Report Overview

The global vaccine market was valued US$ 38.7 billion in 2021 and is expected to witness a CAGR of 10.3% during the forecast period. 

Market Fundamentals 

Vaccination is the most secure method of protecting against certain diseases and preventing serious illnesses. Some infections and diseases, such as Pollio, hepatitis, influenza, etc., may cause serious complications or death. A vaccine is a biological preparation made from active, inactive, and part of a virus or bacteria for improving immunity against particular diseases. It is intended to prevent disease rather than treat it. Vaccines are generally administered by parenteral administration (injection). However, other administration routes are also used, such as orally or nasally (e.g. Flu vaccine). Types of vaccines are recombinant,  inactivated, live attenuated, toxoid and others. Live attenuated vaccines contain a weakened form of microorganisms that induce diseases, and the vaccine is similar to a natural infection pathogen. Recombinant vaccines are immunogenic proteins that are made by recombinant DNA technology. Some common vaccines available are BCG- tuberculosis, HEP B-hepatitis b, Polio- poliovirus, DTP- diphtheria, DTP - tetanus, and MMR- rubella. 

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Market Dynamics

The global vaccine market is mainly driven by the increasing prevalence of infectious diseases such as tuberculosis, pneumococcal disease, diphtheria, tetanus, rubella, rotavirus, herpes zosters, etc.. Government initiatives for immunization programs and technological advancement in the vaccine industry also facilitate market growth. Additionally, increasing investment in vaccine development, key players, strategic partnerships, and collaboration for developing novel vaccines are also contributing to the growth of the global vaccine market. However, the high cost and time-consuming process for vaccine development, the high price of vaccines, the risk associated with product failure are hindering the growth of the global vaccine market. 

Market Ecosystem

The global vaccine market has been analyzed from five perspectives: types, route of administration, diseases, age group, distribution channel, and region. 

Vaccine Market by Type

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The global vaccine market has been segmented based on types: recombinant, inactivated, live attenuated, toxoid and others. A recombinant vaccine is made from recombinant DNA technology, which involves inserting DNA-encoded antigen protein that stimulates immunological effects. A recombinant vaccine is leading the global vaccine market owing to its high efficacy and safety, immediate therapeutic effect, and large-scale production is possible. The inactivated vaccine is also expected to show the highest growth in upcoming years owing to high safety, increasing research & development, and less production cost.

Vaccine Market by Route of Administration

Based on the route of administration, the global vaccine market is segmented into parenteral, nasal, and oral. The parenteral route of administration is leading the global vaccine market owing to its site action, which provides a faster immunization effect, and fewer side effects as the vaccine directly reaches the systematic circulation and initiate immediate body response. 

Vaccine Market by Diseases

Based on diseases, the global vaccine market has been segmented into bacterial vaccines (meningococcal disease, pneumococcal disease, diphtheria/tetanus/pertussis, and others), viral vaccines (hepatitis, COVID-19, influenza, human papillomavirus, measles/mumps/rubella, rotavirus, herpes zosters, and others), and combination vaccines (DPT vaccine, MMR vaccine, DT vaccine, DTAP-HIB vaccine, DTaP/IPV/HIB/HEPB vaccine). Viral disease vaccines are leading the global market owing to increasing viral infection and infection epidemics such as monkeypox, COVID-19, and hepatitis. Additionally, government initiatives for viral disease management and increasing investment in research and development contribute to the global viral vaccine market. 

Vaccine Market by Age Group

The global vaccine market has been segmented based on age group into pediatrics and adults. The pediatric group is leading the global vaccine market owing to increasing infant immunization programs as it is needed to protect children from life-threatening diseases. Additionally, children have less immunity so they are more vulnerable to infectious and life-threatening diseases. They may also carry the same diseases as a mother; therefore, pediatric immunization is widely needed. Moreover, multiple introductions of a novel combination vaccine for children, increasing investment in pediatric vaccination, and government initiatives contribute to the global pediatric vaccine market. 

Vaccine Market by Distribution Channel

The global vaccine market has been segmented based on distribution channels into hospitals, retail pharmacies, and government suppliers. Hospitals and clinics are leading the global vaccine market owing to increasing patient footfall for diagnosing and treating various diseases. Skilled personnel and specialists are available in hospitals. At the same time, government collaborations with hospitals for mass vaccination programs are also frequent. These factors fuel the growth of the global vaccine market in hospitals and clinics.

Vaccine Market by Region

Based on region, the global vaccine market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America dominated the global vaccine market, followed by the Asia Pacific. The large share of North America in the global market can be attributed to increasing healthcare expenditure, increasing government initiatives for mass vaccination, and early approval for emergency use vaccination eg. COVID-19 and monkeypox vaccines. Additionally, favorable reimbursement policies, the presence of top key players, and increasing infectious diseases in the region contribute to the North American vaccine market. The Asia Pacific is also expected to show exponential growth in the global vaccine market owing to increasing government mass vaccination campaigns, emerging biotechnology and pharmaceutical industry, and the growing prevalence of infectious diseases. 

Competitive Landscape

The prominent players operating in the global vaccine market are: 

• AstraZeneca plc
• Bavarian Nordic 
• Bharat Biotech International Ltd.
• CSL Limited 
• Emergent BioSolutions, Inc. 
• GlaxoSmithKline plc. 
• Inovio Pharmaceuticals, Inc. 
• Johnson & Johnson
• Merck & Co., Inc. 
• Mitsubishi Tanabe Pharma Corporation 
• Novartis AG 
• Novavax, Inc
• Pfizer Inc. 
• Sanofi S.A.
• Serum Institute of India Pvt. Ltd.

Strategic Developments

• In January 2022, IAVI and Modena initiated a trial of the HIV vaccine at George Washington University School of Medicine and Health Sciences. 
• In August 2021, Novavax started a phase 2b/3 clinical trial in children aged six months to eleven years for the COVID-19 vaccine.
• In July 2021, IAVI and Biofabri announced their partnership on efficacy trials of a tuberculosis (TB) vaccine MTBVAC.

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