Vaccines Market Expected to Reach $90.7 Billion by 2035

According to a new report published by Allied Market Research, titled, “Vaccines Market," The global vaccine market was valued at $43.2 billion in 2023, and is estimated to reach $90.7 billion by 2035, growing at a CAGR of 6.4% from 2024 to 2035. The recombinant and conjugate vaccines segment is expected to register the highest CAGR of 6.8% during the forecast period. In addition, Asia-Pacific is expected to register the highest CAGR of 7.2% during the forecast period.  

Vaccines are biological preparations designed to stimulate the immune system to recognize and remember specific pathogens, such as viruses or bacteria, without causing disease. They typically contain weakened, inactivated, or parts of the pathogen, known as antigens, which trigger an immune response. Vaccines play a crucial role in preventing infectious diseases, reducing illness, disability, and death, and contributing to public health efforts worldwide.

The growth of the global vaccine market is primarily driven by increase in prevalence of infectious diseases and increase in research and development activities to develop new vaccine. For instance, as per the recent data shared by the Centers for Disease Control and Prevention (CDC) in 2023, every year in the United States, about 46,711 new cases of cancer are found in parts of the body where human papillomavirus (HPV) is often found around 25,689 among women, and 21,022 among men. 

In addition, government funding and regulatory support also play a crucial role in driving the vaccines market growth. Public investments in vaccine research, development, and procurement, coupled with robust regulatory frameworks that ensure safety, efficacy, and quality standards, incentivize vaccine manufacturers to invest in research and development and bring new vaccines to market. Regulatory agencies' rigorous evaluation and approval processes provide confidence in vaccine safety and effectiveness, facilitating market access and adoption. 

Furthermore, globalization and international collaboration are additional drivers shaping the vaccine market landscape. With increased connectivity and interdependence among countries, the spread of infectious diseases transcends borders, necessitating coordinated efforts to address global health challenges. Initiatives such as the Global Vaccine Action Plan (GVAP) and Gavi, the Vaccine Alliance, promote equitable access to vaccines, strengthen healthcare systems, and facilitate technology transfer and capacity building in low- and middle-income countries (LMICs), driving market growth and expanding vaccine coverage worldwide. Vaccines market trends includes population growth, demographic shifts, healthcare expenditure, and insurance coverage influence vaccine uptake and market dynamics.

Rising healthcare expenditures, and expanding middle-class populations in emerging markets contribute to growing demand for vaccines, creating opportunities for manufacturers to expand their market presence and product portfolios. However, stringent government regulations for the approval of new vaccines is expected to impede the vaccines industry growth. In contrast, rise in demand in emerging markets, increase in research and development activities to develop new vaccines, and surge in healthcare spending are anticipated to provide significant growth opportunities for the vaccine market. 

The vaccine market is categorized on the basis of technology type, indication, end user, and region. On the basis of the technology type, the market is categorized into recombinant and conjugate vaccines, live attenuated vaccines, inactivated vaccines, toxoid vaccines, and others. The recombinant and conjugate vaccines segment accounted for largest vaccines market size in 2023 and is expected to remain dominant during the forecast period as recombinant vaccines offer advantages such as improved safety profiles, enhanced efficacy, and precise antigen design, making them highly desirable for disease prevention. 

On the basis of the indication, the market is categorized into pneumococcal disease, influenza, human papilloma virus, meningococcal disease, rotavirus, varicella, measles, mumps, and rubella, diphtheria, pertussis, and tetanus (DTP), polio, hepatitis, and other indications. The human papilloma virus segment accounted for largest vaccines market share in 2023 and is expected to register the highest CAGR during forecast period owing to increase in disease awareness, high vaccine efficacy, advancements in vaccine development, and efforts to improve vaccine access. 

On the basis of the end user, the market is categorized into pediatric, adults, and travelers. The pediatric segment accounted for largest vaccines market share in 2023 and is expected to remain dominant during forecast period owing to importance of childhood vaccination in disease prevention, government-led immunization programs, advancements in vaccine development, and increasing awareness among parents and healthcare providers. However, the travelers segment is expected to register the highest CAGR during the forecast period. This is attributed to rising awareness about the importance of vaccination among travelers, especially to high-risk destinations, is driving the demand for vaccines. 

Region wise, North America accounted for largest share in terms of revenue in 2023. This growth is attributed to rise in incidences of various infectious diseases, such as influenza, measles, and human papilloma virus (HPV), high healthcare spending, advanced healthcare infrastructure, technological advancements, and the presence of a strong pharmaceutical industry. However, Asia-Pacific is expected to witness highest growth during the vaccines market forecast period, owing to rising population and urbanization, growing disease burden and immunization needs, expanding middle-class population, government initiatives, increasing healthcare infrastructure and investments, growing technological advancements and innovation, and increasing focus on preventive healthcare and disease control. 

Key Findings of the Study    

• On the basis of technology, the recombinant and conjugate vaccines segment dominated the vaccines market size in terms of revenue in 2023 and is also expected to register the highest CAGR during the forecast period. 

• On the basis of indication, the human papilloma virus segment dominated the vaccines industry in terms of revenue in 2023 and is also expected to register the highest CAGR during the forecast period. 

• On the basis of end user, the pediatric segment dominated the market in terms of revenue in 2023. However, travelers segment is also expected to register the highest CAGR during the forecast period. 

• On the basis of region, North America dominated the market in terms of revenue in 2023. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.