CHICAGO, Nov. 8, 2023 /PRNewswire/ -- 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 new report by MarketsandMarkets.
The global vaccines market is expected to grow at a CAGR of 3.9% during the forecast period. The growth of the market is projected to be driven by factors such as leveraging the increasing prevalence of infectious diseases, expanding immunization initiatives, robust government support & investment for vaccines development, launch of novel vaccines and harnessing advancements in vaccine technology.
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Browse in-depth TOC on "Vaccines Market"
251 - Tables
46 - Figures
291 - Pages
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 Opportunities | Increased focus on therapeutic vaccines |
Key Market Drivers | Rising prevalence of infectious diseases |
The conjugate vaccines segment is expected to have the dominant share of the vaccines market in 2022.
Based on technology, the global vaccines market is segmented into recombinant vaccines, conjugate vaccines, live attenuated vaccines, toxoid vaccines mRNA vaccines, inactivated & subunit vaccines, viral vector vaccines and others (subunit vaccines, peptide vaccines, DNA vaccines) . In 2022, the m-RNA vaccines segment held the largest share of the vaccines market. conjugate vaccines segment is likely to grow at significant CAGR during the forecast period. The amplified government support coupled with heightened corporate investment in the realm of conjugate vaccine development are the driving factor for the growth of the conjugate vaccines segment during the forecast period.
The pneumococcal segment accounted for the largest share of the disease indication segment in the vaccines market in 2022.
Based on disease indication, the vaccines market is segmented into, influenza, combination vaccines, pneumococcal disease, HPV, meningococcal disease, herpes zoster, rotavirus, MMR, varicella, hepatitis, DTP, polio and other disease indications (COVID-19, dengue, tuberculosis, typhoid, japanese encephalitis, rabies, yellow fever, allergies, and cancer). The pneumococcal disease segment is anticipated to grow at significant CAGR during the forecast period owing to various factors such as surge in pneumococcal disease prevalence, paralleled by a substantial rise in government investment in pneumococcal vaccination programs.
The Asia Pacific region is the fastest-growing region of the vaccines market in 2022.
The Asia Pacific is accounted to be the fastest-growing segment of the market. The growth of the vaccines markets in the region is driven by escalating corporate investments within the Asia-Pacific region, driven by a rising tide of government backing for vaccine development, emergence and re-emergence of communicable diseases, rising disposable income and establishing specialized department for vaccines research and development. For instance in 2023, Japan has set up a new vaccine research funding unit for future pandemics to make a safe and effective vaccine available within 100 days of an outbreak
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Vaccines Market Dynamics:
Drivers:
1. Rising prevalence of infectious diseases
Restraints:
1. Development Cost
Opportunities:
1. Increased focus on therapeutic vaccines
Challenge:
1. Stringent Regulatory Processes
Key Market Players of Vaccines Industry:
The vaccines market is consolidated, with a small number of players competing for market shares. 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) are some of the leading players in this market. Most companies in the market focus on organic and inorganic growth strategies, such as product launches, expansions, acquisitions, partnerships, agreements, and collaborations, to increase their product offerings, cater to the unmet needs of customers, increase their profitability, and expand their presence in the global market.
The primary interviews conducted for this report can be categorized as follows:
- By Respondent: Supply Side- 80%, and Demand Side - 20%
- By Designation (Supply Side): Managers - 45%, CXOs & Directors - 30%, Executives- 25%
- By Region: North America -40%, Europe -25%, Asia-Pacific -20%, Latin America -10%, Middle East-4% and Africa -1%
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.
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Vaccines Market - Report Highlights:
- Additional points such trends/disruptions impacting customers' businesses, pricing analysis, value chain analysis, supply chain analysis, ecosystem analysis, patent analysis, pipeline analysis, key conferences, and events (2023–2024), key regulatory bodies & regulatory landscape, Porter's Five Forces analysis, key stakeholders, and buying criteria among end users have been updated in the market overview chapter.
- The new edition of the report provides updated financial information till 2022 (depending on availability) for each listed company in a graphical representation. This will help in the easy analysis of the present status of profiled companies in terms of their financial strength, profitability, key revenue-generating region/country, and business segment focus in terms of the highest revenue-generating segment.
- The company evaluation matrix section is an output of a comprehensive study of the key vendors offering vaccines products. The top 17 vendors were shortlisted from a list of 40+ vendors. These vendors were evaluated based on market share/ranking and product footprint, rated, and positioned on a 2x2 quadrant.
- The new version of the report includes the startup/SME company evaluation matrix for 8 companies operating in the vaccines market. This updated section is an output of a comprehensive study of the key startup vendors. The top five vendors were shortlisted from a list of 30+ vendors. These vendors were evaluated based on market share/ranking and product footprint, rated, and positioned on a 2x2 quadrant.
- The report includes the market share analysis for 2022 and the revenue share analysis of key market players from 2020 to 2022. It also includes the competitive benchmarking and growth strategies adopted by major and emerging players.
- The new edition of the report includes market developments from 2020 to 2023.
- The current edition of the report includes the impact of the recession on various regions
Vaccines Market - Key Benefits of Buying the Report:
The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the medical exoskeleton market and provides them information on key market drivers, restraints, challenges, and opportunities.
This report provides insights into the following pointers:
The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the overall vaccines market and its subsegments. It will also help stakeholders better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies. This report will enable stakeholders to understand the market's pulse and provide them with information on the key market drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers:
- Analysis of key drivers (strong emphasis on investment and launch of novel vaccines, rising prevalence of infectious disease, expanding immunization programs, advancements in vaccine technology and robust government support & funding for the development of vaccines), restraints (High development cost, patent expiry ), opportunities (Increased focus on therapeutic vaccines, robust & strong pipeline) and challenges (stringnent regulatory processes, vaccine supply shortage, frequent product recall) are influencing the growth of clinical trial supplies market.
- Product Development/Innovation: Detailed insights on newly launched products of the vaccines market.
- Market Development: Comprehensive information about lucrative markets – the report analyses the vaccines market across varied regions.
- Market Diversification: Exhaustive information about new services, untapped geographies, recent developments, and investments in the vaccines market.
- Pipeline Analysis: Comprehensive information about products under clinical trials.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players include 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).
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Veterinary Vaccines Market - Global Forecasts to 2027
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