The 2023 Vaccine Market Report

The 2023 Vaccine Market Report

Market At-A-Glance
In 2023, the global vaccine market is valued at $102.9 billion and is expected to grow to $114.7 billion by 2030. Growth of the vaccine market is driven largely by the recent commercialization of the COVID-19 vaccine in the U.S. The U.S. vaccine market alone is projected to increase 47% from $23.8 billion in 2023 to $35.1 billion in 2030.

Updated COVID-19 Vaccines Hit The Market Despite Declining Demand
Following the Food and Drug Administration’s (FDA) authorization of an updated monovalent COVID-19 vaccine from Pfizer/BioNTech and Moderna in September 2023, the Centers for Disease Control and Prevention (CDC) recommended everyone aged six months and older receive the monovalent COVID-19 vaccine.

Despite the new guidance, vaccine hesitancy and fatigue persist, contributing to a decline in vaccine coverage and projected global sales of COVID-19 vaccines. An all-in-one COVID-flu vaccine created with the goals of helping combat vaccine fatigue, simplifying the U.S. annual vaccination schedule, and boosting vaccine uptake is now expected in 2025.

Growth Anticipated In The Pediatric Vaccine Market Amidst Falling Vaccination Rates
The North American pediatric vaccine market is expected to grow 47% from $15.3 billion in 2022 to more than $22.5 billion by 2027, coinciding with an increase in the number of childhood vaccines recommended by the CDC. As the market grows and the number of recommended vaccines increase, childhood vaccination coverage in the U.S. continues to fall year-after-year below key targets for herd immunity.

Innovative Vaccine Candidates Progress Through The Pipeline
Multiple pioneering vaccines are progressing through clinical trials in 2023. Among them are several candidates that utilize messenger RNA (mRNA) technology which played a pivotal role in combatting the COVID-19 pandemic. Clinical trials are underway for a needle-free measles-rubella vaccine and a plasmid DNA breast cancer vaccine, both vaccines are projected to have a significant impact on the future vaccine market.

U.S. Influenza Vaccine Market Estimated To Surpass $8 Billion By 2031
The U.S. influenza vaccine market was valued at $3.96 billion in 2022 and is projected to almost triple by 2031 to $8.35 billion. As of August 2023, an estimated 156.2 million to 170 million doses of the influenza vaccine will be manufactured for the 2023–2024 flu season, falling short of the previous season’s total by 17%. Australia’s 2023–2024 flu season, which often sets the precedent for the U.S., is projected to be one of the country’s largest flu seasons to date.