Increase in prevalence of infectious diseases, surge in immunization programs across the globe, rise in R&D activities, and government funding and regulatory support drive the growth of the global vaccines market.
PORTLAND, Ore., May 29, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Vaccines Market by Technology Type (Recombinant and Conjugate Vaccines, Live Attenuated Vaccines, Inactivated Vaccines, Toxoid Vaccines, and Others), Indication (Pneumococcal Disease, Influenza, Human Papilloma Virus, Meningococcal Disease, Rotavirus, Varicella, Measles, Mumps, and Rubella, Diphtheria, Pertussis, and Tetanus (DTP), Polio, Hepatitis, and Other Indications), and End User (Pediatric, Adults, and Travelers): Global Opportunity Analysis and Industry Forecast, 2024-2035". According to the report, the "vaccines market" was valued at $43.2 billion in 2023, and is estimated to reach $90.7 billion by 2035, growing at a CAGR of 6.4% from 2024 to 2035.
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Prime determinants of growth
Increase in prevalence of infectious diseases, surge in immunization programs across the globe, rise in research and development activities, and government funding and regulatory support are the major factors that drive the growth of the global vaccines market. However, the high cost associated with the development and implementation of vaccines restricts the market growth. Moreover, the advancements in biotechnology and vaccine development presents new opportunities in the coming years.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2024-2033 |
Base Year | 2023 |
Market Size In 2023 | $43.2 Billion |
Market Size In 2035 | $90.7 Billion |
CAGR | 6.4 % |
No. Of Pages in Report | 350 |
Segments Covered | Technology Type, Indication, End User, And Region |
Drivers | Increase In Prevalence of Infectious Diseases |
Rise In R&D Activities | |
Government Funding and Regulatory Support | |
Surge In Immunization Programs Across the Globe | |
Opportunity | Advancements In Biotechnology and Vaccine Development |
Restraint | Stringent Government Regulations for The Approval of New Vaccines |
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The recombinant and conjugate vaccines segment to maintain its leadership status throughout the forecast period
By technology type, the recombinant and conjugate vaccines segment held the largest market share in 2023, accounting for two-fifths of the global vaccines market revenue and is estimated to maintain its leadership status throughout the forecast period. The same segment is expected to register the highest CAGR of 6.8% during the forecast period. This is attributed to the advantages offered by recombinant vaccines such as improved safety profiles, enhanced efficacy, and precise antigen design, making them highly desirable for disease prevention.
The human papilloma virus segment to maintain its leadership status throughout the forecast period
By indication, the human papilloma virus segment held the largest market share in 2023, accounting for more than one-fifth of the global vaccines market revenue and is estimated to maintain its leadership status throughout the forecast period. The same segment is expected to register the highest CAGR of 8.2% during the forecast period. owing to a surge in disease awareness, high vaccine efficacy, advancements in vaccine development, and efforts to improve vaccine access.
The pediatric segment to maintain its lead position during the forecast period
By end user, the pediatric segment accounted for the largest share in 2023, contributing to around three-fifths of global vaccines market revenue, and is projected to maintain its lead position during the forecast period. This is attributed to the importance of childhood vaccination in disease prevention, government-led immunization programs, advancements in vaccine development, and increasing awareness among parents and healthcare providers. However, the travelers segment is expected to register the highest CAGR of 7.3% during the forecast period. This is attributed to rising awareness about the importance of vaccination among travelers, especially to high-risk destinations, which is driving the demand for vaccines.
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North America to maintain its dominance by 2035
By region, North America held the largest market share in terms of revenue in 2023, accounting for more than two-fifths the global vaccines market revenue and is likely to dominate the market during the forecast period. This is attributed to its advanced healthcare infrastructure, strong pharmaceutical industry, supportive regulatory environment, and high healthcare spending. However, the Asia-Pacific region is expected to witness the fastest CAGR of 7.2% from 2024 to 2033. This is attributed to the increasing prevalence of infectious diseases, advancements in vaccine technology, and collaborative efforts to improve healthcare infrastructure.
Leading Market Players
- Merck & Co., Inc.
- Pfizer
- Sanofi
- Serum Institute of India Pvt. Ltd.
- Bavarian Nordic
- CSL Limited
- Emergent Bio Solutions Inc.
- GlaxoSmithKline plc.
- Zhi Fei Biological,
- Bharat Biotech.
The report provides a detailed analysis of these key players in the global vaccines market. These players have adopted strategies such as clinical trial, product launch, product approval, and expansion to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.
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