Vaccines Market is Expected to Reach $93.8 billion | MarketsandMarkets.


Chicago, Nov. 20, 2023 (GLOBE NEWSWIRE) — Vaccines market in terms of revenue was estimated to be worth $77.6 billion in 2023 and is poised to reach $93.8 billion by 2028, growing at a CAGR of 3.9% from 2023 to 2028 according to a latest report published by MarketsandMarkets™. Market growth is largely driven by strong emphasis on investments & launch of novel vaccines and rising prevalence of infectious disease.

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Vaccines Market Scope:


Report Coverage Details
Market Revenue in 2023 $77.6 billion
Estimated Value by 2028 $93.8 billion
Growth Rate Poised to grow at a CAGR of 3.9%
Market Size Available for 2021 – 2028
Forecast Period 2023 – 2028
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered By Technology, By Type, By Disease Indication, By Route of Administration, By End User
Geographies Covered North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Report Highlights Updated financial information / product portfolio of players
Key Market Opportunity Increased focus on therapeutic vaccines
Key Market Driver Rising prevalence of infectious diseases

Based on technology, the global vaccines market is segmented into conjugate vaccines, recombinant vaccines, inactivated & subunit vaccines, live attenuated vaccines, toxoid vaccines, viral vector vaccines mRNA vaccines and others. The m-RNA vaccine segment accounted for the largest share of the market in 2022. The highest share of the segment is owing to various types COVID-19 vaccines launched and utilized in 2021 & 2022. In coming years conjugate vaccines is likely to grow at significant CAGR due to increasing government support and rising companies’ investment for conjugate vaccine development and rising public-private partnerships are some of the major factors projecting the market growth.

Based on type, the vaccines market is segmented into monovalent vaccines, multivalent vaccines. In 2022, the monovalent vaccines segment accounted for the largest share of the vaccines market. Launch of COVID-19 vaccines coupled with increased investment in development of monovalent vaccines is likely to uplift the growth of the segment. In August 2023, Daiichi Sankyo received manufacturing and marketing of DAICHIRONA for Intramuscular Injection (DS-5670), an original monovalent mRNA vaccine against the novel coronavirus infectious disease (COVID-19), in Japan for the prevention of infectious disease caused by SARS-CoV-2.

Based on disease indication, the vaccines market is divided into pneumococcal disease, influenza, combination vaccines, HPV, meningococcal disease, herpes zoster, rotavirus, MMR, varicella, hepatitis, DTP, polio, and other disease indications. The other disease indications segment accounted for the largest share of the market in 2022. Pneumococcal disease segment is likely to upsurge the market growth in coming years. Various factors attributable for growth of pneumococcal disease segment are the increasing government investments in pneumococcal vaccination programs.

Based on route of administration, the vaccines market is segmented into Intramuscular & subcutaneous, oral, and others. In 2022, the Intramuscular & subcutaneous segment accounted for the larger share of the market. The higher share of this segment can be attributed to the increasing faster absorption rate and ease of administration.

Based on end user, the global vaccines market is segmented into pediatric vaccine and adult vaccine. In 2022, the pediatric vaccine segment accounted for the largest share of the market. The key factor of driving the growth of this market segment can be attributed to the increasing government initiatives for immunization and and technological advancements.

Based on the region, the vaccines market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. In 2022, North America accounted for the largest share of the vaccines market, Europe is the second largest region in 2022. The growth factors can be attributed to the increasing investments by government and non-government organizations for vaccine development and increasing R&D investments by market players.

The Asia Pacific market is expected to register the highest CAGR of 4.4% during the forecast period. In 2022, the growth of the market is driven by the increasing company investments and rising government support for vaccine development.

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Vaccines market major players covered in the report, such as:

  • GSK plc (UK)
  • Merck & Co., Inc (US) Pfizer Inc. (US)
  • Sanofi (France)
  • CSL (Australia)
  • Emergent (US)
  • Johnson & Johnson Services, Inc (US)
  • AstraZeneca (UK)
  • Serum Institute Of India Pvt. Ltd (India)
  • Bavarian Nordic (Denmark)
  • Mitsubishi Tanabe Pharma Corporation (Japan)
  • Daiichi Sankyo Company Limited (Japan)
  • Panacea Biotec (India)
  • Biological E Limited (India)
  • Bharat Biotech (India)
  • Novavax (US)
  • Inovio Pharmaceuticals (US)
  • Sinovac (China)
  • Incepta Pharma (Bangladesh)
  • Valneva SE (France)
  • VBI Vaccines Inc (US)
  • Bio Farma (Indonesia)
  • FSUE NPO Microgen (Russia)
  • Zhi Fei Biological (China)
  • Indian Immunologicals Ltd (India)
  • and Among Others

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This report categorizes the vaccines market into the following segments and subsegments:

By Technology

  • Conjugate Vaccines
  • Recombinant Vaccines
  • Inactivated and Subunit Vaccines
  • Live Attenuated Vaccines
  • Toxoid Vaccines
  • Viral Vector Vaccines
  • m-RNA Vaccines
  • Others (Subunit Vaccines, Peptide Vaccines, Dna Vaccines)

By Type

  • Monovalent Vaccines
  • Mulitvalent Vaccines

By Disease Indication

  • Pneumococcal Disease
  • Influenza
  • Combination Vaccines
  • HPV
  • Meningococcal Disease
  • Herpes Zoster 
  • Rotavirus
  • MMR
  • Varicella
  • Hepatitis
  • DTP
  • Polio
  • Other Disease Indications (Cancer, Covid-19, Dengue, Tuberculosis, Typhoid, Japanese Encephalitis, Rabies, Yellow Fever, And Allergies)

By Route of Administration

  • Intramuscular & Subcutaneous
  • Oral
  • Others Neurology (Intranasal, Intradermal)

By End User

  • Pediatric Vaccine
  • Adult Vaccine

By Region

  • North America
    • US
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Rest of Europe (ROE)
  • Asia Pacific
    • Japan
    • South Korea
    • China
    • India
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • RoLATAM
  • Middle East
  • Africa

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Recent Developments:

  • In August 2022, GSK (UK) acquired Affinivax, Inc. (US) to have access to next-generation 24-valent pneumococcal vaccine candidate.
  • In October 2022, Merck & Co, Inc. (US) and Moderna (US) entered into a collaboration to develop and commercialize personalized cancer vaccine (PCV) mRNA-4157/V940.
  • In January 2022, Pfizer Inc. (US) and BioNtech (Germany) entered into an agreement to develop first mRNA-based Shingles vaccine for the prevention of shingles (herpes zoster virus, or HZV.

Key Stakeholders:

  • Vaccine product manufacturers and suppliers
  • Distributors and suppliers of vaccine products
  • Vaccine research institutes
  • Biotechnology and biopharmaceutical companies
  • Contract manufacturing organizations (CMOs)
  • Contract development and manufacturing organizations (CDMO)
  • Suppliers and distributors of pharmaceutical products
  • Research and development (R&D) companies
  • Drug Manufacturers, Vendors, and Distributors
  • Immunization centres
  • Hospitals and laboratories
  • Trade associations and industry bodies
  • Regulatory bodies and government organizations
  • Venture capitalists and investors
  • Hospitals
  • Specialty Clinics

Report Objectives:

  • To define, describe, and forecast the vaccines market based on technology, type, disease indication, route of administration, end user, and region.
  • To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
  • To analyze the micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall vaccines market.
  • To analyze the opportunities for stakeholders and provide details of the competitive landscape for market leaders.
  • To forecast the size of the market segments with respect to five regions, namely: North America, Europe, the Asia Pacific (APAC), Latin America (LATAM), Middle East and Africa.
  • To profile the key players and analyze their market shares and core competencies2
  • To track and analyze competitive developments, such as acquisitions, product launches, expansions, regulatory approvals, agreements, partnerships, and collaborations.
  • To benchmark players within the market using the proprietary “Competitive Leadership Mapping” framework, which analyzes market players on various parameters within the broad categories of business and product excellence strategy

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