Market size was valued at USD 66.4 billion in 2023 and is projected to reach the value of USD 122.8 billion in 2034, exhibiting a CAGR of 5.7% during the forecast period.

The vaccine market refers to the global industry involved in the research, development, manufacturing, and distribution of various types of vaccines.

The mRNA segment and Parenteral segment accounted for the largest vaccine market share.

Key players in the Vaccines Market include Pfizer, GlaxoSmithKline (GSK), Merck & Co., Sanofi Pasteur, Serum Institute of India, AstraZeneca, Novavax, Moderna, Johnson & Johnson, CSL Limited, Bharat Biotech, Sinovac Biotech, CanSino Biologics, Dynavax Technologies, Valneva., and Other Prominent Players.

Innovations in medical technology, along with growing awareness and government efforts are the factors driving the vaccines market.

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