Vaccine Market Assessment, By Type [Live-attenuated Vaccine, Inactivated Vaccine, Subunit Vaccine, Toxoid Vaccine, Viral Vector Vaccine, mRNA Vaccine], By Route of Administration [Intramuscular, Subcutaneous, Oral, Others], By Disease Indication [Seasonal

Vaccine Market Assessment, By Type [Live-attenuated Vaccine, Inactivated Vaccine, Subunit Vaccine, Toxoid Vaccine, Viral Vector Vaccine, mRNA Vaccine], By Route of Administration [Intramuscular, Subcutaneous, Oral, Others], By Disease Indication [Seasonal Influenza Vaccine, BCG Vaccine, DTaP Vaccine, Shingles Vaccine, Pneumococcal Conjugate Vaccine, Human Papillomavirus Vaccine, Others], By Age Group [Pediatric, Adult], By End-user [Hospital Pharmacies, Retail Pharmacies, Government Suppliers, Others], By Region, Opportunities and Forecast, 2017-2031F

The global vaccine market is projected to witness a CAGR of 3.05% during the forecast period 2024-2031F, growing from USD 141.3 billion in 2023 to USD 179.69 billion in 2031F. The global vaccine market is shaped by increasing funding for cancer vaccine research, supportive government initiatives for vaccination campaigns, increased demand for DTaP vaccines, growing use of conjugate vaccines, and an increase in initiatives to support and educate patients.

The development of vaccinations against different types of malignancies has been made possible by increased funding in research, which has had a significant impact on the global vaccine market. The possibility of using immunological therapies to prevent or treat cancers increases with advances in scientific understanding. A surge in the demand for vaccinations against diphtheria, tetanus, and pertussis in the global vaccine market suggests that parents are becoming more conscious of diseases that can be prevented and are eager to shield their kids from potentially fatal conditions like whooping cough.

The initiatives taken by the governments are one of the major reasons for the substantial growth of the global vaccine market. Governments worldwide are actively promoting vaccination programs as part of their public health strategies. By supporting these efforts with resources and policy changes, governments aim to improve accessibility and coverage rates for essential vaccinations. The capacity of conjugate vaccines to offer enduring defense against bacterial infections, such as Streptococcus pneumoniae, Neisseria meningitidis serogroup C, and Haemophilus influenzae type b (Hib), has led to their increased popularity in the global vaccine market. Moreover, their rapid adoption around the world is largely due to their efficacy and safety profile.

Building trust between healthcare practitioners and patients is greatly aided by initiatives to educate and empower patients about the advantages and hazards of vaccinations. These kinds of programs also assist in clearing up misconceptions about vaccinations, which improves general adherence to advised schedules, leading to growth in the global vaccine market.

Pfizer India and Apollo Hospital jointly opened a Centre of Excellence (CoE) for adult immunization in Hyderabad in May 2023. Apollo Hospital aimed to safeguard patients from vaccine-preventable diseases (VPDs) and increase adult vaccination adoption through the establishment of an end-to-end ecosystem within the hospital.

Increased Funding for Cancer Vaccine Research

The expansion of the global vaccine market is largely dependent on increased financing for cancer vaccine research. Government programs that promote innovation and hasten the development of cancer vaccines include grants, subsidies, and tax breaks. This funding allows scientists to undertake critical clinical trials, carry out in-depth investigations, and investigate novel vaccination technologies that are specifically designed to fight cancer. This financing opens the door for the successful commercialization of vaccines by guaranteeing that they meet strict safety requirements and acquire the confidence of the market. This eventually improves public health outcomes and advances medical research in the battle against cancer.

For example, in June 2023, Pancreatic Cancer North America (PCNA) and Stand Up to Cancer (SU2C) announced PCNA's contribution of USD 1.5 million to SU2C to support pancreatic cancer vaccine development. The trial's vaccination was specifically designed to identify the cancer cells found in each participant's pancreatic cancer tumor and boost the immune system's ability to combat the malignancy.

Government Initiatives for Vaccination Campaigns

Governments across the globe are driving substantial contributions to the global vaccine market using vaccination policies and programs. Vaccination campaigns are a means of promptly administering vaccines to a large group of people or children. Depending on the needs and goals of the nation, they can be carried out at the national or sub-national level, for a single antigen, or in combination. Through their sponsorship of these activities, they ensure fair and equal access to vaccines, while increasing public knowledge of their importance and dependability. This strategy encourages greater vaccination acceptance, which raises immunization rates and improves community health outcomes. Furthermore, governments frequently provide funding for educational initiatives aimed at dispelling myths and common worries about vaccines, fostering community trust.

The Human Papillomavirus (HPV) vaccination campaign was initiated by the Government of Bangladesh in October 2023, with assistance from UNICEF, the Vaccine Alliance (Gavi), and the World Health Organisation (WHO). By preventing cervical cancer, a disease that kills thousands of women in Bangladesh each year, this program seeks to safeguard the health and future of millions of girls throughout the nation.

Increased Demand for DTaP Vaccines

The global vaccine market is expanding due to the rising demand for DTaP (Diphtheria, Tetanus, and Acellular Pertussis) vaccinations. The primary reason for this growth in demand is the need to address the rising incidence of diseases, including pertussis, tetanus, and diphtheria. The high birth rate and the growing acceptance of the pertussis vaccination are the main drivers of the DTaP vaccine market. The launch of combination vaccines with DTaP components also contribute to the growth of the market. To fulfill this growing need, governments and pharmaceutical companies are making investments in R&D, which is spurring innovation and growth in the global vaccine market.

In December 2023, India, Panacea Biotec, the biotechnology company, introduced EasyFourPol, a fully liquid pentavalent vaccination based on wP-IPV. Children are protected against five lethal diseases by the wP-IPV pentavalent vaccine: invasive infections caused by Haemophilus influenza type B, pertussis, polio, tetanus, and diphtheria. Furthermore, the company declared that Panacea Biotec Germany GmbH, its step-down, wholly owned subsidiary, had registered Valganciclovir 50 mg/mL powder for oral solution in Germany.

Growing Use of Conjugate Vaccines

The global vaccination market is expanding due to the increasing usage of conjugate vaccines. The use of conjugate vaccines has increased because of their success in lowering the incidence of diseases and promoting strong immunity, particularly in susceptible groups such as young children and newborns. Due to their proven ability to effectively target a variety of diseases, these vaccines are essential components of global immunization programs. Researchers have been able to build conjugate vaccines with increased features, broadening their usefulness across numerous diseases, primarily made possible through advancements in biotechnology and vaccine development.

The World Health Organization (WHO), in February 2024, granted prequalification (PQ) approval to SK Bioscience, a South Korean biotech and vaccine business dedicated to advancing human health from prevention to cure, for their typhoid conjugate vaccine (TCV), SKYTyphoid. The company has already gotten two influenza vaccinations and a varicella vaccine. This is its fourth WHO PQ.

North America Dominating the Market

The global vaccine market is dominated by North America. This dominance is primarily due to the region's robust immunization and health welfare programs, solid government policies, and sophisticated research skills. North America's position as a major player in the global vaccination industry is further cemented by the existence of respectable manufacturers and sufficient financing regulations. Furthermore, the region's emphasis on raising the coverage of immunizations through partnerships and government initiatives supports its continued growth and market leadership. Increased knowledge and understanding of vaccines in these nations motivate people to seek prompt medical care, which fuels demand for vaccine treatments and aids in the growth of the global vaccine market

Valneva SE, a specialty vaccine manufacturer, declared in November 2023 that IXCHIQ, a single-dose, live-attenuated vaccine developed by Valneva, has been approved by the FDA for the prevention of chikungunya virus (CHIKV)-related illness in people 18 years of age and older who are at an increased risk of exposure.

Future Market Scenario (2024 – 2031F)

By utilizing the skills and extensive knowledge of innovation leaders, major firms in the global vaccination market are cooperating to share next-generation vaccine platforms, helping them get past hurdles to competition.

To find new development opportunities, companies in the worldwide vaccine market are working on needle-free delivery and investigating emerging disease indications like CMV and glioblastoma, an aggressive form of cancer.

Nucleic acid-based vaccines have shown considerable promise in treating HIV and cancer. As a result, the global vaccine market is expected to rise at a promising rate.

Asthma, diabetes, and respiratory syncytial virus (RSV) infections are among the new disease categories that companies in the global vaccine market are investigating, and which have not yet been the subject of vaccine research.

Key Players Landscape and Outlook

To maximize benefits and increase their market share, major players in the global vaccine market are collaborating more and more. Through these partnerships, businesses may pool their knowledge, assets, and technological know-how to expedite vaccine research, expand manufacturing capabilities, and effectively tackle global health concerns. Companies can efficiently bring breakthrough vaccines to market by collaborating with other businesses to obtain complementary talents, share knowledge, and pool resources. This cooperative strategy ensures a more thorough response to public health demands, promotes research improvements, and improves the vaccination market, in addition to encouraging innovation.

A strategic alliance was announced on February 26, 2024, by Takeda and Biological E. Limited (BE), a well-known pharmaceutical and vaccine company in India, to expedite access to QDENGA (Dengue Tetravalent Vaccine [Live, Attenuated]) (TAK-003) multi-dose vials (MDVs). To boost national immunization programs, governments in endemic countries will eventually be able to purchase these doses by 2030 at the latest.