Vaccines Market Size, Share, Growth & Industry Analysis, By Technology (Live Attenuated Vaccines, Conjugate Vaccines, Inactivated Vaccines, Toxoid Vaccines, Recombinant Vaccines, Other Vaccines), By Disease Indication (Pneumococcal Disease, Influenza, Human Papillomavirus, Meningococcal Disease, Rotavirus, Varicella, Diphtheria, Pertussis and Tetanus {DPT}, Polio, Hepatitis, Measles Mumps and Rubella {MMR}, Other Indicators), and Regional Analysis, 2024-2031

Vaccines Market Size

The global vaccines market size was valued at USD 65 billion in 2023 and is projected to reach USD 125 billion by 2031, exhibiting a CAGR of 8.5% during the forecast period, driven by increasing immunization programs, rising prevalence of infectious diseases, and advancements in vaccine development.

Growing focus on preventive healthcare and new pathogens is increasing demand for vaccines. Governments worldwide are prioritizing vaccination to combat disease outbreaks. They are expanding access and improving distribution channels.

Advances in genetic engineering and biotech have accelerated the development of next-gen vaccines. They are ensuring increased effectiveness and safety. The pediatric vaccine segment is the largest, due to high immunization rates. Adult and adolescent vaccines are gaining traction as awareness of routine immunization grows. The market is seeing substantial investments in R&D. This is mainly evident for mRNA tech, vector-based vaccines, and personalized vaccines.

Vaccines Market Trends

Three key trends are shaping the vaccines market. The first trend is the rise of mRNA vaccines. They gained prominence during the COVID-19 pandemic. Due to the emergence of companies like Moderna and Pfizer-BioNTech, mRNA vaccines can now be used for other diseases, including influenza and Zika. The second trend is the rise of combination vaccines. They protect against multiple diseases in a single shot. This approach boosts compliance and simplifies immunization schedules, especially in kids and adults.

The third trend involves the growing focus on personalized vaccines, particularly in oncology. Personalized cancer vaccines, based on each tumor's genes, are in advanced trials. They may revolutionize cancer treatment. These trends show the industry's shift to efficient, targeted immunization. It aims to meet both broad and specialized healthcare needs.

Vaccines Market Growth Factors 

The growth of the global vaccines market is fueled by numerous growth factors. A major factor is the rise of infectious diseases. These include pneumonia, influenza, and human papillomavirus (HPV). They still require widespread vaccination. Government support and funding for immunization programs have increased vaccine use.

Improved cold chain logistics and distribution networks are further improving vaccine access in remote areas. This is boosting global immunization coverage. New technologies in vaccine development are speeding up the time-to-market for new vaccines. This includes mRNA, viral vectors, and recombinant protein platforms. Their use is boosting market growth.

The COVID-19 pandemic raised awareness of preventive healthcare. It increased acceptance and demand for vaccines across different groups. Also, the aging population is more prone to infections. This is resulting in rising demand for vaccines for age-related diseases. These factors collectively are expected to foster the development of the vaccines market in the near future.

Segmentation Analysis

The vaccines market is segmented by Technology and Disease Indication, which are critical for understanding market dynamics and identifying growth opportunities.

By Technology

The market is segmented based on several categories: live attenuated, inactivated, subunit, mRNA, and vector-based vaccines. Of these, mRNA vaccines have gained traction. Their success during the COVID-19 pandemic propelled this. This segment is anticipated to record a CAGR of over 12% through the estimated timeframe.

Ongoing research into mRNA applications for diseases like influenza and rabies is likely to support this growth. Live attenuated and inactivated vaccines, used for diseases like measles, polio, and hepatitis, have a large market share. They are effective and widely used in immunization programs.

By Disease Indication

The market is divided into three segments: pediatric, adult and adolescent, and traveler vaccines. In 2023, pediatric vaccines captured over 55% of the market. High immunization rates and government vaccination programs are aiding this growth. They target diseases like diphtheria, pertussis, tetanus, and rotavirus.

However, awareness of vaccines for HPV, flu, and shingles is growing. This is increasing the demand for adult and adolescent vaccines. The traveler vaccines segment is small but growing. As international travel rebounds, there is a critical need for protection against diseases like yellow fever and typhoid.

Vaccines Market Regional Analysis

The global vaccines market demonstrates varying growth patterns across different regions.

North America dominated the market with around 45% of share in 2023. The U.S. is leading market. It has a strong healthcare system, high R&D, and high vaccination rates. Furthermore, increased investments in vaccine development are supporting this growth. Additionally, supportive government initiatives such as the Vaccines for Children (VFC) program are bolstering regional market expansion.

In Europe, Germany, the UK, and France are leading countries. They have focused on extensive immunization campaigns and collaborated with health agencies and drug companies. The European market has rising investments in next-gen vaccines. There is also a growing focus on adult immunization.

The Asia-Pacific region is growing at the fastest rate. Large-scale immunization programs in China and India, backed by the WHO and UNICEF, are driving this growth. In 2023, China provided over 25% of the world's vaccines. This was due to high demand for pediatric vaccines and government efforts to boost coverage.

Latin America and the Middle East & Africa are emerging markets. Growth is aided by a rise in awareness, better healthcare, and global funding for vaccines. These regions hold a small market share. However, access to vaccines is improving. There is also rising demand for immunization programs. These factors are estimated to lead to significant growth in the coming years.

Competitive Landscape 

The competitive landscape of the vaccines market is characterized by intense R&D activity, strategic collaborations, and the continuous introduction of new products. Key players like Pfizer, GlaxoSmithKline, and Sanofi dominate the market with a broad portfolio of vaccines targeting a wide range of diseases. These companies are heavily investing in the development of innovative vaccines, particularly in areas like mRNA technology, cancer immunotherapy, and vector-based vaccines.

Emerging players are also making their mark through partnerships and acquisitions, focusing on niche markets and advanced vaccine platforms. The competitive environment is seeing increasing collaborations between pharmaceutical giants and biotechnology firms to accelerate the commercialization of next-generation vaccines. As competition intensifies, pricing strategies, geographic expansion, and product differentiation are becoming crucial factors for maintaining market leadership.

List of Key Players in Vaccines Market

• Pfizer Inc.
• Johnson & Johnson
• GlaxoSmithKline plc
• Sanofi
• Merck & Co., Inc.
• Novartis AG
• AstraZeneca plc
• Moderna, Inc.
• Sinovac Biotech Ltd.
• Bharat Biotech International Limited

Key Industry Developments 

Recent developments highlight the dynamic nature of the vaccines market. In 2024, Pfizer launched its new RSV vaccine, targeting older adults, and expects it to generate over USD 2 billion in annual revenue by 2026. Moderna expanded its mRNA vaccine pipeline by initiating Phase 3 trials for its seasonal flu vaccine, projected to reach the market by 2025, potentially generating an estimated USD 1.5 billion in sales annually.

Sanofi announced the acquisition of a biotech company specializing in cancer vaccines, aiming to integrate its proprietary mRNA platform into their oncology portfolio, with clinical trials expected to begin by 2027. These industry moves underscore the focus on expanding vaccine offerings, advancing technology, and exploring new therapeutic areas to meet the evolving needs of the global population.

The global Vaccines Market is segmented as:

By Technology

• Live Attenuated Vaccines
• Conjugate Vaccines
• Inactivated Vaccines
• Toxoid Vaccines
• Recombinant Vaccines
• Other Vaccines

By Disease Indication

• Pneumococcal Disease
• Influenza
• Human Papillomavirus
• Meningococcal Disease
• Rotavirus
• Varicella
• Diphtheria
• Pertussis and Tetanus {DPT}
• Polio
• Hepatitis
• Measles Mumps and Rubella {MMR}
• Other Indicators

By Region

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Russia
• Rest of Europe
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Rest of Asia-Pacific
• Middle East & Africa
• GCC
• South Africa
• North America
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America