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. ”
Vaccine: Introduction
Vaccines are crucial biological preparations that stimulate the immune system to fight and remember infectious agents, providing active acquired immunity against specific diseases. They can contain live attenuated or inactivated pathogens, parts of the pathogen such as proteins or sugars, or even toxoids which are neutralized toxins produced by pathogens. More recently, mRNA vaccines have been developed, which instruct cells to produce a harmless piece of the virus, triggering an immune response.
Vaccines are essential for public health, significantly reducing the incidence of diseases, and in some cases, leading to their eradication. They operate on the principle of inducing immunity without causing the disease itself, making them one of the most effective methods for controlling infectious diseases, reducing both morbidity and mortality, and achieving herd immunity in populations.
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Key Trends in the Global Vaccine Market
Some key trends in the market include:
- Rapid Advancements in Vaccine Technology: Technological innovations, including mRNA vaccine technology exemplified by COVID-19 vaccines, are revolutionizing the field. This technology enables quicker development and adaptation of vaccines to emerging infectious diseases. Additionally, advancements in vector-based and recombinant vaccines are expanding the scope of preventable diseases.
- Increased Investment and Funding: The pandemic underscored the critical importance of vaccines, leading to increased investment from both public and private sectors. This surge in funding is accelerating research and development, facilitating the rapid progression of vaccine candidates through clinical trials.
- Focus on Combination Vaccines: There’s a growing interest in combination vaccines that protect against multiple diseases in a single shot. These vaccines improve vaccination rates, simplify immunization schedules, and reduce healthcare costs, making them highly attractive for paediatric immunization programs.
- Expansion in Emerging Markets: The vaccine market is expanding significantly in emerging economies due to rising healthcare awareness, improved healthcare infrastructure, and increasing government initiatives toward immunization. Countries like India and China are becoming major players, both as consumers and producers of vaccines.
- Strategic Alliances and Collaborations: Pharmaceutical companies are increasingly partnering with biotechnology firms, academic institutions, and governments to enhance their vaccine development capabilities. These collaborations are crucial for sharing expertise, resources, and distribution networks, especially when responding to global health crises.
- Growing Adult Vaccination Programs: Traditionally focused on pediatric vaccinations, the market is increasingly catering to adult vaccination. This shift is driven by an aging global population, the rising prevalence of chronic diseases, and the need for boosters for previously vaccinated populations.
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Global Vaccine Market Segmentation
Market Breakup by Indication
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- Pneumococcal
- Influenza
- DTP
- HPV
- MMR
- COVID-19
Market Breakup by Technology
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- Recombinant
- Toxoid
- Conjugate
- RNA
Market Breakup by End User
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- Adult
- Children
Market Breakup by Distribution Channel
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- Hospital and Clinical Pharmacies
- Retail Pharmacies
- Online Pharmacies
Market Breakup by Region
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- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Global Vaccine Market Overview
In the global vaccine market, North America is a dominant player due to its advanced technological capabilities and robust healthcare infrastructure. The region benefits from substantial healthcare spending and a strong emphasis on research and development, which facilitate the rapid adoption and innovation of new vaccines, such as those developed for COVID-19. With a comprehensive regulatory framework and ongoing investments in biotechnology, North America is poised to maintain its leadership in the vaccine market, driving significant growth through continued innovation and high vaccination coverage.
Europe’s vaccine market is also substantial, driven by supportive government policies, comprehensive healthcare systems, and proactive public health initiatives that prioritize vaccination. The region’s focus on public health infrastructure and the high adoption rate of vaccination programs contribute to steady market growth. Moreover, Europe’s commitment to global health security and pandemic preparedness further bolsters the development and rapid deployment of vaccines across the continent.
The Asia Pacific region represents the fastest-growing segment in the global vaccine market, fueled by increasing healthcare awareness, governmental immunization programs, and rising investments in healthcare infrastructure. Rapid population growth and economic development, particularly in China and India, are significantly enhancing vaccine demand. The region’s expanding capabilities in pharmaceutical manufacturing and a growing focus on self-sufficiency in vaccine production are key factors driving this growth.
Latin America and the Middle East and Africa are emerging as important markets with significant growth potential. These regions are experiencing increased public health awareness and improvements in healthcare facilities. National immunization programs are becoming more prevalent, driven by a focus on infectious disease prevention and control. As these regions enhance their healthcare infrastructures and access to vaccines, they are expected to contribute increasingly to the global vaccine market’s expansion during the forecast period.
Each of these regional markets is uniquely positioned to contribute to the global expansion of the vaccine market, supported by regional healthcare developments, policy frameworks, and an increasing focus on preventive healthcare and immunization.
Global Vaccine Market: Competitor Landscape
The key features of the 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.
Merck & Co., Inc., known as MSD, outside of the United States and Canada, is a leading global biopharmaceutical company headquartered in Kenilworth, New Jersey. Merck is renowned for its contributions to healthcare through its prescription medicines, vaccines, biologic therapies, and animal health products. The company has a strong focus on oncology, vaccines, cardiovascular, and infectious diseases, with a commitment to expanding access to healthcare through far-reaching policies, programs, and partnerships.
- GlaxoSmithKline Plc
GlaxoSmithKline Plc, based in Brentford, England, is a multinational pharmaceutical company known for its broad range of vaccines, prescription medicines, and consumer health products. GSK’s pharmaceutical sector primarily focuses on respiratory diseases, HIV, oncology, and immuno-inflammation with an extensive research and development approach aimed at advancing science to deliver new therapies. Their vaccine division is one of the largest in the world, producing vaccines for a range of infectious diseases globally.
- Sanofi Aventis
Sanofi, headquartered in Paris, France, is a global biopharmaceutical company focused on human health. Sanofi operates through several business units: specialty care (Sanofi Genzyme), vaccines (Sanofi Pasteur), and general medicines and emerging markets. Sanofi is particularly strong in diabetes solutions, human vaccines, innovative drugs, consumer healthcare, emerging markets, and animal health.
- Novartis AG
Novartis AG, based in Basel, Switzerland, is one of the world’s largest pharmaceutical companies by both market capitalization and sales. Novartis manufactures drugs across multiple therapeutic areas, including cardiovascular, oncology, and immunology. In addition to innovative pharmaceuticals, Novartis has divisions focused on generic drugs through Sandoz, and eye care products through its subsidiary, Alcon.
- Pfizer Inc
Pfizer Inc., headquartered in New York City, is one of the world’s largest pharmaceutical companies. It is widely recognized for its vast array of products that include blockbuster drugs in areas like oncology, cardiology, and immunology, as well as a broad portfolio of vaccines. Pfizer gained immense prominence with the development and global distribution of one of the first highly effective COVID-19 vaccines in collaboration with BioNTech.
Other key players in the market include 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, Indian Immunologicals Ltd., and Fei Biological.
We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
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