The vaccines market is likely to strengthen its boundaries at an average CAGR of 6.6% during the forecast period. The market is expected to hold a value of USD 42.7 billion in 2023 while it is anticipated to cross a value of USD 80.8 billion by 2033.
The research report on the vaccines market explains that the Covid-19 spread turning into a full-fledged pandemic has fueled the demand for vaccines. Furthermore, governments investing huge capital in progressive healthcare systems are anticipated to expand the vaccine market size.
Government healthcare programs deliver vaccines to infants to provide them with prevention from chronic diseases like tuberculosis, rotavirus, etc. The rise in new diseases like H1B1 infection, and swine flu (H1N1) is pushing the authorities to adopt new methods that help in preventing the diseases.
The vaccines market outlook states that the rising incidence of diseases worldwide is encouraging the adoption of vaccines, thereby creating prospects for the growth of the vaccines market.
Deadly diseases such as tuberculosis, cancer, influenza, and pneumonia have high fatality rates, which is compelling people to opt for vaccinations. For instance, as per the World Health Organization (WHO), around 1.5 million people died from tuberculosis in 2020 while over 10 million people fell ill with TB.
Additionally, increasing public awareness about the benefits of vaccination along with rising government support in research and development is likely to act as a catalyst for the growth of the vaccines market.
| Attributes | Details |
|---|---|
| Vaccines Market CAGR (2023 to 2033) | 6.6% |
| Vaccines Market Size (2023) | USD 42.7 billion |
| Vaccines Market Size (2033) | USD 80.8 billion |
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Short-term Growth: Factors such as the rising prevalence of chronic and infectious diseases, increase in immunization programs, advancements in vaccine technology, and changing attitudes towards vaccines are some of the key factors expected to drive the growth in the vaccines market during the forecast period.
Since their invention, vaccines have completely revolutionized the healthcare industry across the world. They have become ideal healthcare preventive products used for enhancing immunity against numerous diseases. Expansion of the prevention vaccines market and growing awareness among people in developing regions about the benefits of vaccines is likely to boost the vaccines market growth.
Mid-term Growth: The rising need for protecting children from deadly chronic and infectious diseases like tuberculosis, cancer, hepatitis, influence, etc. is expected to create lucrative opportunities for vaccine manufacturers during the forecast period. According to the United Nations Children’s Fund (UNICEF), each year vaccination saves 2 to 3 million children from deadly diseases.
Vaccine manufacturing giants like Pfizer and GSK are vigorously investing in vaccine research and development for introducing new products with a highly effective nature. Besides this, they are holding various trials for establishing the safety and efficacy of vaccines. For instance, in January 2022, Pfizer Inc., and BioNTech SE initiated a clinical study to evaluate the safety, immunogenicity, and tolerability of an Omicron-based vaccine candidate in adults aged 18 to 55. The market is anticipated to thrive at a significant CAGR between 2022 and 2028.
Long-term Growth: Rapidly evolving technology has a profound impact on vaccine market trends. Developments like the introduction of genetic engineering and lab automation are helping vaccine manufacturers to develop low-cost vaccines, which may attract markets and eventually enable vaccine market access.
Additionally, various initiatives taken by governments of emerging nations for launching mass vaccination drives may augment the overall vaccines industry worth in the future. Global vaccine demand is anticipated to rise at 6.6% CAGR during the forecast period from 2023 and 2033.
High Capital Investments and Low Purchasing Power in Emerging Markets May Impede Market Development.
The development of vaccines is a lengthy, complicated, and expensive process. As a result, most of the vaccines are usually costlier, which is acting as a key hurdle in the growth of the vaccines market. Similarly, lack of awareness and poor healthcare infrastructure across developing regions have also hampered vaccine market access.
Principal Consultant
| Regions | Absolute Market Growth |
|---|---|
| United States | USD 14.8 billion |
| United Kingdom | USD 1.5 billion |
| China | USD 3.5 billion |
| Japan | USD 2.3 billion |
| India | USD 1.3 billion |
Higher Healthcare Budget post Pandemic along with the Presence of Vaccine Giants propels the Regional Growth
| United States Market CAGR (2023 to 2033) | 6.6% |
|---|---|
| United States Market Absolute Doller Growth (US$ million/billion) | US$ 14.8 billion |
The United States is the leading market for vaccines in 2023 and is forecast to grow at a prolific CAGR over the forecast period, owing to the presence of leading vaccine manufacturers, increasing investments in research and development, continuous vaccine launches and approvals, availability of highly advanced technologies, awareness among people about latest vaccines market trends, and expansion of veterinary vaccines market. The United States market is expected to thrive at a CAGR of 6.6% between 2023 and 2033.
Similarly, the rising incidence of infectious and chronic diseases in the country has become a crucial factor in boosting vaccine market growth. According to the Centers for Disease Control and Prevention (CDC), around 6,400,000 to 11,000,000 flu illnesses cases were recorded between October 1, 2021, through May 7, 2022, in the United States.
People in the United States are spending large amounts on vaccines to make themselves immune to various diseases. Thus, growing concerns about rising cases of various infectious diseases and positive attitudes toward vaccines may significantly increase the vaccine industry worth in the future.
Furthermore, increasing government initiatives coupled with the expansion of the COVID-19 vaccine market size are expected to boost the growth of the vaccine market in the United States during the forthcoming period. The market is anticipated to reach a value of US$ 31.4 billion by 2033.
Changing Attitudes Towards Vaccines and Favorable Government Support Creating Space for Vaccine Market Growth in China
| Region | Attributes |
|---|---|
| Chinese Market CAGR (2023 to 2033) | 8.9% |
| Chinese Market Absolute Doller Growth (US$ million/billion) | US$ 3.5 billion |
As per FMI, the vaccines market in China is poised to exhibit strong on the back of increasing government spending for immunization programs, changing attitudes of people towards vaccinations, rise in the development of novel vaccines, the emergence of new vaccine market trends, the surge in various diseases, and expansion of meningococcal vaccines market in the country. The Chinese market is likely to expand at a CAGR of 8.9% between 2023 and 2033 while it is expected to cross a value of US$ 6.0 billion by 2033.
Furthermore, the rapidly growing population and rising health awareness among people in the country are making a conducive environment for the growth of the vaccine market.
Demand for vaccines was especially high during the COVID-19 pandemic and it is expected to continue at a steady pace during the post-pandemic period as people's attitude towards vaccines takes a positive turn.
| Segment | Top Vaccine Type |
|---|---|
| Top Sub-segment | Subunit & Conjugate |
| CAGR (2017 to 2022) | 5.8% |
| CAGR (2023 to 2033) | 7.3% |
| Segment | Route of Administration |
|---|---|
| Top Sub-segment | Injectable |
| CAGR (2017 to 2022) | 6.0% |
| CAGR (2023 to 2033) | 6.7% |
As per FMI, the conjugate vaccines segment accounted for the leading share of the global vaccine market by vaccine type due to increased spending by government and private companies on its development. Rising preference for conjugate vaccines is due to their various additional features including greater antibody persistence and avidity. The segment is likely to thrive at a CAGR of 7.3% between 2023 and 2033.
Growing demand for conjugate vaccines due to their ability to provide long-lasting immunity against diseases may continue to offer lucrative opportunities to vaccine manufacturers during the forecast period, thereby boosting vaccines market growth
Based on the route of administration, injectable (intramuscular and subcutaneous) routes are the most preferred methods used by medical professionals globally. These routes are especially ideal when larger volumes of drugs are to be administrated into the body.
Administration of drugs through the intramuscular route offers various benefits which include rapid absorption and less pain. The segment thrives at a CAGR of 6.7% between 2023 and 2033.
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Leading players are continuously investing in research and development activities for introducing novel vaccines with long-term efficacy. Besides this, they are adopting growth strategies such as new product launches and approvals, partnerships, acquisitions, and strengthening of distribution channels to expand their global footprint.
Recent Market Developments
The vaccines market is expected to reach USD 42.7 billion in 2023.
The market is anticipated to expand at a CAGR of 6.6%.
The emergence of gene-based vaccines in addition to immunotherapy and immunization.
The advent of RNA and DNA-based vaccines are yielding significant opportunities.
The China market is expected to expand at a CAGR of 8.9% through 2033.
1. Executive Summary | Vaccines Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Vaccine Type 5.1. Inactivated 5.2. Live Attenuated 5.3. Toxoid 5.4. Subunit & Conjugate 5.5. Others 6. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Valance 6.1. Monovalent 6.2. Multivalent 7. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Indication 7.1. DTP 7.2. Hepatitis 7.3. Human Papillomavirus 7.4. Influenza 7.5. Meningococcal Disease 7.6. MMR 7.7. Pneumococcal Disease 7.8. Polio 7.9. Rotavirus 7.10. Others 8. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Route of Administration 8.1. Injectable 8.1.1. Intramuscular 8.1.2. Subcutaneous 8.2. Oral 8.3. Others 9. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Distribution Channel 9.1. Hospital Pharmacies 9.2. Institutional Sales 9.3. Retail Pharmacies 10. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Region 10.1. North America 10.2. Latin America 10.3. Europe 10.4. Asia Pacific 10.5. Middle East and Africa 11. North America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 12. Latin America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 13. Europe Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 14. Asia Pacific Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Sanofi SA 18.2. Merck & Co., Inc 18.3. Pfizer BioNTech 18.4. CSL Limited 18.5. Johnson & Johnson 18.6. Emergent Biosolutions Inc. 18.7. AstraZeneca plc 18.8. Bavarian Nordic A/S 18.9. Mitsubishi Tanabe Pharma Corporation 18.10. Serum Institute of India Pvt. Ltd. 19. Assumptions & Acronyms Used 20. Research Methodology
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Vaccines Market
